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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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.
US postpones sanctions on Serbia’s NIS until June 27
Sanctions on NIS were first introduced by Washington on January 10 as part of a broader package targeting Russian-linked entities in response to the war in Ukraine.
Kazakhstan will put national interests over OPEC+ oil limits, says energy minister
Comments spark fears of price wars and even of a potential de facto exit from the coalition by the Central Asian country.
Turkiye seeks to increase gas exploration in Bulgaria
Turkey is in talks to increase oil and gas exploration in Bulgaria and several other countries, Turkish Minister of Energy and Natural Resources Alparslan Bayraktar said, reported Bloomberg.
MOL shareholders approve €540mn in dividend at AGM, equating a 9.5% dividend yield
The payout, HUF275 per share (HUF165 in ordinary, HUF110 in extraordinary dividend) on last year's net profit of HUF355bn, represents a 10% increase from 2024 and a robust 9.5% dividend yield.
Serbia’s NIS seeks third US sanctions waiver as deadline nears
Serbia’s sole oil company Naftna Industrija Srbije has filed a new request with the US Department of the Treasury seeking a special licence to delay the implementation of sanctions set to take effect next week.
Crude prices climb by 5% amid Trump tariffs & OPEC+ output cuts
Crude oil prices have increased by 5%, pushed by US sanctions on Iran that were aimed at damaging ‘teapot’ refineries in China, and additional output cuts from the Organisation of the Petroleum Exporting Countries and its allies (OPEC+).
Equinor’s Hammerfest LNG terminal goes offline until July for maintenance
Norway’s state-owned Equinor has shut down its Hammerfest LNG terminal until July for annual maintenance.
EU mulls easing methane rules for US LNG
The European Union could take action to make it simpler for US LNG imports to meet the bloc’s methane emissions requirements.
Turkey’s Tupras orders Nigerian crude in boost for Nigeria’s oil exports
Turkey’s largest oil refinery, Tupras, placed significant new orders for Nigerian crude oil for delivery between March and April, providing a major boost to Nigeria’s oil export ambitions at a crucial time for its 2025 fiscal planning,
Canada weighs building new LNG export terminal on Hudson Bay
Canadian officials are mulling the possibility of building an export terminal on Hudson Bay to enable LNG to be shipped easily year-round to markets in Europe.
Czechia reports the first day in its history of being free of Russian oil
Prime Minister Fiala declared his country Russian oil-free after April 17 became the first day when no oil from the latter flowed into Czechia for the first time in its history, and his country has become independent of the eastern Druzhba pipeline.
Azerbaijan's SOCAR, Israel's Union Energy form Malta JV
Azerbaijan’s state oil company SOCAR and Israeli firm Union Energy & Systems have established a joint venture in Malta to engage in natural gas development and production.
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