EurOil - Europe Oil & Gas

European gas prices see significant decline over past month

European benchmark natural gas prices have fallen sharply in July, with the TTF gas hub in the Netherlands recording a near 19% decline over the past month.

Spain ramps up gas use in wake of April blackout

Data released by gas system operator Enagas this week show that electricity output from combined-cycle gas turbines surged by 41.2% in the first half of 2025 compared with the same period a year earlier.

North Macedonia signs €1bn energy deal with Turkey’s Kazanci to boost energy independence

North Macedonia and Turkey’s Kazanci Holding signed a Memorandum of Understanding (MoU) on July 22 for the implementation of a €1bn strategic energy project aimed at reinforcing the country’s energy independence.

Poland eyes biggest oil find in decades, but confirmation still pending

According to the company’s estimates, the field may hold at least 22mn tonnes of recoverable oil and 5bn cubic metres of natural gas.

Kazakhstan increases oil exports via Russia as German demand rises

Kazakhstan increased oil exports via its traditional pipeline route through Russia in the first half of 2025, supported by growing demand from Germany, Upstream reported on July 21, citing data released by Kaztransoil.

Turkey proposes wider energy and power deal with Iraq, announces end of Kirkuk-Ceyhan pipeline agreement

Turkey has submitted a draft proposal to Iraq to renew and widen an energy agreement between the two countries to include cooperation in oil, gas, petrochemicals and electricity.

Serbia and Hungary advance plans for joint oil pipeline by 2027

Planned 128-kilometre pipeline will link Serbia to the Druzhba pipeline network via Hungary.

European gas futures see climb amid Asian heatwave, Norwegian outages

European natural gas futures have climbed to around €33-34 per MWh in the past few days, up from approximately €31 per MWh just two weeks ago.

German chemicals group BASF strikes 10-year gas deal with Norway's Equinor

BASF, the German chemical group, has signed a 10-year agreement with Norway’s Equinor for the supply of around 2 bcm of natural gas annually.

Central Europe Petroleum announces what could be Poland's biggest oil find

Central European Petroleum, a Canadian firm with Norwegian backing, announced the discovery on July 21 of what may become Poland’s largest conventional oilfield in the Baltic Sea.

EU's 18th sanctions package: toughest yet or merely demonstrative?

The 18th package may be remembered less for its economic impact than for its political theatre: a demonstration of European unity.

Asian spot LNG prices fall after rising multiple weeks

Asian spot LNG prices have fallen amid weaker demand and high inventories.

Greek tankers continue to transport Russian oil despite new eighteenth sanctions package, come under Ukrainian special ops attacks

Greek-owned oil tankers are likely to continue to carry Russian oil exports, despite the passage of a new eighteenth sanctions package last week that largely targets Russia’s oil exports.

Serbia seeks fifth delay of US sanctions on oil firm NIS

Serbia has requested a fifth delay in the enforcement of US sanctions on its Russian-controlled oil and gas company NIS, the firm said on July 18.

Venture Global inks 20-year LNG supply deal with Italy’s Eni

US LNG giant Venture Global has agreed to supply Italian energy firm Eni with 2mn tonnes per year of LNG over a 20-year contract.

Gas flow from Czechia to Slovakia spikes by 20% m/m in July

CPC Blend oil exports to hold steady in August at 1.66mn bpd

CPC Blend oil shipments from the Black Sea oil export terminal in Russia are scheduled to remain stable at 1.66mn barrels per day (bpd), or approximately 6.5mn tonnes, in August, Reuters reported on July 17, citing industry sources.

Fico claims Slovakia has obtained energy guarantees from EU and will unblock latest sanctions package against Russia

Slovakia’s populist Prime Minister Robert Fico said it would be "counterproductive" to continue blocking the EU’s 18th sanctions package against Russia.

Baghdad says Iraqi Kurdistan to restart piping of oil to Turkey after two-year halt despite mystery drone attacks

Iraq’s federal government said on July 18 that Iraqi Kurdistan is to resume oil exports through a pipeline that runs to Turkey’s Mediterranean port of Ceyhan after a two-year freeze and despite a fourth day of mystery drone attacks.

PM Fico claims Slovakia will never support RePowerEU gas supply plan

Slovakia’s populist Prime Minister Robert Fico claimed that his country will never support the RePowerEU gas supply plan, which expects the phase-out of Russian fossil fuel imports to the EU by 2028.

Croatia’s INA produces first sustainable aviation fuel at Rijeka refinery

Croatian energy company INA has produced sustainable aviation fuel for the first time at its Rijeka Oil Refinery as part of its efforts to reduce carbon emissions and comply with EU renewable energy targets.

Russian Zarubezhneft reportedly wants to buy Bosnian Krajinapetrol

The Russian oil company Zarubezhneft is interested in buying Krajinapetrol, Indikator.ba news outlet reported on July 16.

Serbia to complete gas storage expansion by end-2026

Serbia expects to complete the expansion of its underground gas storage facility at Banatski Dvor by the end of 2026, raising capacity from 450mn to 750mn cubic metres.

TotalEnergies' production bump offset by weaker oil, LNG prices in Q2

BP warns of Q2 hit from lower oil and gas prices

BP said on July 11 that lower realised prices for oil and gas are expected to weigh on its second-quarter earnings.