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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Latvia’s Latvijas Gaze dividends payment to Russian companies contested in court
Latvian gas company Latvijas Gaze paid out several million euros in dividends to Russian state companies on its profits last summer; however, Latvia’s lawyer Martins Kveps is contesting the arrangement in court.
Ukraine to boost winter gas storage for Europe by 60%, says Naftogaz
The CEO of Ukraine's state energy giant Naftogaz has revealed ambitious plans to increase winter gas storage for foreign companies and traders by 60%, reaching approximately 4 bcm.
Russian gas pipe flow to Europe in April down 6% m/m but up 10.3% y/y
Russian pipeline gas flow to Europe in April was down 6% month on month, but up 10.3% year on year, as buyers opted for more supply from Gazprom because it is currently cheaper than LNG.
OMV Petrom’s profit down 6% y/y in Q1
OMV Petrom (BVB: SNP) announced that its net profit fell by 6% y/y in the first quarter (Q1) of the year, to RON1.39bn (€280mn) as its revenue from sales dropped by 10% y/y to RON8.54bn.
OMV Petrom puts an end to exploration in Georgia’s offshore
Following unsuccessful attempts to identify a partner for the exploration of the II offshore perimeter in Georgia, OMV Petrom (BVB: SNP) has decided to put an end to the operations.
OMV Petrom to invest €3.7bn in its low-carbon business lines by 2030
OMV Petrom (BVB: SNP) will dedicate one-third of its €11bn investments planned by 2030 to five low-carbon business lines, which are planned to reach 15% of the company’s EBIT consequently, company’s CEO Christina Verchere announced.
MOL announces successful oil drilling in central Hungary
Hungarian oil and gas company MOL announced the successful drilling of a well in central Hungary on April 30. The new well will further boost the company’s domestic production, which accounts for a third of upstream output.
Turkey begins talks with ExxonMobil on LNG deal in quest to diversify gas supply
In an effort to diversify its supply portfolio and reduce its dependence on Russian gas and also strengthen national security, Turkey, a Nato member, is now in the midst of discussions with the US supermajor.
Italy vows not to stand in way of EU sanctions on Russian LNG
Italy’s Energy Minister Gilberto Pichetto Fratin says Italy has “no reason to oppose a process of new sanctions" placed on LNG from Russia.
Turkey seeks LNG from ExxonMobil, starts pipeline gas stream to Hungary
Turkey is seeking to secure a new LNG import deal with ExxonMobil, according to a report in the Financial Times. It is part of Turkey’s plans to diversify its gas imports and reduce its reliance on Russian gas.
Polish prosecutors launch search for former Orlen executives over alleged €350mn fraud
Poland’s Tusk orders thorough probe into Orlen’s $370mn botched oil deal
Orlen's PiS-appointed CEO reportedly disregarded warnings from the company's security team about head of Swiss subsidiary's alleged Hezbollah links.
Russian missiles targeted gas facilities supplying EU, says Zelenskiy
President Volodymyr Zelenskiy has condemned an April 27 Russian attack on Ukraine’s energy sector, saying that the assault targeted gas facilities crucial for supplying the EU.
Turkey reportedly in talks with ExxonMobil for LNG that would help curb Russian energy dependence
INA reported €12mn net profit in 1Q24
TotalEnergies CEO warns Russian LNG sanctions would trigger price spike
EU sanctions on the Yamal LNG project would trigger a spike in global gas prices, raking in profits for global suppliers including TotalEnergies.
Kretinsky’s EPH reports Ebitda of €3.6bn in 2023
MOL closes transaction to buy 15% of Waberer’s
JT Grup Oil gets Bucharest Stock Exchange permission to list its shares after 28.5% IPO
Bulgaria to lose €665mn under recovery plan after delaying liberalisation of power market
Experts suggest the country could lose all of the remaining €4.4bn allocated under the recovery plan over delayed or failed reforms.
Romania’s Neptun Deep project advances towards 2027 debut
Energy security for Romania and its Eastern European partners is due to see a noted improvement as momentum builds at Neptun Deep. Once in operation, the Black Sea project could become the largest gas producer in the European Union.
Poland’s Orlen cancels Venezuelan oil contracts amidst financial turmoil
Polish oil giant Orlen finds itself entangled in a financial quagmire as it cancels contracts worth over $400mn with Venezuela amid a swirl of missed deliveries and questionable dealings, as the US reimposes sanctions on Caracas.
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