EurOil - Europe Oil & Gas

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.

Hungarian MOL Group ready to double oil supply to Serbia

Putin claims Ukrainian drone strike on CPC coordinated with West, Lavrov calls it attack on Kazakh oil infastructure

Russian President Vladimir Putin claimed on February 19 that the Ukrainian drone attack two days earlier on a Caspian Pipeline Consortium (CPC) pumping station in southern Russia could have been coordinated with Western allies.

OMV Petrom begins construction of €750mn sustainable fuels unit at Petrobrazi refinery

OMV Petrom (BVB: SNP), Southeast Europe’s largest integrated energy producer, has started construction on new facilities at its Petrobrazi refinery to produce sustainable aviation fuel (SAF) and biodiesel (hydrotreated vegetable oil, HVO).

Brazil set to join OPEC+ but says it will opt out of cartel's output cuts

Brazil has approved joining OPEC+, marking the country's emergence as a major oil producer just months before it hosts the UN climate conference.

Serbia claims sufficient funds to purchase NIS amid US sanctions

Serbia's National Bank (NBS) stated on February 19 that the country has enough funds to buy out the Russian-owned Oil Industry of Serbia (NIS), which is now under threat of US sanctions.

Bulgaria allows NewMed Energy to get 50% of OMV Petrom’s stake in Han Asparuh block

Terna begins work on Greece-North Macedonia gas interconnector

Greek construction firm Terna launched preliminary work on the Greek section of the North Macedonia-Greece natural gas pipeline, marking a significant step in regional energy interconnectivity.

EU to consider investing in foreign LNG projects to combat high energy prices

The European Union is mulling making financial investments in foreign-based LNG facilities amid a push to secure more reliable suppliers of the super-chilled fuel and thereby lower energy prices.

Russia remained largest oil exporter to Czechia in 2024, despite falling volumes of imported crude

Russia remained the largest oil exporter to Czechia in 2024, sending 2.7mn tonnes of oil, or 42% of the overall imports to the country.

Eni, TotalEnergies strike deal to pipe Cypriot gas to Egypt

Italy’s Eni and France’s TotalEnergies, partners in Cyprus’ offshore Block 6, have signed a host government agreement with Egypt and Cyprus for the development of the site’s gas resources.

EU faces pressure to relax gas storage requirements

At current prices, it might cost the EU €31bn ($32bn) to meet its storage targets.

TotalEnergies, Air Liquide strike deal on green hydrogen projects to decarbonise refineries

TotalEnergies has signed agreements with industrial gas supplier Air Liquide to develop two green hydrogen projects in the Netherlands, aimed at reducing emissions from its refineries in Belgium and the Netherlands by up to 450,000 tonnes per year.

Serinus wins legal dispute in Romania

Romania to extend price caps for electricity, natural gas

Romania will extend the price cap on electricity and natural gas, as well as the compensation scheme, the country’s Energy Minister Sebastian Burduja said as quoted by Romania Insider news outlet.

Top Turkish refiner Tupras says it's stopped buying Russian crude amid stepped-up sanctions

Turkey’s top oil refiner Tupras has ceased purchasing Russian crude because of stepped-up US sanctions announced in mid-January on Russian energy companies and tankers carrying Russian oil, the company said on an earnings call on February 17.

Russia reportedly considers selling 6% stake in NIS to Serbia after US imposed sanctions

Serbia is considering a range of solutions to ensure NIS’s continued operations, all of which carry economic and geopolitical risks.

Romania's crude oil production declines in 2024, imports on the rise

Romania’s crude oil production in 2024 totalled almost 2.675mn tonnes of oil equivalent (toe), marking a decline of 4.3% compared to the previous year.

Russia says pipeline drone strike set to wipe out up to third of Kazakhstan’s oil exports

Kremlin mouthpiece Medvedev claims Ukrainian attack was designed to harm US economic interests in deliberate move against Trump.

Hungary spends €12.5bn on utility subsidies in three years

Norway foresees record oil and gas investments in 2025 amid goals to maintain output

Norway’s ambitious oil and gas sector is expected to see record investments in 2025, during which the country will pursue a number of projects designed to meet continuing gas demand and keep the sector flourishing for decades.

Trump gives green light to restart LNG export permit approvals

The US LNG exports sector received long-awaited good news with the approval on February 14 of the first LNG export permit granted by President Donald Trump since his return to the White House.

Russian foreign minister accuses West of trying to destabilise Serbia

Sergei Lavrov slams sanctions on oil company NIS and claims ongoing protests are a foreign-backed effort to instigate a ‘colour revolution’ in Serbia.

Serbia and Hungary seek stronger energy ties with joint oil pipeline project

Serbian President Aleksandar Vucic and Hungarian Prime Minister Viktor Orbán agreed on February 17 that the construction of a new oil pipeline connecting their two countries is of strategic importance.

Iraqi oil minister says KRG crude exports to Turkish port will resume next week ending two-year suspension

Oil exports from northern Iraq’s semi-autonomous Kurdistan region will start flowing to the Turkish Mediterranean coast next week following a suspension of almost two years, Iraq’s Oil Minister Hayan Abdel Ghani said on February 17.