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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Finnish gas system pushed to brink of state of alarm
Millions of barrels of Russian diesel idling in tankers around the world as buyers sought
According to oil analytical company Kpler, ships have been idling off the coasts of Europe, Africa and Latin America in what is the largest build-up in floating storage of diesel fuel from Russia since 2016.
Conversion work begins in Singapore for Alexandroupolis FSRU
Greece’s GasLog has delivered a vessel to the Keppel shipyard in Singapore for its conversion into a floating storage and regasification unit (FSRU). Later the vessel will be installed off Greece's northern coast near the port of Alexandroupolis.
Price hikes expected for Serbian gas consumers in 2023
Natural gas consumers in Serbia will face an estimated 10% increase in prices following the end of the heating season on May 1, Dusan Bajatovic, the CEO of Srbijagas, told the Kopaonik Business Forum.
OEUK pushes for better North Sea policies
UK North Sea oil and gas trade body Offshore Energies UK (OEUK) has called on the government to limit its windfall tax on industry profits, provide greater incentives for decarbonisation investments and ensure greater long-term fiscal stability.
EU to launch gas buyers' club in April to cut costs
Initial estimates show there is combined demand among the bloc’s 27 member states and three neighbouring countries for 24 bcm of joint gas purchases over the next three years, European Commission Vice President Maros Sefcovic told Bloomberg.
Poland’s gas grid operator probes market demand for expansion of planned LNG terminal in Gdansk
German ban on fossil fuel boilers proves controversial
A draft law in Germany that would ban the installation of new oil and gas heaters from 2024 for environmental purposes has sparked outrage.
PKN Orlen to seek compensation from Russia for lost oil supply
Poland’s largest oil refiner PKN Orlen plans to seek compensation from Russia for cutting off its oil supply via the Druzhba pipeline in mid-February, its CEO Daniel Obajtek said on March 6.
TotalEnergies expands UAE upstream portfolio
Equinor bolsters North Sea position with Wellesley deal
Norway’s state-owned energy giant Equinor has strengthened its north North Sea position by striking a deal to expand its stakes in five discoveries off the Norwegian coast, covering interests in the Troll, Fram and Kvitebjorn area.
Wood Mackenzie weighs up Russia-Ukraine war's impact on energy
The Russia-Ukraine war means energy security will no longer be taken for granted, has shown that Europe can handle a future without Russian gas and demonstrated the resilience of oil and coal and the limitations of the power markets.
Global energy sector emissions reach new high in 2022
Global energy-related CO2 emissions reached a new record in 2022 of 36.8bn tonnes, inching up 0.9% from the previous year’s level, the International Energy Agency reported last week.
German LNG infrastructure costs set to exceed budget
The cost of infrastructure for planned floating LNG terminals in Germany is set to surpass expectations, the government said on March 3, warning taxpayers that stronger energy security would come at a cost.
Shell to reconsider plans to scale back oil output
Shell will reconsider its current target of lowering oil production by the end of the decade, its CEO Wael Sawan said last week.
EU trade deficit with Russia at third of pre-war level
The EU’s trade deficit with Russia slumped in December to a third of its pre-war level, reflecting the sharp decline in imports of coal, gas and oil, the bloc’s statistics agency Eurostat reported on March 3.
Equinor snaps up Suncor's UK business
Norway’s Equinor has agreed to purchase the UK arm of Suncor Energy for $850mn, which will land it a 29.9% stake in one of the UK North Sea’s largest oilfields, Buzzard.
Trump accuses Biden administration of blowing up Nord Stream pipelines
Former US President Donald Trump has said the Biden administration or Ukraine could have been responsible for blowing up the Nord Stream 1 and 2 pipelines in late September, while dismissing that Russia could be to blame.
Russia reportedly intends to mothball damaged Nord Stream pipelines
Gazprom has previously said it would be possible to repair the ruptured lines, but the pipelines are unlikely to be needed, as the Russian government sees little prospect of ties with the West improving in the foreseeable future.
Russia's oil product exports slumped by 20% in February, but seaborne export volumes remain robust
Russia's oil product exports have slumped by 20% in February, marking the lowest level since May 2022, according to tanker tracking data reported S&P on March 2 in a note. Shipborne exports of crude, however, have held up well and remain robust.
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