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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Russian pipeline gas exports to Europe, Turkey to drop 40% by end-2027: study
Russian pipeline gas exports to Europe and Turkey could fall by 40% to 29bn cubic metres (bcm) annually by the end of 2027 versus the level in 2024, according to a study by Russian consultancy Implementa.
Petrol Group warns of €30mn hit to 2025 profits from Slovenia’s new fuel pricing regulation
The Slovenian energy company Petrol warned that new government regulations on fuel pricing will significantly impact its operations, with projected losses of up to €30mn in operating profit for 2025.
Serbia’s NIS seeks fourth sanctions waiver from US
Serbia’s oil company NIS has submitted a request to the US Treasury Department for a fourth waiver of sanctions linked to its Russian ownership, seeking to extend its ability to operate beyond a looming June 27 deadline.
MET Group opens Hungary’s largest battery energy system, MOL to follow suit
MET Group, an energy company based in Switzerland with Hungarian roots, has inaugurated 40-MW/80-MWh battery storage at the Dunamenti Power Plant, 20 km south of Budapest (Szazhalombatta).
Russian ghost ship towed from Gdynia for scrapping in Denmark
Polish authorities began the removal of the derelict Russian oil tanker Khatanga from the Port of Gdynia after years of abandonment.
Russia ready to provide cheap gas, crude oil despite difficulties, Hungarian FM says in St. Petersburg
Despite international tensions and European Union efforts to curb energy cooperation with Russia, Hungary will continue to rely on Russian natural gas and crude oil to ensure stable and affordable energy supplies.
EU ban on Russian gas imports will not apply to non-EU Western Balkans
A proposed EU ban on imports of Russian natural gas and LNG will not apply to non-EU Western Balkan countries, a European Commission spokesperson clarified on June 19.
Gas flowing from Iran to Turkey without interruption, says minister
Fifth of Turkey's oil imports pass Strait of Hormuz. Ankara confident it could replace these shipments if passage was disrupted amid conflict.
LNG market tightens following Israeli gas field closures
Israeli gas now accounts for up to 20% of Egyptian gas consumption, playing a central role in powering homes and energy-intensive industries.
BlueNord expects $253mn in cash after Tyra completion test
BlueNord confirmed last week that the completion test at the Tyra II gas redevelopment project in the Danish North Sea has been successfully passed.
Hungary to secure one-year grace period to phase out Russian gas, but left without veto power
Slovak state gas group SPP opposes EU’s plan to end Russian fossil fuel imports
SPP described the move as “a political decision” which “does not include sufficient legal and financial analyses and calculations of the impact of proposed measures to end the import of Russian natural gas."
Croatia’s electricity production dips in April
Croatia’s net electricity production fell in April compared to the previous month, while petroleum product use remained broadly stable.
OMV Petrom, NewMed plan to spud well offshore Bulgaria
OMV Petrom and NewMed Energy have agreed to drill an exploration well in the Krum prospect within Bulgaria’s Han Asparuh offshore block.
SPP flags up risk of getting sued by Gazprom if it breaks gas supply contract
Slovakia’s state-owned gas importer SPP has raised concerns that Gazprom could demand up to €16bn in compensation if Bratislava terminates its long-term gas contract early.
Hungary to veto 'von der Leyen-Zelenskiy energy plan' over Russian import restrictions, foreign minister says
The European Commission is set to unveil a June 17 that would legally prohibit imports of Russian pipeline gas and liquefied natural gas into the European Union by the end of 2027.
US resists EU and UK push to cut Russian oil price cap at G7 summit
The US is resisting calls from European governments to reduce the G7 price cap on Russian oil from $60 to $45 per barrel, frustrating efforts by the EU and UK to increase financial pressure on Moscow as leaders meet for a G7 in Canada.
COMMENT: Israel-Iran conflict intensifies with limited macro fallout but mounting geopolitical risk
The recent escalation in hostilities between Israel and Iran has signalled a shift from earlier, more calibrated exchanges to a broader and more sustained confrontation.
North Macedonia gas company Nomagas boosts capital
North Macedonia’s state-owned gas transmission operator, Nomagas, has successfully increased its capital through the conversion of state claims into a permanent deposit.
ING: Oil in focus as Israel-Iran conflict escalates
Commodity markets are focused on escalating geopolitical tensions between Israel and Iran, with the Middle Eastern conflict sparking a surge in oil prices.
Hungary reiterates veto threat over new EU sanctions on Russian energy
Hungary to initiate the removal of a recommendation to phase out Russian energy imports from the agenda of EU energy ministers' summit in light of the situation in the Middle East.
Slovak PM Fico wants EU leaders to postpone vote on new sanctions against Russia
Fico had previously criticised the plan to phase out Russian fossil fuel imports by 2027, which the EU introduced last month.
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