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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US, UK called out on hypocrisy on climate pledges as they ramp up oil and gas exploration to record levels
The US and UK have been accused of hypocrisy as they blow through their carbon budget allowances and issue record amounts of oil and gas exploration licences, The Guardian reports, according to a new report from energy consultant Rystad and the IISD.
European Commission in no rush to step in and settle Lukoil transit ban dispute
Ukraine’s recent sanctions have barred Lukoil from using the country for transit, affecting both Hungary and Slovakia.
Halt of oil imports from Lukoil should not lead to lack of oil in Slovakia, analysts say
In an earlier development, Ukraine tightened sanctions against Lukoil which affected the company’s oil transit to Hungary and Slovakia.
Slovakia threatens Ukraine with retaliation over halted Russian oil imports
Ukraine’s tightened sanctions against Russian oil giant Lukoil have led to a decreased flow of Russian oil into Hungary and Slovakia.
Hungary, Slovakia warn of fuel crises after Kyiv partially blocks Russian oil transit
The government in Kyiv has typically avoided imposing sanctions on Russia that significantly hurt EU member states, though this would mark a rare precedent.
Labour yet to clarify North Sea oil and gas policies
The UK’s Labour government is yet to clarify its position on the future of the North Sea oil and gas industry, despite outlining a raft of new proposed legislation on expanding the country’s clean energy sector.
ExxonMobil, Shell exit Dutch North Sea
Shell and ExxonMobil have withdrawn from the Dutch North Sea, announcing a deal on July 19 to sell their NAM Offshore joint venture to Canadian independent Tenaz Enery for $180mn.
Vaar Energi's profit disappoints in Q2
Second-quarter profit disappointed expectations at Norwegian player Vaar Energi.
Parkmead wins licence for one of UK's largest undeveloped discoveries
London-listed independent Parkmead Group has obtained rights to UK offshore licence P2634 as part of the 33rd offshore licensing round, containing one of the country’s largest undeveloped discoveries.
Naturgy strikes Algerian gas deal, predicts strong results this year
Spanish energy group Naturgy announced on July 23 it had reached a deal with Algeria’s national oil and gas company Sonatrach setting prices for gas deliveries in 2024.
Transit of gas from Turkey to EU poses new round of complications
Turkey is keen to transship natural gas to Europe through its pipeline to neighbouring Bulgaria, but it does not agree with the EU request that it distinguish the gas that it imports from Russia from that which it would be sending to Europe.
MOL’s chief fumes over "temporary" windfall tax and criticises Viktor Orban's economic policy
MOL’s chief Zsolt Hernadi, an ally of Viktor Orban, strongly criticised the government’s windfall taxes, which were supposed to be phased out in 2023 but will be maintained for energy companies, retailers and banks in 2025.
UK to slap sanctions on 11 more Russian shadow oil tankers
The UK plans to slap sanctions on 11 more Russian-associated oil tankers, in a further effort to undermine the Kremlin’s export revenues.
Perenco boosts flow at UK's oldest offshore gas field
Perenco has finished a campaign installing velocity strings at five wells at the West Sole Charlie platform in the Southern North Sea.
Hungary faces energy crisis, after Ukraine cuts off Russian oil deliveries
Hungary's Foreign Minister Peter Szijjarto has warned that a durable solution is urgently needed following Ukraine's decision to cut off oil deliveries from Russia’s Lukoil, causing a significant disruption to Hungary's oil supply.
Chinese consortium pulls out of project to build Cyprus’ first LNG import terminal
China’s CPP-Metron Consortium (CMC) has walked away from its contract with the government of Cyprus to build what would be the country’s first LNG import terminal.
Weighing up impact of halt to Ukrainian gas transits
Rystad Energy considers the options for European countries that still rely on Russian gas in the event that Ukrainian transits are halted at the end of this year.
Saipem secures contract to monitor GreenStream gas pipeline connecting Libya and Italy
Italian energy infrastructure services firm Saipem has secured a multi-year contract to monitor the vital gas pipeline GreenStream connecting Libya and Italy.
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