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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Cyprus' offshore gas wealth finally reaches an FID
Eni’s sanction of the Cronos gas project ends Cyprus’ 15-year wait for an offshore development and puts first exports on track for 2028.
Serbia's NIS seeks fresh US sanctions waiver beyond July 31
Serbia's sole oil refiner NIS said on July 27 it had applied to the US Treasury's Office of Foreign Assets Control (OFAC) for a new special licence allowing it to continue operating after its current sanctions waiver expires on July 31.
Hydropower boom saves Turkey $5bn in energy imports, says industry group
Turkey’s hydropower sector has posted its strongest performance on record this year, significantly reducing the country’s reliance on imported energy sources.
Hungary commissions Central Europe’s largest battery storage complex
Hungary is rapidly expanding grid-scale energy storage to support its fast-growing renewable energy sector.
Greece’s Dynagas gets EU exemption to transport Russian LNG
Brussels yields to Athens but caps LNG volume transported at 2025 levels.
EU targets Russian banks in largest package for four years
The European Union adopted its 21st sanctions package against Russia on July 23, adding 48 individuals and 170 entities to its asset freeze lists, designating 94 financial institutions and targeting another 41 shadow fleet vessels.
Finland's Neste enjoys strongest quarterly result on record in Q2
Finland’s Neste posted its strongest quarterly result on record in the second quarter, as exceptionally wide diesel margins lifted earnings ahead of an eight-week shutdown of its Porvoo refinery starting in August.
Spain's Repsol expects strong oil refining margins through 2026 and 2027
Repsol expects refining margins to remain strong through the rest of this year and into 2027, supported by constrained fuel supplies, low inventories and continued geopolitical disruption.
Low Rhine levels hit German petrochemicals output
Exceptionally low water levels on the Rhine are restricting feedstock supplies to German petrochemical plants, contributing to production cuts and a force majeure at LyondellBasell’s Wesseling butadiene unit.
Portugal's Galp enjoys 45% climb in profits on rising Brazilian output, Iran fallout
The result exceeded the company-compiled analyst consensus of €494mn.
TotalEnergies appeals against French ruling requiring it to address Scope 3 emissions
Emissions from the combustion of oil and gas by customers, known as Scope 3 emissions, typically account for 90% of the total climate footprint of oil and gas companies.
Kazakhstan freezes NCOC assets over disputed $5bn environmental fine
Kazakhstan has frozen property and transport assets belonging to the North Caspian Operating Company (NCOC), the operator of the Kashagan oilfield, as authorities move to enforce a nearly KZT 2.356 trillion (approximately $5bn) environmental fine.
MOL seeks €340mn refund after EU court ruling on carbon dioxide tax
MOL shares hit historic high after company announced it seeks to recover €340mn from carbon dioxide tax collected by the state since 2023 after ruling by CJEU.
Poland's president sends fuel windfall tax bill to Constitutional Tribunal over retroactivity concerns
Poland's President Karol Nawrocki announced on July 24 he had decided to refer a draft law imposing a tax on extraordinary profits made by fuel companies between March and December 2026 to the Constitutional Tribunal for a preventive review.
OPEC and the next surplus
A post-war return of constrained barrels could tip today’s uneasy balance into oversupply, forcing OPEC+ back into a market-share struggle it may no longer control.
TotalEnergies enjoys 12% bump in profits in Q2 on higher prices amid Middle East war
TotalEnergies’ adjusted net income rose by 12% quarter on quarter to $6.0bn in the second quarter, as higher oil prices and stronger refining margins outweighed production losses caused by the Middle East conflict.
Australia's Worley scores pre-FEED for Dutch CCS project
Worley will refine the development concept, establish its technical basis, prepare cost estimates and reduce execution risks before the project moves into FEED.
Dutch gas platform produces first green hydrogen from electrolyser
The PosHYdon pilot has produced its first green hydrogen on an operational gas platform in the Dutch North Sea, demonstrating how offshore wind, hydrogen production and existing natural gas infrastructure can be integrated.
Ukraine mulls lifting ban on gas exports amid spike in European prices
Ukraine is considering partially lifting its ban on exports of domestically produced natural gas, allowing selected producers to sell up to 15% of their output abroad after more than four years of restrictions.
Russian court postpones hearing on Gazprom's seized shares in pipeline operator
Proceedings began in March 2024. Gazprom initially sought $710mn and PLN886.4mn, worth more than $900mn at the time, before raising the claim to $1bn.
Germany faces five times higher gas prices versus 2020
The newspaper compared an average German border import price of around €12 per MWh in 2020 with European wholesale prices of just over €60 per MWh at the start of this week.
Kazakhstan cuts oil production after drone attacks cause CPC export disruption
Kazakhstan has temporarily reduced oil production after a series of drone attacks forced the suspension of export loadings at the Caspian Pipeline Consortium (CPC) terminal on Russia's Black Sea coast, says a report.
Low Danube levels threaten Serbia’s river traffic, disrupt fuel imports
Exceptionally low water levels on the Danube are threatening to disrupt river navigation in Serbia and have slowed imports of petroleum products, adding pressure to fuel supplies amid high demand and elevated global oil prices.
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