EurOil - Europe Oil & Gas

Lower energy prices weigh on MOL’s earnings in Q2

Montenegro may store oil reserves abroad due to lack of local capacity

Montenegro’s government plans to store its mandatory oil reserves in privately owned reservoirs or abroad, as state-owned facilities in Bar are not yet ready, according to the Oil Reserves Formation Plan for 2025, adopted last week.

Brazilian deepwater yields BP's biggest oil and gas discovery this century

BP has unveiled its most significant oil and gas discovery in 25 years following successful drilling at the Bumerangue prospect in Brazil's deepwater Santos Basin.

EU-US $750bn energy deal will undermine bloc's climate targets

The EU’s plan to invest approximately €700bn in oil, natural gas and nuclear imports from the US over the next three years has raised concerns that it could undermine the bloc’s climate targets for 2030.

Gazprom gas sales to Europe slump to 50-year low

Gazprom’s natural gas deliveries to Europe have plummeted to their lowest levels since the 1970s, further diminishing what was once one of the Kremlin’s biggest revenue streams.

Serica suffers sharp output decline amid Triton downtime

UK-based Serica Energy reported a sharp decline in first-half production on August 5, owing to prolonged downtime at the Triton FPSO vessel.

Petrofac secures extended creditor backing for restructuring plan

UK-based oil and gas engineering group Petrofac has secured an extension of creditor backing for its financial restructuring plan after a UK court setback threw its recovery process into uncertainty.

Austria's OMV reports "solid" sales in Q2

The company described the result as “solid,” stating it was able to weather weaker commodity prices and continued macroeconomic uncertainty thanks to its integrated energy model, which provided a buffer against volatility.

BP announces sweeping cost review

BP’s share price continues to lag peers, and questions linger over its ability to strike a balance between energy transition ambitions and investor demands for consistent returns.

Saudi Arabia's ADES plans SAR1.42bn acquisition of Norway's Shelf Drilling

A subsidiary of ADES Holding signed an agreement for a recommended offer to acquire Norway's Shelf Drilling in a deal valued at SAR1.42bn ($379mn).

Indian opposition blames government on Trump threats

Under President Donald Trump’s second term his administration has taken a much more hawkish stance that Indian purchases enable Russia to weather sanctions and indirectly fund its war effort

MOL signs oil trading deal with Kazakh national oil group

“Not for sale”: Russia blocks Serbia’s bid to buy sanctioned oil firm

Serbia is ready to buyout NIS to shield itself from US sanctions, but Moscow has shown no willingness to sell.

North Macedonia’s gas company Nomagas completes €122mn private share issue

Azerbaijan’s Socar says it wants to expand, not sell, Aegean Sea container terminal in Turkey

The State Oil Company of the Azerbaijani Republic (Socar) is not mulling the sale of its Aegean Sea container terminal in Turkey, according to Turkish business daily Dunya.

Norway’s Equinor restarts Hammerfest after 3 months of maintenance

Norway’s state-owned energy firm Equinor has restarted its Hammerfest LNG facility after a three-month pause for maintenance work.

OPEC+ to raise oil production in September

Eight key OPEC+ countries have announced a production adjustment of 547,000 bpd for September

Turkish Petroleum to join hydrocarbon field development in Kazakhstan

Turkey’s state-owned oil and gas company, Turkish Petroleum, will participate in the development of hydrocarbon fields in Kazakhstan, Finance.kz has reported, citing Kazakh Energy Minister Almassadam Satkaliyev.

OMV Petrom H1 net profit drops 21% on weaker performance across all segments

Romanian energy company OMV Petrom (BVB: SNP) reported a 21% y/y fall in net profit to RON 2.1bn (€420mn) for the first half of 2025, citing lower results in all business segments.

Czech Republic receives contaminated Azeri oil shipment

Czech authorities are investigating the delivery of a cargo of Azeri crude oil found to contain excessive levels of organic chlorides, raising concerns over potential refinery damage and disruptions to supply.

Eni expects low-carbon profits to match oil and gas income by early 2030s

Italian energy major Eni expects profits from its low-carbon operations to match those from its traditional oil and gas business by the early 2030s.

EU stuck between dependency on US LNG and Chinese green tech

The EU is facing a growing dilemma in its energy policy as it seeks to balance strategic dependence on imported US LNG with its increasing reliance on Chinese clean energy technologies.

Trump urges UK to drill for more oil

Former US President Donald Trump has called on the UK to boost oil and gas drilling in the North Sea, arguing that existing windfall taxes and environmental regulations are deterring investment and undermining energy security.

EU mulls further joint gas procurement

The European Commission is considering reviving a joint gas procurement mechanism to help member states secure long-term LNG volumes from the US more effectively.

Shell earning take hit in Q2

Shell reported a sharp drop in second-quarter profit on July 31, as lower oil and gas prices, coupled with subdued trading activity, weighed on the energy major’s performance.