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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UK extends licence for Lukoil's Bulgarian subsidiaries
Britain has extended until February 26, 2027, a licence allowing four Bulgarian subsidiaries of Russian oil company Lukoil to continue business operations.
EU gas storage stalls at record low as central Europe starts drawing down
EU gas storage has all but stopped filling at 74.9%, a record low for late October, with Austria, Slovakia and the Czech Republic drawing gas out for a second week.
Norway’s Aker Solutions forecasts sharp revenue decline in 2027 as major projects wind down
Norway's Aker Solutions expects revenue to fall by around 30% in 2027 as major offshore oil and gas projects approach completion, despite maintaining a substantial order backlog.
BlueNord reports higher Danish output as Tyra reaches record production rates
Norway's BlueNord has reported a sharp increase in oil and gas production from its Danish North Sea assets, supported by improved performance at the redeveloped Tyra gas hub.
UK Budget assumes Rosebank approval despite cabinet divisions
The UK government's fiscal forecasts reportedly assume that the controversial Rosebank oilfield will receive development approval.
Norway's Equinor doubles quarterly earnings as surging prices lift profits to four-year high
Norway's Equinor has reported its strongest quarterly earnings in almost four years, benefiting from soaring oil and gas prices and higher production, while raising its full-year output growth forecast.
Gas loses ground in European power markets despite rising electricity demand
Natural gas is losing market share in several major European electricity markets, with gas-fired generation falling to multi-year lows in the UK, the Netherlands and Türkiye as renewable energy and other power sources displace the fuel.
European gas prices approach €100 per MWh as winter supply fears intensify
European natural gas prices have climbed to their highest level in almost four years, approaching €100 per MWh as concerns mount over insufficient storage, disrupted LNG supplies and the prospect of colder weather.
Equinor, Aker BP join forces to unlock 2.8bn boe of challenging Norwegian resources
The Norwegian Offshore Directorate estimates that mapped tight reservoirs on the country's continental shelf have a combined recovery potential of around 2.8bn boe.
France prepares diesel reserve release as fuel shortages persist
France is preparing to release 10mn barrels of diesel from its strategic reserves on November 1 to ease record-high fuel prices, as supply shortages continue to affect filling stations across the country despite signs of improvement.
UK oil and gas industry seeks early windfall tax reform to unlock £50bn investment
The UK’s offshore oil and gas industry has urged the government to accelerate reform of its windfall tax regime in the October 28 Budget.
Eni advances Cyprus gas breakthrough as Egypt emerges as export gateway
The launch of Cronos construction contracts brings Cyprus closer to its first commercial gas production, while strengthening Egypt's ambitions to become an Eastern Mediterranean energy hub.
Polish energy giant Orlen to open office in Singapore, eyeing Asian LNG markets
Poland's largest energy group Orlen said it would open a new trading office in Singapore in Q1 2027 as part of London-based Orlen LNG Trading in order to streamline the management of the group's liquefied natural gas (LNG) supply portfolio.
Italy’s Eni secures UN methane reporting Gold Standard for third consecutive year
Italy's Eni (BIT:ENI) has received the United Nations Environment Programme's (UNEP) Gold Standard designation for methane emissions reporting for a third consecutive year, extending its recognition to non-operated assets.
MOL seeks €360mn in carbon quota tax refunds
After a CJEU court ruling, the Tisza government is repaying €790mn in carbon quota tax payments to affected companies.
Greek gas exports surge 169% as LNG imports climb
Greece's natural gas exports surged by nearly 169% year on year in the first nine months of 2026, supported by increased LNG imports, even as domestic consumption declined.
US LNG exports swing towards Europe as Asian deliveries fall in August
US LNG exports shifted sharply towards Europe in August, with deliveries to the region climbing by 34% month on month while shipments to Asia fell by 21%, according to new government data.
Norway’s Equinor awards Aibel engineering contract for Wisting oil project
Norway's Equinor has awarded Aibel a front-end engineering and design contract for the topsides of a floating production, storage and offloading (FPSO) vessel planned for the Wisting oilfield in the Barents Sea.
Turkmenistan reaffirms support for Trans-Caspian gas pipeline, but obstacles remain
Turkmenistan has reiterated its willingness to supply natural gas through a proposed pipeline beneath the Caspian Sea to Azerbaijan and onwards to Europe.
Azerbaijan's crude exports to Italy reach $5.5bn in nine months as Azeri Light trades above $126
Azerbaijan exported 8,881,441 tonnes of crude oil to Italy worth $5.51bn in the first nine months of 2026, with the figure down 7.4% in volume but up 10.4% in value from the same period of 2025, according to the State Customs Committee.
Canada’s Ksi Lisims and Germany’s SEFE finalise 20-year LNG deal
Germany’s Securing Energy for Europe and Canada’s Ksi Lisims LNG project have finalised their 20-year LNG supply deal.
Canada and Turkey announce strengthening of LNG ties
Canada and Turkey have inked a joint statement to strengthen cooperation in LNG.
Serbia's NIS seeks new US sanctions relief ahead of licence expiry
Serbia's only oil refiner, NIS, has asked the US Treasury Department for a special licence to continue operating after its current authorisation expires on October 30.
Polish power firm Orlen posts lower Q3 output y/y, flags PLN1.6bn impairments
Poland's largest energy group Orlen said on October 2 that its Q3 2026 downstream and upstream operations were down y/y, while its crude oil throughput rose compared to Q2. At the same time, it announced new impairment charges and reversals.
International arbitration court rejects $12bn of Kazakhstan’s Kashagan cost claims
An international arbitration court has reportedly dismissed about $12bn of Kazakhstan’s claims over disputed costs at the Kashagan oil field, while allowing a further $8bn in claims to proceed.
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