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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Energean calls off $945mn East Med sale to Carlyle
The transaction, announced in June 2023, was intended to support Carlyle’s launch of a new Mediterranean-focused oil and gas company.
TotalEnergies eyes Brazilian green hydrogen for European refineries
French energy major TotalEnergies is considering importing green hydrogen from northeastern Brazil to supply its European refineries, according to sources familiar with the matter.
Shell raises shareholder rewards, keeps focus on oil and gas
Shell announced on March 25 it would raise its shareholder distribution target and deepened cost-cutting ambitions.
OMV launches new chemical recycling facility in Austria
Austria’s OMV has commissioned a new chemical recycling facility at its Schwechat refinery, aimed at converting difficult-to-recycle plastics into circular feedstocks using its proprietary ReOil technology.
OPEC+ announces new cuts to balance out higher output
OPEC+ has unveiled a fresh strategy to enforce additional production cuts, aimed at counterbalancing an uptick in output among its member nations.
European gas prices ease on milder weather, US-Russia ceasefire talks
European wholesale gas prices declined on the morning of March 24 amid mild weather forecasts and as US and Russian officials began talks in Saudi Arabia aimed at securing a broader ceasefire in Ukraine.
Turkey’s TPAO partners with US firms to boost oil and gas output
Turkey’s national oil company TPAO has formed a joint venture partnership with US independent oil and gas companies Continental Resources and TransAtlantic Petroleum with the intent to develop shale oil resources.
EU sanctions to hit Russian LNG exports to China
The EU’s upcoming ban on the transshipment of Russian LNG at EU ports is expected to disrupt winter deliveries from Russia’s Yamal LNG terminal to China and other Asian markets.
NYSE-listed Apollo to pay $1bn for 25% of BP unit that operates Azerbaijan to Turkey TANAP gas pipeline
BP and NYSE-listed alternative asset manager Apollo on March 21 announced that they have struck agreements for Apollo-managed funds to purchase a 25% non-controlling stake in BP Pipelines (TANAP).
A turbulent 2025 in store for European gas markets
This is going to be a turbulent year for European gas prices. If the war continues and the EU sticks to its “no more Russian energy” guns then prices could soar in a repeat of the 2022 energy crisis.
Germany seeks to sub-charter floating LNG terminals amid contract disputes
Germany’s economy ministry is gauging interest in its excess floating LNG terminals as it considers sub-chartering the ships as they sit idle following two contract cancellations.
Hungary receives two-month exemption for paying for Russian gas
The US government has extended Hungary’s exemption from sanctions when paying for Russian gas to Gazprombank until May, ensuring continued secure natural gas supply, Hungarian Foreign Minister Peter Szijjarto announced in Ankara.
Slovenian government proposes three new members for Energy Agency Council
The Slovenian government has put forward on March 20 three candidates for appointment to the Energy Agency Council, aiming to restore stability to the regulatory body.
US reportedly agrees sanctions waiver on Turkey gas payments to Russia
Turkey has reportedly successfully appealed to the US for an extension to a sanctions waiver that applies to gas payments made to Black Sea neighbour Russia.
Turkey’s energy minister holds out prospect of Turkish-Turkmen partnerships in developing Caspian Sea oil and gas fields
Turkey is aiming to establish partnerships with hydrocarbon-rich Turkmenistan for the development of Caspian Sea oil and natural gas fields, says Turkish Energy and Natural Resources Minister Alparslan Bayraktar.
Serbia requests another delay for US sanctions on NIS
Serbia has requested another extension for US sanctions on its oil company, NIS, as the deadline for the current deferment approaches.
MOL finds oil in southwest Hungary
New oil field discovered with a potential production capacity of 1,200 barrels per day.
Poland’s Orlen signs another contract to supply Ukraine with LNG
Poland’s state-run energy company Orlen has signed a second deal with Ukraine’s biggest state-owned energy firm Naftogaz to provide it with an additional 100mn cubic metres of LNG.
Serica discloses share capital details ahead of Enquest tie-up
Serica Energy has disclosed details of its share capital in a filing under the UK Takeover Code, signalling progress in its potential reverse takeover by North Sea peer EnQuest.
Harbour Energy secures CO2 storage well permit
UK’s Harbour Energy has received a drilling permit from the Norwegian Offshore Directorate for a carbon storage exploration well in the Norwegian Sea.
Equinor starts up Halten East off Norway
Norwegian state oil company Equinor has begun production at its Halten East development in the Norwegian Sea.
Russia's Gazprom stung by net RAS loss in 2024
Russia’s state gas giant Gazprom suffered an annual loss in 2024, because of a drop in the market value of shares in its oil production arm Gazprom Neft.
JANAF could acquire Russian stake in Serbia’s NIS
Croatia's state-owned oil transport company JANAF has expressed interest in buying Russia’s shares in Serbia's oil company NIS, a key player in the region's energy sector that is facing potential US sanctions over its Russian ownership.
Ukraine seen turning to US LNG imports as damage to gas infrastructure mounts
Mounting damage to Ukraine’s natural gas production facilities is forcing Kiev to turn increasingly to gas imports from its European allies – as was recently illustrated by the agreement between Naftogaz and Poland’s Orlen.
EU to soften gas storage rules to avoid price spikes
EU member states are considering softening the bloc’s binding gas storage targets in order to avoid sending gas prices soaring again ahead of what is anticipated to be a difficult year.
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