EurOil - Europe Oil & Gas

Kazakh refinery to process Russian oil and send 70% of fuel output to Russia

Kazakhstan’s privately owned Kondensat refinery will begin processing Russian crude and plans to send up to 70% of the resulting petrol and diesel production to Russia.

Kazakhstan cuts 2026 oil production forecast after CPC disruptions

Kazakhstan has cut its 2026 oil production forecast to 96mn tonnes from an initial target of nearly 100mn tonnes in the wake of the repeated drone strikes that have disrupted the operation of the Caspian Pipeline Consortium (CPC) pipeline.

Montenegro cuts fuel excise duties through September 5

Lukoil’s Romanian refinery files for insolvency to protect operations and jobs

Petrotel Lukoil, the Romanian refinery owned by Russian energy group Lukoil and subject to US sanctions, will enter insolvency proceedings "to protect the industrial asset, employees and prospects of restarting production."

Russians driving to Kazakhstan to fill up, fuel shortages felt across Central Asia following Ukrainian drone campaign against refineries, says report

With Russian oil refineries and fuel depots put out of action by Ukrainian drone strikes, many Russians are driving hundreds of kilometres to oil-rich neighbouring country Kazakhstan just to fill up their vehicle’s fuel tank, according to a report.

Oil prices see modest decline on August 24 despite Washington's threat of new Iranian sanctions

Oil prices fell by around 2% on August 24 as traders took profits following two weeks of gains and awaited details of new US sanctions against Iran.

Norway vows to continue Arctic oil and gas exploration despite EU opposition

Norway intends to continue exploring for and producing oil and gas in the Barents Sea despite the EU’s push to restrict new hydrocarbon development in the Arctic, Energy Minister Terje Aasland has said.

Poland's Tusk defends alleged saboteurs of Nord Stream gas pipeline

Polish Prime Minister Donald Tusk has said Germany should not prosecute Ukrainians accused of sabotaging the Nord Stream gas pipelines, reiterating Warsaw’s longstanding view that the pipelines themselves posed a threat to European energy security.

Europe's gas prices reach five-month high

European natural gas prices rose to their highest level in five months on August 24, as concerns over winter supply and competition for LNG continued to support the market.

Putin claims Moscow had plans for second Polish gas route to Germany

Russian President Vladimir Putin has said Moscow opted to build a direct gas pipeline to Germany across the Baltic Sea after abandoning plans for a second transit route through Poland.

Aker BP takes lead at two Norwegian oil discoveries

Aker BP has agreed two acquisitions covering the Losgann/Froskelår and Slagugle discoveries, strengthening its resource base around existing infrastructure in the North Sea and Norwegian Sea.

Serbia’s sanctioned oil firm NIS seeks another US licence extension

NIS has asked the US Treasury’s sanctions office to extend a licence allowing it to operate.

Lukoil puts four Serbian petrol stations up for sale

Lukoil Serbia has put four petrol stations up for sale, including two in the southern city of Pirot, as the Russian oil major seeks to sell international assets amid US sanctions.

Poland's ORLEN strikes three-year oil deal with Norway's Equinor

Poland's ORLEN has signed a three-year crude supply agreement with Norway's Equinor that could cover up to one-quarter of the group's annual oil requirements, further cementing its shift away from Russian feedstock.

Canada’s proposed Churchill LNG export terminal estimated to cost $80 billion

Studies reveal ice class tankers can navigate Hudson Bay but will require an offshore terminal.

EU downplays gas storage risks ahead of winter

The European Commission has played down concerns over the EU's low gas storage levels, saying there is no immediate threat to security of supply this winter despite inventories remaining well below last year's levels.

Six EU countries push for bloc-wide windfall tax on oil companies

Six EU countries, including political heavyweight Germany, have renewed calls for a bloc-wide windfall tax on oil companies, arguing that high prices caused by the Middle East conflict are generating exceptional profits for the industry.

IntelliNews Lambda: EU gas storage to reach only 77% by November 1, but a crisis depends on the weather

EU gas storage will be about 77% full when the heating season opens on November 1, 12 points below the fifteen-year norm and short of the 90% target. What happens after that will dependend heavily on the weather.

Naval drone carrying explosives destroyed near Romania’s Neptun Alpha platform

Foreign Minister Oana Țoiu directly linked the incident to the broader security threat posed by Russia's war against Ukraine, but did not explicitly state that Russia had launched the drone.

Poland’s Orlen secures up to quarter of crude needs via contract with Norway’s Equinor

Poland's biggest power group Orlen said on August 20 it had signed a three-year agreement with Equinor for crude oil supplies from the Johan Sverdrup field on the Norwegian Continental Shelf, securing up to one-quarter of its crude oil needs.

Canada revives plan to build LNG project in Quebec

First Nations group Kino Aski and Marinvest Energy Canada are reviving plans to build a major LNG project in Quebec.

CPC oil shipments fall 7.4% y/y in 1H26

Caspian Pipeline Consortium (CPC) shipments reportedly fell 7.4% y/y to 33.3mn tonnes in 1H26, down from 36mn tonnes a year earlier, as disruptions at its Black Sea terminal reduced export capacity.

Turkey says Diyarbakir field could pump three times as much oil as Gabar

Turkey believes an oil field in Diyarbakir province could produce two to three times as much crude as Gabar, its largest onshore field.

Hellish scenes in Cyprus as Turkey’s problem with mountains of imported plastic waste washes ashore

Mounting pollution on northern Cypriot beaches show spillover costs of Ankara’s ambition to dominate Europe’s waste-processing trade.

Norwegian data group TGS makes strategic pact with Chevron

Norwegian energy data group TGS has entered a strategic partnership with Chevron to develop next-generation seismic imaging technology, including advanced full waveform inversion and machine-learning applications.