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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Turkey proposes new oil agreement to Iraq worth $40bn in revenues
Turkish Energy and Natural Resources Minister Alp Arslan Bayraktar announced that a draft of a new agreement on the crude oil pipeline between Iraq and Turkey has been sent to the Iraqi side.
Energean, INA take final investment decision on Irena gas field offshore Croatia
Eastern Mediterranean-focused oil and gas producer Energean and Croatian energy group INA have taken a final investment decision to develop the Irena gas field in the Adriatic Sea.
Serbia’s NIS reports H1 loss as sanctions loom
Serbia’s oil company NIS reported a net loss of nearly €31mn in the first half of 2025, as the company struggled with global economic headwinds and the looming threat of US sanctions.
US LNG stocks rise after EU commits to buy $750 billion of US energy exports
Stocks of the US’s largest LNG producers rose in trading following the announcement of a framework trade agreement that will see the European Union buy $750 billion of US LNG, crude oil, and coal exports over the next three years.
Serbia secures fifth postponement of US sanctions on NIS
While the latest delay avoids an immediate energy crisis, Belgrade continues to seek a more durable resolution to the sanctions standoff.
US to delay sanctions on Serbia for fifth time
Belgrade seeks longer-term solution as refinery exemption extended for fifth time.
Croatia’s INA signs €170mn loan deal with domestic banks
Croatian energy company INA-Industrija nafte (INA) has signed a €170mn long-term loan agreement with a consortium of four leading domestic banks to support its strategic and green investment plans.
Russian LPG exports prove robust despite EU restrictions
China’s role as a key buyer is growing, and current estimates may understate the actual volume.
Qatar warns EU it could halt LNG shipments if bloc doesn’t change law
Qatar finds itself in a battle with EU lawmakers desperately seeking to pair back a due diligence law to avoid a massive fine.
Serbia seeks 180-day extension of US sanctions waiver for NIS
Belgrade has argued that sanctions on NIS would jeopardise energy supply across the Balkans and worsen Serbia's economic outlook.
Much touted billion-euro Estonian methanol plant project scrapped
A planned billion-euro methanol plant in Estonia’s Parnu has been scrapped, after Dutch company Power2X unexpectedly pulled the plug on the project without explanation.
Uzbekistan to sign oil exploration deal with Azerbaijan's Socar for Ustyurt plateau
Uzbekistan is set to sign a production-sharing agreement with the State Oil Company of the Azerbaijan Republic (Socar) for joint oil exploration and production on Ustyurt plateau.
Hungary holds trilateral talks on construction of new oil pipeline to Serbia with Russia
Hungary and Serbia are moving ahead with plans to build a new cross-border oil pipeline that could transport up to 5mn tonnes per year of crude, as both countries deepen energy ties with Russia despite EU sanctions.
Azerbaijan’s Socar reportedly considering sale of Aegean Sea container port in Turkey
Azerbaijan’s national oil company Socar is mulling a sale of its port unit in Turkey, Bloomberg reported on July 22.
OMV Petrom and Romgaz launch €750mn infrastructure works for Neptun Deep offshore gas project
OMV Petrom (BVB: SNP) and Romgaz (BVB: SNG) are going to commence infrastructure investments worth €750mn for the Neptun Deep offshore natural gas project in the Black Sea, following the issuance of an authorisation.
OMV Petrom and NewMed Energy sign offshore drillship contract for Bulgarian Black Sea exploration
OMV Petrom and NewMed Energy Balkan have awarded to Noble Corporation a contract for offshore drilling operations in Bulgaria’s Black Sea waters.
Bankers Petroleum criticises Albanian government measures in tax evasion case
Bankers Petroleum Albania, a Chinese-owned oil company operating the country’s largest onshore oilfield, has raised concerns over the legality and proportionality of measures taken by Albanian authorities.
Vaar Energi reports Norwegian Sea find
Norwegian oil and gas firm Vår Energi announced this week a gas and condensate discovery at its operated Vidsyn exploration well in the Norwegian Sea.
European gas prices see significant decline over past month
European benchmark natural gas prices have fallen sharply in July, with the TTF gas hub in the Netherlands recording a near 19% decline over the past month.
Spain ramps up gas use in wake of April blackout
Data released by gas system operator Enagas this week show that electricity output from combined-cycle gas turbines surged by 41.2% in the first half of 2025 compared with the same period a year earlier.
North Macedonia signs €1bn energy deal with Turkey’s Kazanci to boost energy independence
North Macedonia and Turkey’s Kazanci Holding signed a Memorandum of Understanding (MoU) on July 22 for the implementation of a €1bn strategic energy project aimed at reinforcing the country’s energy independence.
Poland eyes biggest oil find in decades, but confirmation still pending
According to the company’s estimates, the field may hold at least 22mn tonnes of recoverable oil and 5bn cubic metres of natural gas.
Kazakhstan increases oil exports via Russia as German demand rises
Kazakhstan increased oil exports via its traditional pipeline route through Russia in the first half of 2025, supported by growing demand from Germany, Upstream reported on July 21, citing data released by Kaztransoil.
Turkey proposes wider energy and power deal with Iraq, announces end of Kirkuk-Ceyhan pipeline agreement
Turkey has submitted a draft proposal to Iraq to renew and widen an energy agreement between the two countries to include cooperation in oil, gas, petrochemicals and electricity.
Serbia and Hungary advance plans for joint oil pipeline by 2027
Planned 128-kilometre pipeline will link Serbia to the Druzhba pipeline network via Hungary.
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