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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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.
Shell restarts UK's Penguin field
Shell has restarted production at the Penguins field in the UK North Sea, deploying a modern floating production, storage and offloading vessel to extend the field’s operational life by up to 20 years.
Poland's Orlen’s refining margin dips as Brent climbs
Orlen’s model refining margin slipped to $7.4 per barrel in January, down from $7.8 in December, the company said on 4 January.
Serbia requests delay of sanctions on oil company NIS
Serbia has formally requested the US to delay sanctions on its Russian-owned oil company, Naftna Industrija Srbije, for a minimum of 90 days, citing concerns over the company’s critical role in regional energy stability.
UK's Europa promises "active year" for projects as it pursues shareholder value
Europa Oil & Gas expects 2025 to “undoubtedly be an active year” as it advances multiple projects with potential to generate significant shareholder value.
NIS considers exit from Bulgaria and Romania amid US sanctions
Serbia’s oil company NIS, controlled by Russia’s Gazprom, is considering withdrawing from its operations in Bulgaria and Romania due to significant challenges in these markets.
Europe's gas crisis is back with a vengeance
A year ago, many market watchers were warning that it was premature to say Europe’s gas crisis was over. Now it seems it is back with a vengeance.
Horizont kicks off prep work at Polish gas project
The company is focused on developing already-discovered gas reserves in Europe.
EU, IEA launch new forum for energy transition framework ahead of COP30 in Brazil, but money still talks loudest
Last month the European Union and the International Energy Agency (IEA) launched the Global Energy Transition Forum (GETF) with the intention of sustaining the momentum towards energy transition targets.
Russian gas flow to EU via TurkStream up 27% in January
Exports of Russian natural gas to the EU via the TurkStream pipeline rose by 27% year on year in January, reaching 1.56 bcm.
Czech state oil transporter Mero and Orlen Unipetrol conclude new contract
The Czech state oil transporter Mero and Polish Orlen’s local branch, Unipetrol, concluded a new contract for the transportation and storage of crude oil.
Will the Nord Steam gas pipelines be turned back on soon?
The idea of restarting Russian gas deliveries to Europe via the damaged Nord Stream 1 & 2 pipelines has been introduced as a possible bargaining chip in the mooted Russo-Ukraine ceasefire talks. If it happens it would solve many of Europe's problems.
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