EurOil - Europe Oil & Gas

What do EU methane rules mean for global gas suppliers?

There is particular complexity in how the rules will be applied for US LNG exports, as exporters often do not produce the gas that they supply globally, and lack the data on emissions upstream.

UK, Scottish authorities urged to do more to prevent Grangemouth closure

The UK and Scottish governments face growing calls to do more to prevent the closure of Scotland’s only oil refinery in Grangemouth.

Shell profits beat forecasts in Q1 on strong LNG, oil trading performance

Profits at Shell came in better than expected in the first quarter, on the back of strong performance at its LNG and oil product businesses.

UK offers up 31 more oil, gas licences

The UK’s North Sea Transition Authority has offered up a further 31 oil and gas licences as part of its 33rd licensing round

Denmark's Tyra field faces delays

It will take until the fourth quarter of this year for Denmark’s largest gas field to return to peak production, instead of mid-year as previously planned.

ConocoPhillips achieves first oil at North Ekofisk off Norway

US major ConocoPhillips has reported first oil at the Eldfisk North project in the Norwegian North Sea some weeks ahead of schedule.

EU LNG imports down 8% in January-April: GIE

EU LNG imports were down 8% year on year in January to April at 40.8bn cubic metres, coinciding with a climb in Russian pipeline gas supplies.

Azerbaijan seeks EU long-term guarantees, financial support for gas projects

Azerbaijan is seeking long-term guarantees and available financial support from the EU to invest in its gas production and expand exports to the bloc, its president Ilham Aliyev said in late April.

Sweden says no need for international probe into Nord Stream blasts

Sweden has said there is no need for an international investigation into the explosions that ruptured the Nord Stream 1 and 2 gas pipelines in September 2022.

EurOil: Italy vows not to stand in way of EU sanctions on Russian LNG

MOL bows to government pressure on slashing fuel prices on a voluntary basis

Hungary’s motor fuel prices have moved closer to the average in neighbouring countries with the third cut in the wholesale price in less than a week. The government welcomed MOL’s decision to reduce prices at petrol stations from 4 May.

Turkey reportedly still loading Azerbaijani oil for Israel despite “total trade ban”

Trade ministry said “all products” are subject to boycott, but tankers on Ceyhan to Haifa crude export route appear unaffected.

Latvia’s Latvijas Gaze dividends payment to Russian companies contested in court

Latvian gas company Latvijas Gaze paid out several million euros in dividends to Russian state companies on its profits last summer; however, Latvia’s lawyer Martins Kveps is contesting the arrangement in court.

Ukraine to boost winter gas storage for Europe by 60%, says Naftogaz

The CEO of Ukraine's state energy giant Naftogaz has revealed ambitious plans to increase winter gas storage for foreign companies and traders by 60%, reaching approximately 4 bcm.

Russian gas pipe flow to Europe in April down 6% m/m but up 10.3% y/y

Russian pipeline gas flow to Europe in April was down 6% month on month, but up 10.3% year on year, as buyers opted for more supply from Gazprom because it is currently cheaper than LNG.

OMV Petrom’s profit down 6% y/y in Q1

OMV Petrom (BVB: SNP) announced that its net profit fell by 6% y/y in the first quarter (Q1) of the year, to RON1.39bn (€280mn) as its revenue from sales dropped by 10% y/y to RON8.54bn.

OMV Petrom puts an end to exploration in Georgia’s offshore

Following unsuccessful attempts to identify a partner for the exploration of the II offshore perimeter in Georgia, OMV Petrom (BVB: SNP) has decided to put an end to the operations.

OMV Petrom to invest €3.7bn in its low-carbon business lines by 2030

OMV Petrom (BVB: SNP) will dedicate one-third of its €11bn investments planned by 2030 to five low-carbon business lines, which are planned to reach 15% of the company’s EBIT consequently, company’s CEO Christina Verchere announced.

MOL announces successful oil drilling in central Hungary

Hungarian oil and gas company MOL announced the successful drilling of a well in central Hungary on April 30. The new well will further boost the company’s domestic production, which accounts for a third of upstream output.

Turkey begins talks with ExxonMobil on LNG deal in quest to diversify gas supply

In an effort to diversify its supply portfolio and reduce its dependence on Russian gas and also strengthen national security, Turkey, a Nato member, is now in the midst of discussions with the US supermajor.

Italy vows not to stand in way of EU sanctions on Russian LNG

Italy’s Energy Minister Gilberto Pichetto Fratin says Italy has “no reason to oppose a process of new sanctions" placed on LNG from Russia.

Turkey seeks LNG from ExxonMobil, starts pipeline gas stream to Hungary

Turkey is seeking to secure a new LNG import deal with ExxonMobil, according to a report in the Financial Times. It is part of Turkey’s plans to diversify its gas imports and reduce its reliance on Russian gas.

Polish prosecutors launch search for former Orlen executives over alleged €350mn fraud

Poland’s Tusk orders thorough probe into Orlen’s $370mn botched oil deal

Orlen's PiS-appointed CEO reportedly disregarded warnings from the company's security team about head of Swiss subsidiary's alleged Hezbollah links.

Russian missiles targeted gas facilities supplying EU, says Zelenskiy

President Volodymyr Zelenskiy has condemned an April 27 Russian attack on Ukraine’s energy sector, saying that the assault targeted gas facilities crucial for supplying the EU.