EurOil - Europe Oil & Gas

SOCAR reportedly acquires major Italian fuel supplier

Azerbaijan’s state oil company SOCAR has agreed to buy Italiana Petroli (IP), securing control of one of Italy’s largest fuel filling station networks in a move that strengthens its position in the Mediterranean fuel market.

France, Germany push for sanctions on Russian oil firm Lukoil

France and Germany are leading a push to include Russian oil giant Lukoil and its Swiss trading arm Litasco in the EU’s forthcoming 19th sanctions package, according to diplomatic sources quoted by AFP and other outlets this week.

JERA signs LNG exploration pact with Montenegro as local opposition looms

Montenegro has struck a fresh deal with Japan’s JERA to explore the development of an LNG terminal and gas-fired power plant - a project that could reshape the Adriatic country’s energy mix.

Germany once more extends trusteeship of Rosneft's oil assets

Germany has prolonged external administration of Rosneft’s local subsidiaries Rosneft Deutschland GmbH and RN Refining & Marketing GmbH for another six months.

EU payments for Russian gas slumped in July to lowest level since 1999

EU countries paid a combined €995mn ($1.2bn) for Russian natural gas in July, the smallest monthly outlay since 1999.

Budapest continues defending Russian energy imports

The geographic reality when it comes to Hungary is that we are a landlocked country with seven neighbours and the current energy infrastructure does not allow us to walk away entirely from Russian energy sources," Hungary's foreign minister said.

EU’s top court strikes down on state aid for Paks II NPP, casting doubt on future of the project

ExxonMobil expects EU to shift from LNG spot market to long-term deals

Bloc’s pledge to buy $750bn of US energy exports paves the way for multi-decade LNG deals to be signed.

Bulgartransgaz secures €102mn loan for Vertical Gas Corridor

Bulgarian state-owned gas transmission operator Bulgartransgaz has signed a long-term loan agreement worth €102.3mn with United Bulgarian Bank (UBB) to finance the Vertical Gas Corridor project.

MOL strikes new oil deposit near Budapest

MOL has oil and gas exploration and production assets in nine countries, with production in eight countries. In 2024, it produced an average of 93.8 thousand barrels of oil equivalent per day.

Turkey’s BOTAS inks series of LNG deals with major energy companies at Gastech conference in Milan

Turkey’s BOTAS has inked eight agreements with energy companies at the Gastech conference in Milan, with the deals providing it with access to around 6 bcm of additional LNG, Bloomberg has reported.

Italy’s Saipem wins $1.5bn contract to continue development of largest Turkish offshore gas field Sakarya

Saipem has secured a $1.5bn contract to continue the development of Turkey's largest offshore natural gas field, the Italian engineering group said on September 10.

Bulgaria backs Vertical Gas Corridor with €127mn state guarantees

Bulgaria will provide nearly BGN250mn in state guarantees to fund the Vertical Gas Corridor, a strategic project aimed at strengthening regional gas supply.

Hungary seals landmark long-term gas deal with Shell

Turkish companies announce LNG import deals

Turkish state energy company BOTAS and BP have signed a three year liquefied natural gas (LNG) purchase agreement.

UK North Sea at centre of political battle

The UK’s North Sea oil and gas sector has become a flashpoint in political debates over energy security and climate transition, with Labour seeking to curb new licences and the Conservatives pushing for expanded extraction.

Shell strikes 10-year LNG deal with Hungarian utility

Shell has concluded a 10-year contract to supply Hungary’s state-owned utility MVM with around 200 mcm of natural gas annually, starting in January next year.

Norwegian Greens gain leverage on oil and gas policy after election result

Norway’s Green Party is pushing for a halt to new petroleum exploration and a full phase-out of oil and gas by 2040, but Prime Minister Jonas Gahr Støre has pledged that the country will remain a dependable supplier to Europe.

Hungarian foreign minister says Budapest has no other choice but to buy Russian oil

A tale of two majors

BP has been unable to sell its stake in Rosneft despite pledging to leave Russia in 2022, while ExxonMobil, forced out of Sakhalin-1 the same year, may now be invited back under new Kremlin rules.

OMV to cut 2,000 jobs globally, including 1,000 at OMV Petrom

Austrian energy group OMV plans to eliminate 2,000 positions from its global workforce of 23,000, with nearly half of the cuts affecting its Romanian subsidiary OMV Petrom, (BVB: SNP).

Putin aide Patrushev weighs in on Nord Stream blasts

He was renewing Moscow’s consistent criticism of Western investigations into the September 2022 blasts that damaged the Nord Stream 1 and 2 gas pipelines.

Italy seeks fuel supply guarantees from Azerbaijan amid refinery sale

Italy has asked Azerbaijan’s government to provide guarantees of continued fuel supplies in the event of a sale of Italiana Petroli (IP)’s refinery, Reuters reported on September 5, citing unnamed sources.

UK-Brazil team develops flexible subsea inspection robot

Engineers in the UK and Brazil have developed a tentacle-like underwater robot designed to transform how subsea pipelines and offshore structures are inspected, providing a safer and more precise alternative to rigid systems.

Profits of Budapest-based alternative energy group tumble as rising costs overshadow revenue growth