EurOil - Europe Oil & Gas

Serbia plans to build two gas pipelines in next three years

Serbia will construct two new gas pipelines over the next three years as part of a broader push to modernise its energy infrastructure and reduce reliance on Russian energy supplies.

Slovenia’s Petrol becomes sole shareholder of Geoplin after completing share purchase

BP's $2.9bn FID in Azerbaijan won't mean higher exports

Hopes are slim that Azerbaijan will be able to ramp up gas supply to Europe to 20 bcm per year as targeted for a number more years.

US investor Lynch in talks with Germany on taking over Nord Stream 2

Before relocating to Miami in 2019, Lynch lived in Moscow for two decades. During this time, he was involved in significant financial dealings, including the acquisition of a subsidiary of Yukos in 2007 and the Swiss division of Sberbank in 2022.

Canada's Grand Tierra sheds North Sea business to NEO for $7.5mn

Canadian energy firm Gran Tierra Energy has agreed to sell its UK North Sea subsidiary to NEO Energy for $7.5mn.

EU mandates role for oil, gas producers in reaching CCS target

European oil and gas producers could be mandated to play a key role in achieving the EU’s 2030 target of at least 50mn tonnes of annual CO2 injection capacity under the Net-Zero Industry Act.

Centrica strikes 5 bcm per year gas deal with Equinor

UK energy group Centrica has signed a $27bn agreement with Norway’s Equinor to deliver 5bn cubic metres of natural gas annually to the UK for the next decade.

Hungary’s MVM joins $2.9bn Shah Deniz gas project in Azerbaijan

Hungarian state-owned energy group MVM has secured a 5% stake in the next phase of Azerbaijan’s flagship Shah Deniz gas field, joining a $2.9bn development led by BP.

Boss of Turkish fuel retailer Teco arrested as part of Imamoglu operation

Regime says it's targeting "tentacles" of "octopus-like" crime syndicate under Istanbul mayor. Critics scoff at bogus investigation aimed at removing political threat to Erdogan.

Slovenia’s Petrol seeks €68.6mn compensation over fuel price regulation

Slovenian energy company Petrol has filed a proposal with the State Attorney's Office seeking €68.6mn in damages for losses allegedly caused by the government’s regulation of fuel prices between June 2022 and June 2024.

BP hires US oil veteran as executive director

BP has appointed David Hager, a respected oil industry executive, as a non-executive director, effective on June 2.

EU on track to cut gas imports by 25% by 2030: IEEFA

The EU is on course to reduce its gas imports by around 25% by 2030, according to forecasts published by the Institute for Energy Economics and Financial Analysis.

France, Belgium resist call to give up Russian LNG

France and Belgium have expressed strong reservations about the European Commission's proposed ban on imports of Russian LNG by 2027.

IGU on LNG risks and opportunities

Hungary's MOL signs onshore exploration agreement with Azerbaijan's SOCAR

MOL has signed key terms for an exploration, development and production sharing agreement with Azerbaijan’s state oil company SOCAR for the Shamakhi-Gobustan region of the country.

Russia’s Gazprom has quietly shelved Turkey gas hub plan, says report

Project praised by Putin no longer seen as viable, sources at energy giant cited as saying.

Bulgaria’s consumer protection body probes Lukoil fuel prices

Kazakhstan’s oil output drops 4% in May due to lower Tengiz production, remains above OPEC+ quota

Kazakhstan’s daily oil production fell by 4% in May compared to the previous month, driven largely by reduced output from the Tengiz oilfield, Reuters reported on June 2, citing an industry source familiar with the data.

Portuguese energy company eyes output surge from Brazil’s Bacalhau field

Portugal’s Galp expects its oil and gas output in Brazil to rise by around 40% in the coming years as production ramps up at the offshore Bacalhau field.

Turkey’s TPAO to sign Caspian Sea gas production deal with Azerbaijan’s Socar and BP

Ankara and Baku are taking further steps to boost oil and gas production in Azerbaijan with the signing of a major agreement, Turkish Energy Minister Alparaslan Bayraktar has announced.

Italy signs €4bn in agreements with Kazakhstan during Meloni visit to Astana

Italy and Kazakhstan signed a series of agreements totalling €4bn during an official visit paid by Italian Prime Minister Giorgia Meloni to Astana, with the deals covering sectors such as oil and gas, renewable energy and water management.

OPEC+ to raise output by 411,000 bpd as it seeks to punish Kazakhstan and Iraq for overproduction

OPEC+ on May 30 decided to raise output by 411,000 barrels per day (bpd) in July — mirroring increases for May and June — in a move that reassured traders who had feared a sharper supply boost that could have weighed on prices.

OMV sells stake in UAE's Ghasha project to Lukoil

Austria’s OMV has sold its 5% stake in the Ghasha offshore oil and gas concession in the United Arab Emirates to Russian oil major Lukoil.

MOL to take majority stake in Hungary's leading engineering university

Hungary's MOL is set to take majority ownership in the state-owned company running Budapest University of Technology and Economics, Hungary's most prestigious engineering institution, for HUF50bn (€120mn).

Kazakhstan tells OPEC it will not reduce oil production

Kazakhstan has formally notified the Organisation of the Petroleum Exporting Countries (OPEC) that it does not intend to reduce its oil production, Deputy Energy Minister Alibek Zhamauov has told Russia’s Interfax news agency.