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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Serbia says Gazprom to extend gas supply deal for three months
Serbia has secured a three-month extension of its gas supply arrangement with Russia after June 30, Energy Minister Dubravka Dedovic Handanovic said on June 4 following talks with Gazprom CEO Aleksei Miller in St. Petersburg.
Azerbaijan gas covers 60% of Bulgaria's needs as green corridor feasibility study set for 2026
Hungary’s MOL seeks more time for talks to buy Serbia’s NIS
MOL has asked US authorities for a one-month extension to complete talks to acquire a majority stake in Serbia’s oil company NIS.
Bulgaria replaces special administrator overseeing Lukoil assets
Bulgaria’s government has replaced the special administrator overseeing the local assets of sanctioned Russian oil group Lukoil, appointing a new manager to supervise operations of the country’s key refinery and fuel businesses.
Norway's Eldorado snaps up US offshore driller Vantage in $258mn deal
Norway-based Eldorado Drilling has agreed to acquire US offshore drilling contractor Vantage Drilling in a transaction valuing the company's equity at approximately $258mn.
Turkey renews gas arrangement with Azerbaijan, secures 33 bcm over 15 years
Turkey has renewed its gas import arrangement with Azerbaijan, securing supplies of 33bn cubic metres (bcm) of natural gas from Azerbaijan over 15 years.
Rubio backs Trans-Caspian gas pipeline proposal in meeting with Turkmenistan’s top diplomat
Infrastructure could boost European energy security, though Russia could move to block it.
Canada’s Ksi Lisims signs 20-year LNG supply deal with Germany’s SEFE
A 20-year LNG supply deal has been signed by Canada’s Ksi Lisims project with German state-run firm Securing Energy for Europe.
Turkey cut Urals imports to lowest level in 18 months in May
Turkey cut imports of Russia’s Urals crude from Baltic and Black Sea ports in May to the lowest level in almost 18 months, as the grade loses some of its price advantage.
BP set to sign key new Azeri upstream deal
BP’s expected Babek deal could unlock one of Azerbaijan’s biggest undeveloped gas resources, but new volumes for Europe are years away.
Russia's Dmitriev says Europe needs Russia to survive
Russia's Kirill Dmitriev said Europe needs Russia to survive amid an energy crisis, after Bloomberg reported the EU is weighing a temporary freeze of its $44.10 price cap on Russian oil over the Iran war.
Poland's Orlen beats Q1 expectations on retail resilience, lowest EU fuel prices
Poland’s largest energy multi-utility Orlen reported Q1 results that beat market expectations on May 28 while offering Polish consumers the lowest fuel prices in the EU in the times of oil market volatility.
Ukraine may have resumed attacking Russian shadow tankers in Black Sea, three vessels hit off Turkey
Ukraine may have resumed attacking Russian shadow fleet crude oil tankers in the Black Sea following a lull in such drone operations.
Germany’s gas grid operators warn they may fail to secure suffiencent supplies to make it through the coming winter
Germany’s gas grid operators have warned that current market conditions and storage rules may be insufficient to secure supplies through the coming winter.
Germany’s SEFE to ink major LNG deal with Canada’s Ksi Lisims project
Germany’s state-run gas importer Securing Energy for Europe is set to sign a long-term agreement to buy LNG from Canada’s Ksi Lisims project.
Diplomatic progress prompts cautious resumption of Hormuz transit
The tentative reopening of the Strait of Hormuz has allowed critical LNG and crude tankers to resume transit amid progressing US-Iran diplomatic negotiations.
Norway's Archer acquires Scottish well specialist
Oslo-listed Archer has agreed to acquire Scottish well technology specialist isol8, expanding its portfolio of well abandonment and intervention technologies as activity in the mature North Sea basin continues to grow.
Subsea7 scores Barents Sea gas contract
Norway’s Subsea7 has won a contract from Vår Energi worth between $150mn and $300mn to support the Goliat Gas Export project in the Barents Sea.
Hibiscus nears launch of Teal West oil project off UK
Malaysia's Hibiscus Petroleum said on May 22 its Teal West development in the UK North Sea remains on track for first oil by the middle of this year.
Borr Drilling suffers wider Q1 loss
Bermuda-based Borr Drilling reported a wider first-quarter loss after delays to the start-up of its Odin jack-up rig in the US Gulf and rig contract transitions weighed on earnings.
Norway's DeepOcean scores decomm contract in UK North Sea
Norway’s DeepOcean has secured a contract to support the subsea disconnection and decommissioning of an undisclosed FPSO in the UK North Sea.
Navitas eyes major expansion of Sea Lion off Falklands
The additional FPSO could add as much as 125,000 barrels per day of production capacity on top of the roughly 55,000 bpd planned under the first two phases of the Sea Lion project.
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