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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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.
Equinor, partners launch first Lavrans well off Norway
Norway’s Equinor and its partners Petoro, Var Energi and TotalEnergies have brought on stream a first Lavrans well in the Kristin South area in the Norwegian Sea.
Germany near to deal on fate of Rosneft assets
Germany is close to a deal to decide the fate of assets belonging to Russian oil company Rosneft that the government took over two years ago in the wake of Moscow’s invasion of Ukraine.
Germany to launch first auction for hydrogen-ready gas plants by end of 2024, early 2025
Germany announced on July 5 that it will launch the first tender by the end of this year or early next for constructing and modernising 12.5 GW of gas-fired power generation that can later be switched to hydrogen.
Time is short for deal to save Grangemouth refinery
In the wake of the UK Labour Party’s landslide election victory earlier this month, the new government faces a crucial decision in determining the fate of the loss-making Grangemouth oil refinery in Scotland.
Deltic accepts UK North Sea licences, prepares for Blackadder farm-out
UK oil and gas junior Deltic Energy has accepted one of the two licences it was provisionally awarded in the UK’s 33rd offshore licensing round, as it prepares for a farm-out at the Blackadder prospect.
Nord Stream attacks planned back in 2014, claims German newspaper
The sabotage of the Nord Stream 1 and 2 pipelines in autumn 2022 was planned back in 2014, prior to Russia’s annexation of Crimea.
UK oil and gas lobby urges new government not to hike tax, end licensing
UK North Sea oil and gas producers have urged the incoming Labour government to reverse course on plans to hike taxes and end licensing, following the party’s landslide election on July 4.
Germany's Schwedt oil refinery at 80% capacity despite ownership doubts
Germany's Schwedt oil refinery is running at over 80% capacity despite the uncertainty over its ownership after Germany seized control of the asset shortly after Russia’s invasion of Ukraine in 2022.
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