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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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.
Bulgaria in talks with US investors to expand capacity of TurkStream, Gerb’s leader says
Bulgaria is in talks with US investors to expand the capacity of its section of the TurkStream pipeline that transports Russian natural gas to Europe, Boyko Borissov, the leader of ruling Gerb party, said on May 14.
Half of Borsa Istanbul-listed companies post 1Q loss
Excluding banks, 265 out of Turkey’s 521 Borsa Istanbul-listed companies reported a loss in the first quarter of 2025, according to business daily Ekonomim.
Slovenia and Algeria strengthen energy ties with extended gas supply agreement
Slovenian gas supplier Geoplin and Algeria’s state-owned gas producer Sonatrach have signed an extension of their natural gas supply contract, ensuring a continued and uninterrupted supply of gas to Slovenia in the coming years.
Serbia seeks favourable new gas deal with Russia
Serbia has reached a preliminary agreement with Russia on a new natural gas deal under favourable terms, as the country’s existing contract with Gazprom nears expiration at the end of May.
Posted documents show Eni deliveries of Russian gas to Turkey
Italy’s Eni last year delivered Russian gas to Turkey.
US investment firm eyes stake in Russian gas pipeline to EU via Bulgaria
Elliott Investment Management, one of the most influential US investment firms, is in early-stage talks to acquire a stake in a package of infrastructure assets, including part of the pipeline transporting Russian natural gas to the EU via Bulgaria.
European companies make headway in advancing CCS projects
Amid the clamour over continuing wars, trade tariffs and the price of oil, some European firms are steadily pursuing plans to launch a carbon capture industry in Europe, with the North Sea as a point of focus.
BLOG: Don't be afraid of the great gas glut
We are on the brink of a serious glut in global LNG supply – some will say. Global gas prices are indeed set to fall and the market loosen over the coming years, thanks mainly to the US and Qatar.
US Elliott Investment Management eyes purchasing TurkStream’s Bulgarian section
US Elliott Investment Management hedge fund is in preliminary talks to acquire a stake in a package of infrastructure assets that includes the Bulgarian section of the TurkStream gas pipeline, The Wall Street Journal reported on May 9.
Abrupt cancellation of Central Asia-Gulf states summit sparks questions over Kazakh, Saudi oil tensions
Speculation over tensions between Saudi Arabia and Kazakhstan has been sparked by the abrupt and indefinite postponement of a summit between Central Asian and Gulf states that was scheduled to take place this week in Samarkand, Uzbekistan.
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