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 postpones sanctions on Serbia's NIS for 30 days
The US has granted a 30-day delay on sanctions targeting the Serbian oil industry, NIS, providing a temporary reprieve for the company, which is majority-owned by Russian energy giants Gazprom and Gazprom Neft.
ICC rules Gazprom must pay CZK1bn to Czech CEZ
North Macedonia to sign deal for construction of gas interconnector with Greece in March
North Macedonia’s Prime Minister, Hristijan Mickoski, announced that the country expects to sign the agreement to commence construction of the gas interconnector with Greece in March.
Gazprom restructures ownership of NIS as US sanctions loom
Gazprom Neft, the Russian oil giant, has transferred its 5.15% stake in NIS to its parent company Gazprom, in a bid to avoid US sanctions on Serbia's sole oil company.
Shipping companies fight against biofuel regulations
Offshore Energy reported this week that numerous shipping companies had called on the International Maritime Organization to remove “unsustainable” biofuels from its list of alternative fuel sources.
UK unveils $253mn investment in Scottish refining site
UK Prime Minister Sir Keir Starmer has announced a GBP200mn ($253mn) investment in Scotland’s Grangemouth industrial site.
Poll shows more widespread for oil and gas in Scotland
Public support for oil and gas production in Scotland is far more widespread and less polarised than commonly perceived.
Global LNG demand to surge 60% by 2040 on Asian economic growth
Global demand for LNG is expected to rise by around 60% by 2040, driven by economic growth in Asia, emissions reductions in heavy industry and transport and the increasing energy requirements of AI.
Saipem, Subsea7 announce $4.9bn merger
Italian energy services firm Saipem and Norwegian offshore contractor Subsea7 have agreed on key terms for a potential merger valued at $4.9bn, creating a new entity, Saipem7, with a combined project backlog of over $45bn.
EnergyPathways reports further progress on MESH gas, hydrogen storage project
London-listed EnergyPathways reported on February 24 another step forward in its plans to establish an integrated natural gas and hydrogen storage project in the UK’s East Irish Sea.
Cyprus sees progress in development of offshore gas resources
In recent weeks several agreements and understandings have been reached between the Republic of Cyprus and the parties involved in the development of its offshore gas fields.
INTERVIEW: Integrating AI with data and experience
AI is rapidly gaining traction in the oil, gas, and renewable energy sectors, as companies seek cost reductions, emissions control and safety improvements.
EU expands oil and gas sanctions in 16th package
The EU has imposed additional measures against Russia’s oil and gas industry as part of its 16th sanctions package, while stopping short of any further restrictions on the bloc’s purchase of Russian LNG.
EU paid four times more for Russian LNG in Q4 2024 versus Q1 2021
The cost of importing Russian LNG into the EU has increased nearly fourfold compared to 2021 levels, driven by rising supply volumes and higher prices.
EU spending on Russian oil and gas surpasses Ukrainian aid
Despite various sanctions, Russia's global fossil fuel export revenues reached €242bn in the third year of the invasion.
Serbia rules out nationalisation of NIS ahead of talks with US
Serbia has firmly ruled out the possibility of nationalising its sole oil company, NIS, as the country prepares for final discussions with the United States over the impending sanctions on the company.
NATO to reportedly build jet fuel pipeline from Germany to Poland and Czechia
NATO is reportedly to build a pipeline system from Germany to Poland and Czechia, German weekly Der Spiegel reported, referring to an internal memo from the German army, the Bundeswehr.
Turkey confirms it expects 1.3 bcm of Turkmen gas flows by end-2025
Country continues to push its ambition to become a gas re-export hub, but if sanctions on Russia are lifted amid a deal on Ukraine, that hope could fall apart.
Kazakhstan’s oil exports via CPC pipeline revised upward despite previous capacity decline comment
Kazakhstan’s CPC Blend oil exports from the Black Sea have reportedly been revised upward to 1.67mn barrels per day (bpd) in February, an increase from 1.42mn bpd stated in an earlier schedule, reflecting higher output from Kazakh oilfields.
Leviathan partners submit updated field production plan
The partners in Israel’s Leviathan gas field this week submitted an updated development plan for the offshore asset to the country’s Ministry of Energy.
Iraq announces impending resumption of oil exports from Kurdish region via Turkey’s Ceyhan port
Iraq’s oil ministry announced on February 23 the impending resumption of oil exports from northern Iraq's semi-autonomous Kurdish region.
MOL slightly misses Q4 targets but keeps full-year earnings targets amid challenging year
The clean EBITDA of Hungarian oil giant MOL fell by just $21mn to $3.07bn, while net profit declined from $1.48bn in 2023 to $1.02bn last year, according to the company’s earnings report.
North Macedonia eyes role as key transit hub for US gas to Europe
North Macedonia’s right-wing Prime Minister Hristijan Mickoski said that the country could become a vital transit route for US natural gas to Europe, offering an alternative to Russian supplies.
Serbian energy sector faces crisis as banks set to close NIS accounts
Foreign banks will halt transactions with NIS before US sanctions take effect on February 28, which could effectively paralyse the oil company’s operations.
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