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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US extends sanctions exemptions for Lukoil's overseas assets until April 2027
The US has extended sanctions exemptions allowing Lukoil to continue operating its overseas fuel retail network and Bulgarian refining assets until April 24, 2027.
EU weighs strategic gas reserves as storage crisis exposes market weaknesses
Brussels is considering strategic gas reserves as low storage levels and disrupted LNG supplies expose Europe's vulnerability to future energy crises.
EU gas storage hits record mid-October low ahead of winter
EU gas storage facilities were just 74.1% full in mid-October, their lowest level for this time of year since records began in 2011.
Netherlands commits over €1bn to gas storage amid rising import dependence
The Dutch government has earmarked more than €1bn ($1.1bn) in subsidies and established a credit facility worth approximately €21bn to support the filling of natural gas storage facilities in 2027.
Trump puts sweeping Russia sanctions on hold as energy crisis takes priority
Trump has suspended sweeping new sanctions against Russia as soaring energy prices increasingly take precedence over efforts to pressure Moscow.
Kazakhstan analysts raise oil price forecasts and lower inflation outlook through 2028
The Kazakh central bank's latest macroeconomic survey saw analysts raising their forecasts for Brent crude prices and lowering their inflation expectations for Kazakhstan through 2028, while projecting economic growth of 4.8% this year.
North Macedonia says fuel supply stable as Okta refinery restart remains an option
North Macedonia's supply of oil and petroleum products, including diesel, remains stable, Energy, Mining and Mineral Resources Minister Sanja Božinovska said.
Senior energy official is first to quit Tisza government as questions emerge over energy reform, future of energy subsidy
Reported clashes over energy reforms and the future utility-bill subsidies may have played a role in the resignation of Energy Ministry state secretary Andras Totth, the first high-ranking official to leave the Tisza government.
Turkey, Saudi Arabia, Jordan and Syria discuss electricity interconnection project
Turkey is holding talks with Saudi Arabia, Jordan and Syria on a major four-way electricity interconnection project, Turkish Energy and Natural Resources Minister Alparslan Bayraktar said on October 13.
EU considers new windfall tax on oil and gas companies as energy crisis deepens
Brussels is considering another windfall tax on oil and gas companies to ease consumer energy costs, despite legal uncertainties and industry investment concerns.
Argentina asks international tribunal to halt UK Falklands oil project
Argentina escalated its diplomatic confrontation with the United Kingdom over the Falkland Islands (also known as Malvinas) by formally requesting an international maritime tribunal to halt the development of a major offshore oil project.
BP refining margins triple as debt falls sharply, but further writedowns loom
UK energy major BP expects its refining margins to have nearly tripled year on year in the third quarter of 2026, benefiting from disruptions to global oil and petroleum-product supplies caused by the Middle East conflict, while warning of impairment
Germany proposes €3bn strategic gas reserve funded by consumer levy
Germany plans to establish a national strategic gas reserve costing up to €3.08bn ($3.45bn) over ten years, financed through a new levy on consumers, as Berlin seeks to strengthen energy security against major supply disruptions.
TotalEnergies to cut French diesel prices as government releases emergency reserves
France's TotalEnergies plans to cut diesel prices at its 3,300 filling stations across France from November 1, passing on savings from the government's decision to release 10mn barrels of diesel from strategic reserves to ease pressure on consumers.
Equinor signs five-year deal to supply 0.9 bcm of Norwegian gas annually to Eneco
Norway's Equinor has signed a five-year agreement to supply approximately 0.9 billion cubic metres of natural gas annually to Dutch energy company Eneco, strengthening its position in the European gas market as buyers prioritise supply security.
UK faces mounting pressure to approve Rosebank and Jackdaw as study warns of $14.3bn economic loss
The UK faces mounting pressure to approve the Rosebank oilfield and Jackdaw gas field in the North Sea, after a new industry-commissioned study warned that blocking further offshore developments could cost the UK economy £10.8bn over a decade.
Norway’s Equinor discovers up to 10.3mn boe of gas at Gullfaks South
Norway's Equinor has discovered between 3.3mn and 10.3mn barrels of oil equivalent of recoverable gas at the Gullfaks South field in the North Sea, the company hailing its success in cost-effective exploration around existing offshore infrastructure.
Transocean adds $1.1bn to drilling backlog with Norwegian offshore contracts
Offshore drilling contractor Transocean has added approximately $1.1bn to its firm contract backlog following the approval of a major drilling agreement with Equinor (OSE:EQNR) and a new contract with Shell offshore Norway.
Ireland’s Ryanair warns high jet fuel prices could persist until 2028
European airlines could face elevated jet fuel costs and higher ticket prices well into 2028 as disruptions to global refining and fuel supplies caused by the Middle East conflict continue, according to CEO O'Leary.
Norway’s DOF wins $15–25mn North Sea subsea decommissioning contract
Norwegian offshore services company DOF Group has secured a contract worth between $15mn and $25mn to carry out subsea decommissioning work across multiple oil and gas fields in the North Sea.
Weatherford secures contract extensions and offshore completions award from Equinor in Norway
Under the agreements, announced on October 8, Weatherford will become the primary provider of completion systems for the Statfjord and Oseberg licences on the Norwegian Continental Shelf.
SLB secures 15-year digital drilling agreement with TotalEnergies
US oilfield services company SLB has secured a 15-year agreement with France's TotalEnergies to deploy its DrillPlan digital well planning and engineering technology across the energy major's global upstream operations.
IGU warns fragmented methane regulations could disrupt global gas trade
The IGU has called for greater international coordination of methane regulations, warning that inconsistent compliance requirements could create barriers to natural gas trade and investment.
Kazakhstan weighs $500mn exploration consortium with Chevron, Shell and Chinese oil firms
Kazakhstan is in talks with US, British and Chinese oil companies to establish a consortium for geological exploration, with preliminary investment estimated at around $500mn.
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