EurOil - Europe Oil & Gas

Turkey's BOTAS signs ‌memorandum with Italy’s Edison to explore potential natural gas, LNG options

Eni-BlackRock joint venture for CCS secures $670mn in financing

The financing for Eni CCUS Holding was provided by a syndicate of 13 international lenders and follows the earlier project financing completed for the Liverpool Bay CCS project in the UK.

QatarEnergy signs MoU on exporting Cypriot gas via Egypt

The agreement announced on May 21 will examine how future gas production from offshore Cyprus could be integrated with Egypt’s domestic gas network and LNG facilities.

UK to tighten tax rules for multinationals in further blow to oil sector

The UK government will tighten tax rules for multinational companies, including oil and gas firms, in a move likely to intensify industry concerns over the country’s increasingly punitive fiscal regime for North Sea producers.

Equinor, Aker BP strike series of asset swap deals

Equinor and Aker BP have agreed a series of asset swaps on the Norwegian continental shelf aimed at speeding up the development of undeveloped oil and gas discoveries as Norway seeks to sustain production beyond 2030.

IEA chief warns of oil markets entering "red zone" by July-August

Global oil markets could enter the “red zone” by July-August if additional Middle Eastern export supplies fail to materialise and inventories continue falling during the peak summer demand season.

Bulgaria fuel prices up 27.8% y/y in April

The UK eases Russia sanctions amid energy crisis

The UK has eased some Russian energy sanctions as the Hormuz crisis exposes growing dependence on imported fuel and gas.

Norway overtakes Russia as world's top gas pipeline exporter

Norway overtook Russia as the world’s biggest exporter of gas via pipeline in 2025, reflecting Moscow’s loss of most of its market share in Europe over the past four years.

Serbia secures fresh sanctions waiver as NIS talks drag on

Serbia avoided US sanctions on its oil company Naftna Industrija Srbije (NIS) after Washington extended a deadline for talks on the sale of a majority Russian stake to June 6, giving Hungary’s MOL Group more time to finalise a deal.

Explosion at MOL’s petrochemical base kills one person

An explosion during a restart operation at a MOL petrochemical plant left one person dead and several seriously injured, in the second major incident at MOL's Hungairan units in less than a year.

Czech coal baron Tykac acquires US oil wells

Lukoil Bulgaria refinery revenue falls 36%, losses nearly double

Bulgaria’s largest refinery, operated by Lukoil Neftochim Burgas, reported a sharp drop in revenue and a widening loss in 2025, hit by sanctions, weak refining margins and operational disruptions.

Slovenia and Croatia agree gas interconnection capacity upgrade to boost regional supply

Serbia pessimistic on MOL-NIS deal as sanctions deadline nears

Serbia is pessimistic about securing a deal with Hungary’s MOL to take over the majority Russian stake in oil company NIS before a key US sanctions deadline, President Aleksandar Vucic said on May 20, warning that talks were not progressing well.

Bulgaria’s Lukoil administrator urges state buyback of Burgas refinery

The state-appointed administrator overseeing Bulgaria’s Lukoil assets has said the government should consider buying back the country’s only oil refinery, calling it a “historic opportunity”.

Europe may regret burying Groningen

Europe’s gas crisis is reopening the debate over whether Groningen should stay closed.

EU members discuss ramping up oil and gas production to safeguard energy security

EU energy ministers have discussed ways to increase domestic oil and gas production as the bloc tries to strengthen energy security while preserving its long-term climate goals.

OMV kicks off production at Austria's biggest gas find in four decades

Austria’s national oil company OMV has started production at Wittau, the country’s largest natural gas discovery in four decades, in a project the company says could double its domestic gas output once fully developed.

China's Wison starts topsides for third phase of Turkey's Sakarya field

China’s Wison New Energies has started fabricating the topsides for the floating production unit that will serve the third phase of Turkey’s Sakarya gas field development, marking a further step forward for the Black Sea project.

Equinor strikes five-year deal with Energo for German gas supply

It is the latest in a series of long-term contracts that have strengthened Norway’s role as Germany’s main replacement for Russian pipeline gas.

Kazakhstan’s Kashagan oilfield to suspend production for maintenance

Kazakhstan’s Kashagan oilfield, the country’s second-largest oil producer, is reported to be set to halt production for over four weeks beginning in June to conduct planned maintenance work.

BP to focus on increasing its LNG trading

British supermajor BP has plans to expand its LNG trading and will dismantle its pipeline gas trading team.

Serbia awards Hungary oil pipeline contract to MVM-led consortium

Serbia’s state-owned oil pipeline operator has awarded a contract for the construction of a key crude oil pipeline linking the country with Hungary to a consortium led by MVM Južna Bačka.

Bulgaria gasoline prices hit highest since Middle East conflict began

Retail gasoline prices in Bulgaria have reached their highest level since the outbreak of war in the Middle East, rising to €1.51 per litre on May 15.