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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European refineries get margin boost from low global diesel inventories
Low global diesel inventories are keeping refining profits elevated across Europe.
Finland charges crew of suspected Russian shadow fleet tanker for subsea cable damage
Finland has filed criminal charges against the captain and two officers of the Eagle S oil tanker, accused of damaging five undersea cables in the Gulf of Finland last December.
BP eyes restart of UK's mothballed Murlach oil and gas field
BP plans to restart production at the Murlach field in the North Sea, aiming to extract oil and gas for at least a decade.
Norway officially opens Castberg oilfield in Barents Sea
Norway on August 8 officially opened the Johan Castberg oil field in the Barents Sea, the country’s northernmost producing field and its second oil development in the Arctic region.
Norway announces new frontier oil and gas licensing round
It follows the completion of the previous frontier round four years ago.
Bulgaria finds a buyer for Gazprom petrol stations
Bulgaria’s Win Energy, the operator behind the Avia brand of fuel stations, is set to acquire the network of Gazprom-branded petrol stations owned by Serbia’s oil company NIS.
EU gas storage exceeds 71% capacity
EU underground gas storage sites held around 77bn cubic metres of gas as of August 9, or 71.29% of capacity.
ICGB secures permit for expansion of Greece-Bulgaria gas interconnector
The operator of the Greece-Bulgaria gas interconnector, ICGB, said on August 8 it has obtained a construction permit from Bulgarian authorities for Lot 1 of its capacity expansion project.
Hong Kong’s CK Infrastructure closes in on acquiring UK’s Grain LNG terminal
Hong Kong-based CK Infrastructure is the frontrunner to acquire Grain LNG import terminal from the UK’s National Grid.
Lower energy prices weigh on MOL’s earnings in Q2
Montenegro may store oil reserves abroad due to lack of local capacity
Montenegro’s government plans to store its mandatory oil reserves in privately owned reservoirs or abroad, as state-owned facilities in Bar are not yet ready, according to the Oil Reserves Formation Plan for 2025, adopted last week.
Brazilian deepwater yields BP's biggest oil and gas discovery this century
BP has unveiled its most significant oil and gas discovery in 25 years following successful drilling at the Bumerangue prospect in Brazil's deepwater Santos Basin.
EU-US $750bn energy deal will undermine bloc's climate targets
The EU’s plan to invest approximately €700bn in oil, natural gas and nuclear imports from the US over the next three years has raised concerns that it could undermine the bloc’s climate targets for 2030.
Gazprom gas sales to Europe slump to 50-year low
Gazprom’s natural gas deliveries to Europe have plummeted to their lowest levels since the 1970s, further diminishing what was once one of the Kremlin’s biggest revenue streams.
Serica suffers sharp output decline amid Triton downtime
UK-based Serica Energy reported a sharp decline in first-half production on August 5, owing to prolonged downtime at the Triton FPSO vessel.
Petrofac secures extended creditor backing for restructuring plan
UK-based oil and gas engineering group Petrofac has secured an extension of creditor backing for its financial restructuring plan after a UK court setback threw its recovery process into uncertainty.
Austria's OMV reports "solid" sales in Q2
The company described the result as “solid,” stating it was able to weather weaker commodity prices and continued macroeconomic uncertainty thanks to its integrated energy model, which provided a buffer against volatility.
BP announces sweeping cost review
BP’s share price continues to lag peers, and questions linger over its ability to strike a balance between energy transition ambitions and investor demands for consistent returns.
Saudi Arabia's ADES plans SAR1.42bn acquisition of Norway's Shelf Drilling
A subsidiary of ADES Holding signed an agreement for a recommended offer to acquire Norway's Shelf Drilling in a deal valued at SAR1.42bn ($379mn).
Indian opposition blames government on Trump threats
Under President Donald Trump’s second term his administration has taken a much more hawkish stance that Indian purchases enable Russia to weather sanctions and indirectly fund its war effort
“Not for sale”: Russia blocks Serbia’s bid to buy sanctioned oil firm
Serbia is ready to buyout NIS to shield itself from US sanctions, but Moscow has shown no willingness to sell.
Azerbaijan’s Socar says it wants to expand, not sell, Aegean Sea container terminal in Turkey
The State Oil Company of the Azerbaijani Republic (Socar) is not mulling the sale of its Aegean Sea container terminal in Turkey, according to Turkish business daily Dunya.
Norway’s Equinor restarts Hammerfest after 3 months of maintenance
Norway’s state-owned energy firm Equinor has restarted its Hammerfest LNG facility after a three-month pause for maintenance work.
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