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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US Energy Department offers fresh figures on Caspian Basin energy reserves & production
A comprehensive overview of the regional energy sector.
UK sees further rows over energy policy
Starmer reiterated once more that oil and gas is part of the future mix for decades to come.
BP's "big reset"
"We now plan to fundamentally reset our strategy and drive further improvements in performance, all in service of growing cash flow and returns. It will be a new direction for BP,” CEO Auchincloss said.
Albania’s gas plans in the doldrums
Beyond providing the stable and dispatchable baseload energy supply Albania lacks, gas could also spur economic growth and industrial development, in the right conditions.
Slovakia spends €4bn on state energy aid
The Slovak state spent more than €4bn on energy aid from the end of 2022 until the end of last year, a calculation by online energy news outlet Energie Portal shows. Costs include subsidising gas, electricity and heat prices.
European gas prices hit two-year high on colder weather
The surge is driven by a confluence of factors, including intensified demand as a result of colder weather, supply disruptions and weaker power generation from renewables.
TotalEnergies pushes for Europe to secure long-term US LNG deal
French supermajor TotalEnergies is keen to assist with the sale of more US LNG to Europe, although the company’s CEO Patrick Pouyanne warned that it would be wise to do so via a long-term agreement.
Romania has enough gas reserves to last the winter, energy minister says
Romania has 1.35bn cubic metres of natural gas in storage, covering 43.4% of capacity, and is expected to have over 500mn cubic metres left by the end of March, Energy Minister Sebastian Burduja said.
Russian oil flow to EU via Ukraine down 15% last year
A potential peace or at least a ceasefire deal may mean Hungary and Slovakia, the only two EU countries relying on Russian oil via Druzhba, may face less pressure going forward to abandon these imports.
Russian gas begins flowing to Slovakia via TurkStream
Russian natural gas has begun flowing to Slovakia via the TurkStream pipeline, Slovak newspaper Dennik reported on February 6, citing Vojtech Ferencz, chairman of the country’s national gas transmission system operator SPP.
Gazprom divests Austrian and Italian gas trading units to Dubai-based investment firm
Gazprom has sold its Austrian and Italian gas trading subsidiaries to Dubai-based investment firm EGH Gulf, established less than a year ago.
Europe's economic woes made worse by looming trade war with US, says Goldman Sachs
Cyclical industries across Europe are in danger from the economic slowdown sweeping Europe, Goldman Sachs warned in a note on February 4. They were already reeling from years of a polycrisis, but now President Trump is threatening a trade war.
MVM expects to complete E.ON takeover in Romania in June-July
Karoly Matrai, the CEO of Hungarian state-owned company MVM Group, said that he expects to get all the necessary permits for taking over the majority stake in E.ON Energie Romania in Q2 and complete the deal in June or July.
Slovakia’s SPP begins importing Russian gas via TurkStream
Slovakia’s largest gas company, state-owned Slovensky plynarensky priemysel, is importing Russian gas via TurkStream pipeline.
Polish chemical company Grupa Azoty signs deal for potential US gas supplies
Grupa Azoty, Poland's leading chemical company, has signed a letter of intent with American Gas Partners on potential gas supplies from the US.
Germany looks to repurpose Nord Stream 2 for green gas project
German authorities are considering re-tasking the Nord Stream 2 pipeline to deliver green hydrogen or natural gas from Finland.
Norway’s Equinor rolls back climate targets
Norwegian energy firm Equinor has scaled back its climate goals amid increasing headwinds.
Bulgaria’s president says the country still receives Russian gas
Bulgaria’s President Rumen Radev said on February 5 that Bulgaria continues to import Russian natural gas despite joining the EU-wide ban, Mediapool news outlet reported.
US LNG exports stay near record high in January
US exports of LNG were near a record high in January, with the world’s largest exporter of the super-chilled fuel shipping 8.46mn tonnes.
Fico reiterates imports of Azeri gas are being debated
Slovakia’s populist Prime Minister Robert Fico reiterated that shipments of gas from Azerbaijan are being discussed following his talks in Brussels.
Heat consumption in Czechia drops by 2.6% y/y in 2024
Heat consumption in Czechia dropped by 2.6% year on year in 2024 amid warm weather.
OMV Petrom net profit rises 4% to €840mn in 2024 despite lower revenues
OMV Petrom Group (BVB: SNP) reported a net profit of RON4.2bn (€840mn) for 2024, a 4% increase on RON4bn in the previous year, according to preliminary unaudited consolidated data released on February 4.
Data shows oil deliveries from Russia to Turkey hit record high in 2024
Oil deliveries from Russia to Turkey hit a record high in 2024, registering at 323,000 barrels per day (bpd), marking a 36% gain versus the previous record of 254,000 bpd set in 2022, according to data from analytics company Kpler.
Var Energi secures OneSubsea solutions to fast-track projects
Norwegian oil and gas company Vår Energi has signed a letter of intent with OneSubsea for the delivery of subsea production systems.
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