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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Aker BP reports higher costs at key Norwegian projects
Aker BP reported on October 16 that the estimated costs of its main offshore oil and gas projects in Norway have risen sharply in nominal terms, largely because of currency weakness and value-enhancing scope changes.
London-listed junior set to acquire oil and gas licence in west Ukraine
London-listed Pennpetro Energy has signed heads of terms (HoT) to acquire full ownership of the Limnytskyi oil and gas exploration licence in western Ukraine through a newly formed Polish holding company.
EU pushes to close back door allowing imports of fuels produced from Russian oil
The EU has issued detailed guidance requiring importers of refined fuels to prove that shipments entering the bloc are not produced from Russian crude oil, tightening enforcement ahead of a new sanctions measure due to take effect in early 2026.
Russia's Transneft offers to design Hungary-Serbia oil pipeline
Russian pipeline operator Transneft has offered Serbia and Hungary assistance with the design and expert evaluation of a planned cross-border oil pipeline.
EU to tighten enforcement on fuel imports made from Russian crude
The European Union will require fuel importers to prove their cargoes are not derived from Russian crude oil, strengthening enforcement as a new ban on such products takes effect on January 21 2026.
Commercial gas sales start at MOL-invested Kurdistan gas project
Pearl Petroleum, the operator of the consortium at the Iraqi Kurdistan Khor Mor facility, which includes MOL, announced the start of commercial gas sales, marking a 50% increase in processing capacity.
Hungary’s MOL to expand fuel terminal in Serbia
Hungarian oil company MOL is moving to expand its fuel delivery terminal in Serbia, aiming to bolster regional energy security following the imposition of US sanctions on Serbia’s main fuel supplier NIS.
Russia promises Serbia cheap, uninterrupted gas
Russia will continue supplying natural gas to Serbia at favourable prices despite offering only a short-term extension to the current contract.
Hungary’s gas imports from Russia reaches all-time high: foreign minister
Hungary remains committed to maintaining a secure energy supply and the lowest household gas prices in the EU, Foreign Minister Peter Szijjarto said at the Russian Energy Week in Moscow.
Hungary steps up oil exports to Serbia after US sanctions on NIS
Hungarian energy company MOL has ramped up oil exports to Serbia following the imposition of US sanctions on Serbia’s Gazprom-controlled oil firm NIS.
Serbia offers to buy part of Russian stake in NIS amid US sanctions
Serbia’s President has proposed that Serbia acquire a portion of the Russian stake in the country’s leading oil and gas company, NIS, as a possible solution to US sanctions.
Europe enters winter heating season with cautious optimism
Putin ally Timchenko acquires Shell’s former stake in Western Siberian oil fields
Russian billionaire Gennady Timchenko, a close associate of President Vladimir Putin, has acquired Shell’s former 50% stake in the Salymsky oil project in Western Siberia
Kazakhstan’s oil output rises 13% to 75.7mn tonnes in first three quarters
Kazakhstan produced 75.7mn tonnes of oil and condensates between January and September, marking a 13.2% increase compared with the same period of last year, The Caspian Post reported on October 14, citing Energy Minister Yerlan Akkenzhenov.
Russia’s oil revenue slips as refinery outages curb product exports
Russia’s oil revenue declined again in September to $13.35bn, as repeated drone attacks on refineries curtailed fuel exports despite a rise in crude shipments, the IEA reported
Indian state refiners cut Russian crude imports by over 45% amid rising freight costs and US pressure
India’s state-owned oil refiners have reduced Russian crude oil purchases by more than 45% between June and September, redirecting volumes to Iraq as freight costs rise and diplomatic pressure from the United States intensifies
Russia lifts September oil output but stays just under OPEC+ cap
Russia’s crude oil production increased to 9.321mn barrels per day (bpd) in September, up by 148,000 bpd from August
Amid drone strikes in Russia, Kyrgyzstan’s gasoline reserves reportedly down to one month of market coverage
Kyrgyzstan’s current gasoline reserves are only sufficient to cover market demand for one month, The Times of Central Asia (TCA) said on October 13, citing participants in a recent meeting convened by the Antimonopoly Regulation Service.
Serbia’s Vucic reassures public after US sanctions hit Gazprom-owned NIS
Serbia's President Aleksandar Vucic sought to reassure citizens that the country faces no imminent energy crisis after US sanctions took effect against NIS, the Gazprom-controlled company that supplies most of Serbia's fuel.
Serbia disappointed as Gazprom offers only short gas deal extension
Gazprom has offered Serbia an extension to its natural gas supply contract instead of the long-term deal Belgrade had expected, as Moscow seeks to preserve leverage following the imposition of US sanctions on Serbia's oil sector.
Russia’s seaborne fuel exports fall 17% after refinery drone strikes
Russia’s seaborne oil product exports declined 17% month-on-month in September to 7.58mn tonnes after a series of drone attacks disrupted operations at several major refineries, tightening domestic supply and shifting export flows
Canadian investor makes pitch to take over troubled UK refinery
Under Amram’s proposal, the UK government would retain ownership of the refinery to maintain control over a strategic national asset.
China’s exports to Russia fall 21% in September
China’s yuan-denominated exports to Russia dropped 21% year on year in September to CNY63.11bn ($8.85bn), marking a sixth consecutive monthly decline and the steepest fall since February
Gazprom CEO defends role of gas in energy transition
Miller highlighted the rapid expansion of data centres as a key factor boosting demand for gas-fired power generation, describing it as “reliable and predictable.”
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