Region: Europe Category: Oil and Gas Frequency: Every Thursday
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About: EurOil analyses key trends such as the influx of private equity into the North Sea and how it is shaping the basin's future. The monitor also provides key insight on major trends such as decommissioning and the development of frontier regions like West of Shetland. Midstream developments also take prominence, with deep analysis of the region's gas needs and how they will be met in the future.
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Serbia extends Russian gas deal to March, NIS talks continue
Serbia has agreed with Russia to extend its existing natural gas supply arrangement by three months until March 31, as uncertainty persists over the future of the country’s energy sector following US sanctions on its sole oil refiner.
Iran, Belarus move to implement oil cooperation deal
Iran and Belarus said their bilateral oil cooperation was moving into an implementation phase after officials reviewed practical steps to execute a joint oil memorandum of understanding.
Kazakhstan’s 11-month oil output and export figures show country on track to meet targets despite CPC disruption
Kazakhstan Deputy Energy Minister Sungat Yessimkhanov announced at a government meeting on December 17 that Kazakhstan’s oil output rose by 14.1% y/y to 91.9mn tonnes in the January-November period.
Oil tankers appear to be cleaving to Georgia, Turkey Black Sea coasts to cut risk of Ukraine drone attacks, says report
Oil tankers carrying Russian crude across the Black Sea appear to be cleaving to the Georgian and Turkish coasts to cut the risk that they will be targeted by Ukrainian sea drones, according to a December 18 report from Bloomberg.
MOL plans full restoration of fire-damaged refinery unit by Q3 2026
European Union expands sanctions against Russian shadow fleet with 41 additional vessels
European Union sanctions 41 vessels in Russia's shadow oil tanker fleet, bringing total designated vessels to nearly 600, as bloc maintains pressure on Russia's energy revenues and sanction circumvention efforts.
Kazakh pipeline operator KazTransOil opens branch office in Poland, first in EU
The board of directors of Kazakh state-run pipeline operator KazTransOil (KZTO) has authorised the opening of a branch office in Poland. The office is the company’s first official representation within the EU, the company said in a statement.
MOL signs upstream agreement with SOCAR
Slovenia’s Geoplin wins €185.2mn damages claim against Gazprom Export in ICC arbitration
An arbitral tribunal of the International Chamber of Commerce (ICC) has ruled that Russia’s Gazprom Export breached its contractual obligations towards Slovenia’s gas importer Geoplin during the period from June to December 2022.
CPC to speed up repairs of single point moorings at Black Sea oil export terminal
The Caspian Pipeline Consortium (CPC) will reportedly receive two new single-point moorings for its Russian Black Sea coast oil export terminal earlier than planned, with delivery now expected in January instead of April.
Kazakhstan expects ruling in Karachaganak arbitration case by end-2025
Kazakhstan reportedly expects a ruling before the end of the year in an arbitration case involving the international consortium developing the Karachaganak oil and gas condensate field.
Erdogan urges Russia, Ukrain to stop targeting Black Sea vessels
Turkish President Recep Tayyip Erdogan on December 15 urged Russia and Ukraine to stop targeting vessels on the Black Sea, addressing an event organised by Turkey’s foreign minister to bring together Turkish ambassadors in Ankara.
Hungary’s MVM Signs five-year LNG deal with Chevron
This deal follows an initial framework agreement reached during a Hungarian government delegation's visit to Washington last month, which set the stage for broader energy cooperation between the countries.
Belgium ramps up Russian gas imports in October
Belgium increased its purchases of Russian gas sharply in October, becoming the EU’s third-largest importer of the fuel from the country.
Serbia’s Vucic expects decision on NIS sanctions within days
Serbia’s President Aleksandar Vucic said on December 16 he expects “important and good news” in the coming days on US sanctions against Serbian oil company NIS, adding he hoped a decision would come before mid-January.
Croatia’s electricity, gas supply rise in October, statistics office says
Electricity and natural gas available for Croatia’s domestic market increased in October.
Trump invites Slovak strongman PM Fico to meet him in US
US President Donald Trump invited Slovak populist Prime Minister Robert Fico to meet him during the 250th celebration of US independence next July.
Snam acquires stake in Italy’s Offshore LNG Toscana from Igneo
Italy’s natural gas grid operator Snam has acquired a 48.2% stake in Offshore LNG Toscana (OLT) from UK-based Igneo Infrastructure Partners.
Venture Global pushes back against Shell in New York Supreme Court
Tensions continue to boil between the two companies after Shell’s arbitration case loss.
Dutch TTF gas hub sees record trading in 2025
Intercontinental Exchange said on December 15 that trading volumes for Europe’s benchmark gas contracts reached a record in 2025.
Hungary seeks Azeri gas to replace Russian supply
Hungary signed a framework agreement last week with Azerbaijan that could allow purchases of up to 800 mcm of natural gas over the next two years.
Romania extends production permits for OMV Petrom, raises gas sales tax
Romania’s coalition government said last week it had extended exploration and production permits for OMV Petrom.
Harbour acquires struggling Waldorf for $170mn in further UK North Sea consolidation
Harbour Energy has agreed to acquire substantially all subsidiaries of Waldorf Energy Partners and Waldorf Production, which are currently in administration, for $170mn.
Germany's Uniper buys all gas production Vermillion has in-country
Germany’s Uniper has agreed a two-year contract to purchase all of Vermilion Energy’s natural gas production in the country.
Black Sea attacks cited as Turkish straits delays faced by tankers grow to 12 days
Delays faced by oil tankers sailing through the Turkish straits have grown to around 12 days for a round trip to the Black Sea, up from around seven days in the previous week, it was reported on December 12
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