EurOil - Europe Oil & Gas

Germany’s SEFE to ink major LNG deal with Canada’s Ksi Lisims project

Germany’s state-run gas importer Securing Energy for Europe is set to sign a long-term agreement to buy LNG from Canada’s Ksi Lisims project.

Diplomatic progress prompts cautious resumption of Hormuz transit

The tentative reopening of the Strait of Hormuz has allowed critical LNG and crude tankers to resume transit amid progressing US-Iran diplomatic negotiations.

Azerbaijan's crude exports to EU dip despite Bulgaria surge

Norway's Archer acquires Scottish well specialist

Oslo-listed Archer has agreed to acquire Scottish well technology specialist isol8, expanding its portfolio of well abandonment and intervention technologies as activity in the mature North Sea basin continues to grow.

Subsea7 scores Barents Sea gas contract

Norway’s Subsea7 has won a contract from Vår Energi worth between $150mn and $300mn to support the Goliat Gas Export project in the Barents Sea.

Hibiscus nears launch of Teal West oil project off UK

Malaysia's Hibiscus Petroleum said on May 22 its Teal West development in the UK North Sea remains on track for first oil by the middle of this year.

Borr Drilling suffers wider Q1 loss

Bermuda-based Borr Drilling reported a wider first-quarter loss after delays to the start-up of its Odin jack-up rig in the US Gulf and rig contract transitions weighed on earnings.

Norway's DeepOcean scores decomm contract in UK North Sea

Norway’s DeepOcean has secured a contract to support the subsea disconnection and decommissioning of an undisclosed FPSO in the UK North Sea.

Navitas eyes major expansion of Sea Lion off Falklands

The additional FPSO could add as much as 125,000 barrels per day of production capacity on top of the roughly 55,000 bpd planned under the first two phases of the Sea Lion project.

Turkey's BOTAS signs ‌memorandum with Italy’s Edison to explore potential natural gas, LNG options

Eni-BlackRock joint venture for CCS secures $670mn in financing

The financing for Eni CCUS Holding was provided by a syndicate of 13 international lenders and follows the earlier project financing completed for the Liverpool Bay CCS project in the UK.

QatarEnergy signs MoU on exporting Cypriot gas via Egypt

The agreement announced on May 21 will examine how future gas production from offshore Cyprus could be integrated with Egypt’s domestic gas network and LNG facilities.

UK to tighten tax rules for multinationals in further blow to oil sector

The UK government will tighten tax rules for multinational companies, including oil and gas firms, in a move likely to intensify industry concerns over the country’s increasingly punitive fiscal regime for North Sea producers.

Equinor, Aker BP strike series of asset swap deals

Equinor and Aker BP have agreed a series of asset swaps on the Norwegian continental shelf aimed at speeding up the development of undeveloped oil and gas discoveries as Norway seeks to sustain production beyond 2030.

IEA chief warns of oil markets entering "red zone" by July-August

Global oil markets could enter the “red zone” by July-August if additional Middle Eastern export supplies fail to materialise and inventories continue falling during the peak summer demand season.

Bulgaria fuel prices up 27.8% y/y in April

The UK eases Russia sanctions amid energy crisis

The UK has eased some Russian energy sanctions as the Hormuz crisis exposes growing dependence on imported fuel and gas.

Norway overtakes Russia as world's top gas pipeline exporter

Norway overtook Russia as the world’s biggest exporter of gas via pipeline in 2025, reflecting Moscow’s loss of most of its market share in Europe over the past four years.

Serbia secures fresh sanctions waiver as NIS talks drag on

Serbia avoided US sanctions on its oil company Naftna Industrija Srbije (NIS) after Washington extended a deadline for talks on the sale of a majority Russian stake to June 6, giving Hungary’s MOL Group more time to finalise a deal.

Explosion at MOL’s petrochemical base kills one person

An explosion during a restart operation at a MOL petrochemical plant left one person dead and several seriously injured, in the second major incident at MOL's Hungairan units in less than a year.

Czech coal baron Tykac acquires US oil wells

Lukoil Bulgaria refinery revenue falls 36%, losses nearly double

Bulgaria’s largest refinery, operated by Lukoil Neftochim Burgas, reported a sharp drop in revenue and a widening loss in 2025, hit by sanctions, weak refining margins and operational disruptions.

Slovenia and Croatia agree gas interconnection capacity upgrade to boost regional supply

Serbia pessimistic on MOL-NIS deal as sanctions deadline nears

Serbia is pessimistic about securing a deal with Hungary’s MOL to take over the majority Russian stake in oil company NIS before a key US sanctions deadline, President Aleksandar Vucic said on May 20, warning that talks were not progressing well.

Bulgaria’s Lukoil administrator urges state buyback of Burgas refinery

The state-appointed administrator overseeing Bulgaria’s Lukoil assets has said the government should consider buying back the country’s only oil refinery, calling it a “historic opportunity”.