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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Kazakhstan increases oil production in May despite OPEC+ pressure
Kazakhstan’s oil production reportedly rose by 2% in May, with the country continuing to defy mounting pressure from the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to reduce output.
Fico says Slovakia will back EU Ukraine policies, but might not vote for Russia sanctions
Slovak populist Prime Minister said that his country will back EU Ukraine policies at the summit in Brussels, but might not vote for the 18th round of sanctions against Russia unless the phasing out of Russian gas imports is addressed.
Turkey’s TPAO, Libya’s NOC plan study of four Libyan offshore hydrocarbon areas
Turkey’s state-owned Turkish Petroleum Corporation (TPAO) and Libya's National Oil Corporation (NOC) intend to carry out a geological and geophysical study of four Libyan offshore areas.
Serbia to build a new gas storage facility for €500mn
Serbia will invest up to €500mn to construct a new natural gas storage facility at the former Tilva site in the northern province of Vojvodina.
Serbia asks US to extend NIS sanctions waiver
Serbia has formally requested the US Treasury Department extend a sanctions waiver for its sole oil company, NIS, as the current licence is set to expire later this week.
Russian pipeline gas exports to Europe, Turkey to drop 40% by end-2027: study
Russian pipeline gas exports to Europe and Turkey could fall by 40% to 29bn cubic metres (bcm) annually by the end of 2027 versus the level in 2024, according to a study by Russian consultancy Implementa.
Petrol Group warns of €30mn hit to 2025 profits from Slovenia’s new fuel pricing regulation
The Slovenian energy company Petrol warned that new government regulations on fuel pricing will significantly impact its operations, with projected losses of up to €30mn in operating profit for 2025.
Serbia’s NIS seeks fourth sanctions waiver from US
Serbia’s oil company NIS has submitted a request to the US Treasury Department for a fourth waiver of sanctions linked to its Russian ownership, seeking to extend its ability to operate beyond a looming June 27 deadline.
MET Group opens Hungary’s largest battery energy system, MOL to follow suit
MET Group, an energy company based in Switzerland with Hungarian roots, has inaugurated 40-MW/80-MWh battery storage at the Dunamenti Power Plant, 20 km south of Budapest (Szazhalombatta).
Russian ghost ship towed from Gdynia for scrapping in Denmark
Polish authorities began the removal of the derelict Russian oil tanker Khatanga from the Port of Gdynia after years of abandonment.
Russia ready to provide cheap gas, crude oil despite difficulties, Hungarian FM says in St. Petersburg
Despite international tensions and European Union efforts to curb energy cooperation with Russia, Hungary will continue to rely on Russian natural gas and crude oil to ensure stable and affordable energy supplies.
EU ban on Russian gas imports will not apply to non-EU Western Balkans
A proposed EU ban on imports of Russian natural gas and LNG will not apply to non-EU Western Balkan countries, a European Commission spokesperson clarified on June 19.
Gas flowing from Iran to Turkey without interruption, says minister
Fifth of Turkey's oil imports pass Strait of Hormuz. Ankara confident it could replace these shipments if passage was disrupted amid conflict.
LNG market tightens following Israeli gas field closures
Israeli gas now accounts for up to 20% of Egyptian gas consumption, playing a central role in powering homes and energy-intensive industries.
BlueNord expects $253mn in cash after Tyra completion test
BlueNord confirmed last week that the completion test at the Tyra II gas redevelopment project in the Danish North Sea has been successfully passed.
Hungary to secure one-year grace period to phase out Russian gas, but left without veto power
Slovak state gas group SPP opposes EU’s plan to end Russian fossil fuel imports
SPP described the move as “a political decision” which “does not include sufficient legal and financial analyses and calculations of the impact of proposed measures to end the import of Russian natural gas."
Croatia’s electricity production dips in April
Croatia’s net electricity production fell in April compared to the previous month, while petroleum product use remained broadly stable.
OMV Petrom, NewMed plan to spud well offshore Bulgaria
OMV Petrom and NewMed Energy have agreed to drill an exploration well in the Krum prospect within Bulgaria’s Han Asparuh offshore block.
SPP flags up risk of getting sued by Gazprom if it breaks gas supply contract
Slovakia’s state-owned gas importer SPP has raised concerns that Gazprom could demand up to €16bn in compensation if Bratislava terminates its long-term gas contract early.
Hungary to veto 'von der Leyen-Zelenskiy energy plan' over Russian import restrictions, foreign minister says
The European Commission is set to unveil a June 17 that would legally prohibit imports of Russian pipeline gas and liquefied natural gas into the European Union by the end of 2027.
US resists EU and UK push to cut Russian oil price cap at G7 summit
The US is resisting calls from European governments to reduce the G7 price cap on Russian oil from $60 to $45 per barrel, frustrating efforts by the EU and UK to increase financial pressure on Moscow as leaders meet for a G7 in Canada.
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