EurOil - Europe Oil & Gas

European gas prices surge further on Hormuz crisis

European gas prices have surged once more as a result of Iran’s blockade of the Strait of Hormuz that has knocked out around a fifth of global LNG supply.

Oil price spike at over $100 per barrel as market faces possibly worst crisis in history

Brent was trading at over $108 per barrel as of 06:30 GMT today, up from the early $70s prior to the US and Israel launch of strikes against Iran on February 28.

PM Fico says Slovakia is ready to block EU's €90bn loan for Ukraine if necessary

Slovak Prime Minister Robert Fico said his country is ready to block the EU Ukraine loan to step up pressure on Ukraine’s president Volodymyr Zelensky to do more to renew the Russian Druzhba oil flow.

BP seeks up to $6bn in damages from Venture Global

UK supermajor BP is asking for up to $6bn in damages from US LNG giant Venture Global from its arbitration case victory.

Germany’s Uniper opens talks to buy Canadian LNG

Germany’s state-run energy company Uniper has begun negotiations with Canada to buy LNG from the fledgling producer.

Serbia to cut fuel excise duty to limit price hikes

Serbia will intervene to reduce fuel excise duties to prevent sharp increases at the pump, President Aleksandar Vucic said on March 6, as global oil prices rise amid escalating conflict in the Middle East.

Thessaloniki-Skopje pipeline back in operation after 13 years

The Vardax pipeline linking Thessaloniki and Skopje resumed operations on March 6 after a 13-year halt, North Macedonia’s state-run news agency MIA reported.

INA wins licences for two new oil and gas exploration areas in Croatia

Croatian energy company INA has been awarded licences to explore for oil and gas in two new areas in eastern Croatia following an international tender, the company said on March 6.

Shell subsidiary to carry out geological exploration at Zhanaturmys field in Kazakhstan

Shell’s Kazakhstan subsidiary and the country’s Ministry of Energy have signed an agreement to carry out geological exploration at the Zhanaturmys field in Aktobe Region, the ministry announced on March 5.

Hungarian MOL and its Slovak subsidiary complain to EU over Janaf’s refusal to transport Russian oil

Hungarian oil giant MOL and its subsidiary, Slovak key refinery Slovnaft, filed a complaint with the European Commission’s Directorate General for Competition over the monopoly position of Croatia’s oil transporter Janaf.

Subsea7 awarded Turkish Petroleum Offshore Technology Center order relating to development of Black Sea gas field Sakarya

Subsea7 on March 4 announced the award of a large variation order by Turkish Petroleum Offshore Technology Center (TP-OTC) relating to the Sakarya field development in the Black Sea, offshore Turkey.

Daily output at Kazakhstan's Tengiz drops by 30% at beginning of March

Production at Kazakhstan’s Tengiz oilfield, the country’s largest, dropped sharply in early March, falling roughly 30% below February’s average, Reuters reported on February 3, citing two industry sources.

Renewal of Druzhba oil flow to Hungary and Slovakia remains unclear

The renewal of the Russian Druzhba oil flow to Hungary and Slovakia remains unclear amid discussions between the EU, Ukraine and the two EU member states.

Iraq reportedly suspends piped oil shipments to Turkish Mediterranean export hub Ceyhan

Iraq has reportedly suspended all crude oil exports piped to the Turkish Mediterranean port of Ceyhan from its semi-autonomous Kurdistan region amid consequences of the conflict in the Middle East.

BOTAS sees no risk to Turkey’s gas supply security posed by Middle East conflict

Turkey’s state-owned oil and gas pipeline operator and energy trader BOTAS has said all necessary measures are in place to guarantee uninterrupted and secure supplies of natural gas across the country.

EU biomethane output remains far short of 2030 target

Biomethane injections into EU gas grids rose 12% in the latest gas year, but remain far below the bloc’s 2030 ambitions.

Equinor quick tie-up of new oil find near Snorre field

Equinor has made a commercial oil discovery near the Snorre field in the Norwegian North Sea that it plans to fast-track through existing infrastructure, as Norway seeks to sustain output from its mature continental shelf.

Shell, Greece's METLEN sign LNG memo

Shell and Greece’s METLEN have signed a memorandum of understanding to cooperate on the supply and trading of LNG between 2027 and 2031.

ING warns Turkey most exposed in CEE to energy price shocks linked to Middle East conflict

Turkey stands out as the most vulnerable economy in Central and Eastern Europe (CEE) to the fallout from rising energy prices linked to the Middle East conflict, according to an ING report.

Hormuz blockade threatens 2022 energy crisis redux for Europe

Hormuz crisis offers Moscow short-term gains, but long-term losses if regime falls

A prolonged closure of the Strait of Hormuz could deliver short-term fiscal relief to Moscow through higher oil and gas prices, but regime change in Tehran would risk stripping Russia of one of its most important strategic allies.

Kazakhstan’s oil output surges by 43% in February

Kazakhstan’s output of oil and gas condensate reportedly surged by around 43% in February from the previous month as production at the giant Tengiz field continued to recover from a major outage.

Norway's Equinor plans to sell some assets in Angola as it continues asset trimming drive

Norwegian oil and gas group, Equinor is considering selling some of its oil fields in Angola, two years after it exited Azerbaijan and Nigeria.

Hormuz crisis puts one-fifth of global LNG supply at risk

Escalating US-Iran tensions have halted LNG production in Qatar and threatened shipping through the Strait of Hormuz, exposing Europe, Asia and emerging importers to sharp price spikes and renewed energy security risks.

Kazakhstan’s Tengiz oil field production nearly back to full capacity, Energy Min says