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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Turkish tanker operator Palmali loses London lawsuit against Lukoil’s Swiss trading arm Litasco
Turkey-based tanker operator Palmali on May 23 lost a London lawsuit pursued against Russian oil company Lukoil’s trading arm, Swiss subsidiary Litasco, over a purported agreement to supply oil products, Reuters reported.
Orlen delivers record profit on gas trading and power
Warsaw-listed Polish Energy group Orlen reported a consolidated net profit of PLN4.28bn (€1.01bn) in the first quarter, up from PLN2.78bn a year earlier, the company said in an earnings report on May 22.
Hungary's energy giants sign oil trade deal to strengthen regional energy security
Hungarian oil and gas company MOL and the state-owned energy group MVM have signed an oil trading agreement that aims to further diversify the region's energy supply portfolio, with a focus on landlocked Hungary and Slovakia, MOL said.
Kazakhstan becomes third largest crude supplier to EU
Kazakhstan became the third-largest supplier of crude oil to the EU in 2024, exporting an average of 1.05mn barrels per day.
Kazakhstan's Kashagan oil field output to reach 17.8mn tonnes in 2025
Oil production at Kazakhstan’s Kashagan field in the Caspian Sea is forecast to reach 17.8mn tonnes in 2025.
Turkic countries play key role in Hungary’s energy supply, PM says after meeting of OTS in Budapest
Turkish energy minister says Diyarbakir Basin boasts estimated 6.1bn barrels of shale oil
Turkey's southeastern Diyarbakir Basin boasts a shale oil reserve with an estimated 6.1bn barrels, US oil producer Continental Resources has assessed, according to the country’s energy minister.
EU adopts 17th sanctions package against Russia, targeting oil industry
The EU has adopted its 17th sanctions package against Russia on March 20, intensifying pressure on Moscow's oil and gas industry in particular.
Ithaca expands stake in UK's Cygnus field
UK-focused Ithaca Energy has agreed to acquire an additional 46.3% stake in the UK’s Cygnus gas field from Spirit Energy for $154mn, boosting its operating interest to 85%.
EU faces €10bn higher gas refill cost this year than last
While the EU is set to make storage targets more flexible, the changes are not expected to come into effect until next year.
Aker BP strikes hydrocarbons near Norway's Skarv field
Norway-focused Aker BP has discovered hydrocarbons in the E prospect near the Skarv field in the Norwegian Sea and is evaluating the potential for development via a tieback to the existing Skarv FPSO.
Wage talks with Norwegian oil workers break down
Wage negotiations covering around 7,000 oil drilling workers in Norway collapsed early on May 21.
Russia files WTO complaint against EU's carbon border adjustment mechanism
Russia argues the measure violates global trade rules and unfairly restricts access for non-EU producers.
European gas output dips to four-year low in Q1
European natural gas production, including output from Norway, the UK and Turkey, declined by 8% year on year to 47.7bn cubic metres in the first quarter of 2025.
US grants permanent exemptions for CPC and Tengizchevroil amid Russia sanctions
The US has issued permanent exemptions allowing transactions linked to Kazakhstan’s Caspian Pipeline Consortium (CPC) and Tengizchevroil (TCO), safeguarding key oil export routes from the reach of recent sanctions targeting Russia.
Turkey announces discovery of Black Sea natural gas reserve with economic value of $30bn
Turkey on May 17 said it has discovered a natural gas reserve in the Black Sea of 75bn cubic metres.
Serbia negotiates new long-term gas deal with Russia
Serbia has increased efforts to diversify its energy sources but remains heavily dependent on Russian gas.
Tensions in the Baltic Sea: Russia detains oil tanker that left Estonian port
Russian authorities detained a Greek-owned oil tanker, Green Admire, on May 18 after it departed from Estonia’s Port of Sillamae en route to Rotterdam, and was transiting Russia’s territorial waters along a previously agreed shipping corridor.
COMMENT: Europe must choose either to accept 15% of Russian gas supplies or zero
The European Commission on May 6 unveiled a brief roadmap outlining how it plans to achieve the EU objective of eliminating all remaining Russian energy imports by 2027.
Kazakhstan’s CPC crude oil exports forecast to rise in June despite OPEC+ overproduction concerns
Exports of CPC Blend crude oil via the Black Sea are reportedly expected to increase in June to between 1.6mn and 1.7mn barrels per day (bpd).
Serbia appoints chief Russophile to board of Srbijagas
Serbia has appointed Aleksandar Vulin, a prominent pro-Russian politician under US sanctions, as chairman of the supervisory board of state-run gas company Srbijagas.
MOL chief warns EU’s Russian energy exit could cost Hungary up to $600mn a year
Disconnecting from Russian oil would cost Hungary an additional $500-600mn annually, due to its heavy reliance on pipeline infrastructure and lack of access to seaborne crude, said Zsolt Hernadi, chairman and CEO of Hungarian energy giant MOL.
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