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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Slovenia signs gas supply memo with Azerbaijan
Slovenia’s gas supplier Geopliin signed a memorandum of cooperation in gas supply with Azerbaijan’s state oil company SOCAR on July 17, SlovenianThe Ministry of the Environment, Climate and Energy announced.
Austria seeks to end gas supply contract with Russia
Austria’s Minister of Energy Leonore Gewessler formed a commission earlier this month to examine whether the country can annul a gas supply contract that is held by Austria OMV and Russia’s Gazprom.
BP: oil demand and emissions will peak in 2025
Oil super major BP's latest outlook on global energy trends suggests a potential peak in worldwide oil demand as early as next year, a development that could mark a significant turning point in global carbon emissions by 2025.
Russia increases LNG and piped gas exports to Europe in 1H24 despite sanctions
Russia increased its exports of liquefied natural gas by 9% (or 2bn cubic metres) and piped gas by 7% in the first half of 2024 y/y, according to a report by the International Energy Agency (IEA).
The evolution of EU gas imports vs declining indigenous production
In just two and a half years, the European Union's gas import landscape has undergone a dramatic transformation. Russia used to provide half of Europe’s gas but it has been sidelined and only supplies 15% today.
TotalEnergies warns of weaker Q2 refining margins, sets up EV joint venture
TotalEnergies reported on July 17 that it expected its second quarter income to come in at close to the upper end of its guidance range, but warned that its results for the three-month period would take a hit from slimmed refining margins.
Global oil supply to continue outstripping demand in H2: IEA
Global oil demand in the second half of this year will be higher than supply, putting upward pressure on prices.
Longboat wraps up Norwegian sale, focuses on Malaysia
London-listed Longboat Energy reported on July 15 it had completed the sale of its Norwegian business for $2.5mn, as it looks to shift its focus to assets in Malaysia.
The world needs $8.2 trillion in upstream gas investment to meet demand in 2050: GECF
Meeting projected global demand for natural gas in 2050 will require some $8.2 trillion in investment in exploration and production.
Snam expects new Italian FLNG online in March 2025
Italian gas infrastructure operator Snam announced on July 12 that it expected a new floating LNG terminal to be up and running by March 2025.
Russia's Sovcomflot suffers disruptions with LNG tanker fleet amid sanctions
The EU has placed Sovcomflot and its tankers under restrictions in its 14th package of sanctions against Russia.
Glencore to supply Prax's UK Lindsey refinery with oil exclusively
Commodities trading giant Glencore has signed a deal to exclusively supply oil and associated feedstocks to Prax Group’s 113,000 barrel per day Lindsey oil refinery in the UK.
BP predicts 40% rise in LNG demand by 2030
UK supermajor BP forecasts that global demand for LNG will climb by as much as 40% by the end of the decade in comparison to 2022 levels, the company stated in its 2024 energy outlook.
Global LNG trade rises by 3.1% in 2023
Global LNG trade climbed 3.1% last year with an average of 52.9bn cubic feet per day a report released by the International Group of Liquefied Natural Gas Importers revealed.
Romgaz’s €500mn bond issue scheduled for September in Luxembourg
The inaugural bond issue of Romanian state-controlled natural gas company Romgaz (BVB: SNG), of €500mn is scheduled for September this year, announced Romgaz CEO Răzvan Popescu.
Bulgaria moves ahead with €400mn Gazprom lawsuit
Bulgarian state-owned gas company Bulgargaz announced the start of an arbitration process against Russian natural gas giant Gazprom, seeking compensation of €400mn for halted gas supplies in 2022.
Bulgaria sues Gazprom for €400mn over halted gas supplies
Bulgaria’s state-owned gas transmission company Bulgargaz said on July 9 it has filed a lawsuit against Russian Gazprom, seeking €400mn in damages due to halted gas supplies.
Shell agrees to 10-year LNG supply deal with MET Group
Supermajor Shell has reached an agreement with European energy firm MET Group to supply the Switzerland-headquartered company with LNG from its US operations for a 10-year period.
Hungary’s MOL reportedly targets Lukoil’s Romanian assets
The Hungarian state-controlled MOL reportedly discussed with the Russian Lukoil the option of purchasing some of the latter’s assets in Romania, including the participation in an offshore project in the Black Sea (Trident) and Petrotel refinery.
EU sees sharp drop in gas imports in Q1
The EU saw a significant reduction in natural gas imports in the first quarter this year, with volumes decreasing by over 11% compared to the same period in 2023, while the import value dropped by more than half.
Poland's Orlen to deliver regasified LNG to Slovakia
The gas supply arm of Poland’s state-owned Orlen, PGNiG Supply & Trading, has signed a contract to supply pipeline gas to Slovakia, which is facing the cessation of Russian gas deliveries via Ukraine starting January 1 next year.
Austria appoints commission to look at ending Russian gas contract
Austrian Energy Minister Leonore Gewessler has appointed a commission of experts to explore whether Austria’s OMV can get out of a long-term deal with Gazprom for Russian gas.
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