EurOil - Europe Oil & Gas

MOL Q1 earnings report misses target

Clean Ebitda of Hungarian oil and gas giant MOL edged up 1% to $718mn in Q1, but fell 27% on a quarterly basis as lower gas prices in upstream and government levies booked in the first quarter weighed. MOL left its 2024 guidance unchanged.

BSOG goes ahead with 3GW offshore wind project in Romania’s Black Sea

BSOG, which launched natural gas extraction in Midia perimeter in Romania’s shallow Black Sea waters (MGD Project), decided to go ahead with its offshore wind project in the same place after completing the feasibility study.

Turkey signs LNG deal with US supermajor ExxonMobil placing question mark over Russian gas supplies

Ankara has ambition to make country an energy supply powerhouse based on re-exports.

Cyprus seeks timetable from Chevron for Aphrodite development, talks with Eni move ahead

Cyprus expects to launch offshore gas production in 2027. Whether that will be from Aphrodite or another field is unclear.

EU proposes sanctions on trans-shipment of Russian LNG

The European Union is considering placing its first sanctions on Russian LNG.

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.