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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Greece approves oil and gas licence tender
Greece has greenlit an international tender for hydrocarbon exploration across four offshore blocks in the Mediterranean, following expressions of interest from Chevron and Hellenic Energy.
Hungarian Commissioner delays EU plan to curb Russian energy dependence
Hungary's EU Commissioner Oliver Várhelyi raised a last-minute objection to delay the approval of the EU's roadmap for ending the bloc's Russian energy reliance.
Construction of €13.3mn biogas plant begins in Estonia
EnviTec Anlagenbau GmbH & Co. KG, one of Germany’s leading producers of green gas, started construction of a new biomethane facility in Parnu County in southwestern Estonia.
Scotland's only oil refinery closes
Scotland’s only oil refinery shut down last week, marking the end of operations at one of the UK’s oldest oil-processing plants.
BLOG: The EU’s glacial push to eliminate Russian LNG
The EU is continuing to grapple with the complex challenge of eliminating its remaining oil and gas imports from Russia, as the European Commission prepares to unveil a roadmap this week outlining how to achieve that goal, hopefully by 2027.
Profit of Romania's OMV Petrom down 24% y/y in Q1
OMV Petrom (BVB: SNP), Romania’s largest energy group, saw its shares decline by 3.5% on April 30 following the release of its first-quarter 2025 financial results, which showed a 24% year-on-year fall in net profit despite an increase in sales.
MOL and TPAO bring upstream partnership to Hungary
Hungarian oil and gas company MOL and Turkish peer TPAO are partnering on hydrocarbon exploration and production in the west of Hungary, Minister of Foreign Affairs and Trade Peter Szijjarto said.
Turkey’s TPAO to explore for hydrocarbons in Hungary with MOL
Turkish Petroleum Corporation (TPAO) is set to jointly explore for hydrocarbons in Hungary with that country’s oil, gas and petrochemicals group MOL.
Woodside signs LNG supply deal with BP for new Louisiana LNG plant
Australia’s Woodside Energy has inked an LNG supply and purchase agreement with British supermajor BP for its freshly approved Louisiana LNG project.
NIS profit slumps amid lower oil prices and sanctions pressure
Serbia's Oil Industry (NIS) reported a sharp drop in net profit for the first quarter of 2025, as the company grappled with falling oil prices and the ongoing threat of US sanctions.
US vows to raise LNG exports to Europe
The US will increase LNG supplies exported to Europe, US officials have vowed.
BP eyes $3-4bn in asset sales as part of strategic "reset"
BP said on April 28 it expects to generate $3-4bn from asset sales in 2025 as part of a strategic “reset” aimed at reducing costs and scaling back its investments in renewables.
Czech Litvinov refinery begins processing TAL oil
The Litvínov oil refinery in the Czech Republic has begun processing crude oil imported via the Transalpine Pipeline (TAL) under the TAL-PLUS project.
Rubio denies reports of US planning to lift Nord Stream 2 sanctions
US Secretary of State Marco Rubio denied reports in a statement on X on April 24 that the White House is discussing lifting sanctions on the operator of Russia's Nord Stream 2 gas pipeline.
OPEC+'s rise in oil output could trigger sharp fall in oil prices in 2027-28: Alfa Bank
OPEC+'s plans to raise oil production amid the US’ new protectionist trade policies could lead to a sharp decline in Brent crude prices in 2027-2028.
Gazprom ready to enter talks with future US owner of Ukraine transit pipelines
Russia’s state-owned Gazprom is prepared to enter negotiations with the future owner of the pipeline network connecting Russia to Europe if the US assumes control over it.
North Macedonia and Greece deepen energy cooperation with new memorandum
Natural gas transmission companies of North Macedonia and Greece, NOMAGAS and DESFA, signed a memorandum of understanding on April 29, aiming to strengthen regional energy connectivity and improve the security of gas supply.
EU imports of Russian LNG slump 35% in April
The EU’s imports of Russian LNG fell by 35% year on year during the period from April 1-23, dropping from 1.7bn cubic metres to 1.14 bcm.
Ukraine signs loan deal with EBRD for gas imports
Ukrainian Prime Minister Denys Shmyhal has signed a loan agreement with Odile Renaud-Basso, President of the EBRD, to finance the purchase of natural gas.
Bulgaria to boost IGB gas pipeline capacity by 2026, anticipates Vertical Gas Corridor
Bulgaria is planning to boost the import of natural from Greece during 2026 and will soon begin construction of the EU-backed Vertical Gas Corridor.
Czech branch of Polish Orlen reports loss of CZK16.3bn in 2024
The refinery and petrochemical company Orlen Unipetrol, the Czech branch of the Polish energy company Orlen, reported a loss of CZK16.3bn (€0.65bn) in 2024. This is considerably deeper than the CZK9bn loss projected in February.
Serbia nears completion of six new oil tanks
Serbia is set to boost its energy storage capacity with the near completion of six new oil tanks in the city of Smederevo, adding 120,000 cubic metres to the country's reserves.
Albania launches gasification project in Korça with Azerbaijan's SOCAR
Albania has launched a major gasification project in the southeastern city of Korça, partnering with Azerbaijan’s state oil company SOCAR, a statement from the Ministry of Energy and Infrastructure said.
Turkey’s offshore gas field boasts output increase
Turkey’s offshore Sakarya gas field has hit a production rate of 9.5mn cubic metres per day, a milestone for the country.
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