Region: Europe Category: Oil and Gas Frequency: Every Thursday
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About: EurOil analyses key trends such as the influx of private equity into the North Sea and how it is shaping the basin's future. The monitor also provides key insight on major trends such as decommissioning and the development of frontier regions like West of Shetland. Midstream developments also take prominence, with deep analysis of the region's gas needs and how they will be met in the future.
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Norway sees record gas exports, production in 2024
The Norwegian Offshore Directorate stresses the need for further exploration and development to replenish reserves and maintain production.
Greek gas consumption surges 30% in 2024
Greece's natural gas consumption rose by 30% last year to 66.2 TWh, with all domestic consumer categories recording increases.
OMV expects $215mn gain from Russian gas arbitration ruling
Austrian energy group OMV expects to net a €210mn gain in its fourth-quarter earnings following an arbitral award tied to a gas supply contract with Russia's Gazprom.
Czechia wraps up work on pipeline expansion to end reliance on Russian oil
Czechia is on track to end its reliance on Russian oil within the next few months following the completion of key technical work on the TAL-PLUS oil pipeline expansion.
New US oil sanctions, attack on Turkstream shake up global energy markets
The Biden administration imposed the harshest ever oil sanctions ever on Russia on January 10, which immediately roiled the international energy markets. Kyiv's attempt to destroy Russia's last gas pipeline to Europe unsettled markets further.
Ten EU members call for ban on Russian pipeline gas and LNG
Ten member states of the European Union have prepared a document asking the bloc to ban imports of Russian pipeline gas and LNG.
North Macedonia unaffected by US sanctions on Russian energy sector
Despite disruptions in natural gas supplies across Europe following US sanctions on Russia’s energy sector, North Macedonia remains unaffected, according to the country’s energy authorities.
TPAO arm contracts Subsea7 for Sakarya gas field work offshore Turkey
Turkish Petroleum Offshore Technology Centre AS (TP-OTC) has contracted international offshore service provider Subsea7 to provide inspection, repair and maintenance (IRM) services at the Sakarya offshore gas field.
Socar sells Turkey gas grid units to Aksa Dogalgaz
Germany secures Russian shadow fleet oil tanker stranded off coast
Germany successfully secured a heavily loaded tanker stranded off its northern coast on January 12, towing the vessel – described as part of Russia's sanctions-evading "shadow fleet" – to prevent a potential oil spill.
TurkStream is now the only route for Russian gas to Europe
Hungary's gas consumption little changed in 2024, demand for electricity edges up 2.2%
Gas consumption in Hungary edged up by 0.8% to 8.5 bcm last year, down by one-quarter from levels before the energy crisis.
Turkey’s Zeren cancels acquisition of TP Petrol from Zulfikarlar
Serbia plans to buy out Russian stake in NIS following US sanctions
Sanctions reignited debates over Serbia’s foreign policy, as the country navigates its historic ties with Russia while facing Western pressure to align with EU and Nato policies.
Azerbaijan suspends gas flows to Serbia
Azerbaijan has halted gas deliveries to Serbia, leaving the Balkan nation without 1.7mn cubic meters of daily supply.
Swiss court gives Nord Stream 2 operator more time to avoid bankruptcy
A Swiss court has ruled to extend the deadline for the Russian operator of the part-destroyed Nord Stream 2 gas pipeline to restructure its debts from January 10 until May 9.
EU gas prices hover near $500 per 1,000 cubic metre mark following end of transit through Ukraine
European natural gas prices have averaged just under $500 per 1,000 cubic metres so far this month, about 50% higher than the same period of last year.
EurOil: US gains most from "energy market redivision" in Europe, says Russian foreign ministry
Slovakia’s Fico steps up anti-Ukraine rhetoric over gas cut-off
Slovak premier threatens to veto Ukraine votes at EU level.
Orlen unveils ambitious 10-year investment plan worth PLN380bn
EU imports of LNG from Russia hit record high in 2024
Europe’s addiction to Russian LNG continued in 2024, with the EU purchasing a record 17.8mn tonnes of the super-chilled fuel from Russia.
Equinor’s Hammerfest LNG plant shutdown extended by 10 days
Norwegian state-owned energy firm Equinor has extended the shutdown of its Hammerfest LNG facility by 10 days to last until January 19.
Shell lowers LNG estimates for fourth quarter of 2024
Supermajor Shell has lowered its forecast for LNG production in the fourth quarter of 2024, the company revealed in its update note.
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