June 21, 2023
OMV Petrom and Romgaz will invest up to $4.37 billion for the development phase of the project, which will enable roughly 100 Bcm of natural gas to be brought on stream.
June 14, 2023
Cumulatively, the discovered deposits hold over 30 MMboe of recoverable resources, equivalent to around three quarters of OMV Petrom’s 2022 production.
January 03, 2023
The agreement opens a new supply route in southeastern Europe after Russia curbed shipments to the continent following its invasion of Ukraine. Previously, Bulgaria’s shortest way to access LNG was through Greece.
December 06, 2022
The U.S. raised its forecast for oil production next year, reversing course after five straight months of cuts that stoked concern about a slowdown in output from shale fields.
November 30, 2022
Offshore Energies UK, the leading trade body for the UK’s offshore energy industry, has launched a report pinpointing key skills shortages that could put the transition to cleaner energies at risk.
November 14, 2022
Poland introduced compulsory administration over Gazprom PJSC’s stake in the company that owns the local part of the Yamal-Europe gas pipeline, tightening the government’s grip over Russian assets in the country.
November 09, 2022
Ukrainian security officers conducted a raid of a major oil company and a refinery as authorities investigate possible tax evasion and move to seize strategic assets owned by some of the country’s richest men.
It’s no surprise that the loss of both coal- and nuclear-generated power, combined with the sudden gas shortage caused by Russia/Ukraine, has brought a real shortage of easily accessible energy resources and spiked electricity rates that are nearly six times what they were a year ago.
August 23, 2022
On July 30, ENTSO-E allowed a 2.5-fold increase in the export of Ukrainian electricity to Europe, only up to 250 MW. This gives Ukraine a revenue stream for supporting its energy sector.
July 28, 2022
Block Energy plc, an exploration and production company focused on Georgia, announced the commencement of Project II of its three-project strategy, which will re-develop the Patardzeuli Middle Eocene reservoir.
June 15, 2022
Sanctions have led to a $237.5 billion decline in the Eastern Europe oil and gas project pipeline as restricted access to intermediate goods and international capital have halted the construction of numerous oil and gas projects.
May 20, 2022
Former German Chancellor Gerhard Schroeder is quitting his post as chairman of Russian state-owned oil company Rosneft PJSC after widespread calls for him to cut ties to Russian President Vladimir Putin over the invasion of Ukraine.
May 17, 2022
Hungary told its European Union counterparts that it will cost at least 770 million euros ($810 million) to revamp its oil industry as they wrangle over potential sanctions that would target Russian supplies.
April 13, 2022
Eni SpA signed a framework agreement to boost flows of liquefied natural gas from Egypt to Italy, as European nations step up efforts to wean themselves off Russian energy in the wake of Moscow’s attack on Ukraine.
March 09, 2022
Russia’s invasion of Ukraine has brought a wartime energy transition to Europe. The continent’s decades-long timelines for overhauling energy supply systems that support more than 440 million people are now being revved up under extraordinary duress.
Every region will post an increase, led by the Middle East, the Americas, Africa and the FSU. Offshore activity will grow at about the same pace as onshore drilling.
February 22, 2022
Energy prices surged after Russian President Vladimir Putin signed an order to send what he called “peacekeeping forces” to the two breakaway areas of Ukraine that he officially recognized.
December 13, 2021
German Chancellor Olaf Scholz, under pressure from the U.S. to halt the Nord Stream 2 pipeline project over Russian aggression toward Ukraine, may quietly delegate the task to the country’s bureaucracy.
As operators confront more challenging wells with increasingly complex designs and deeper depths, the industry continues to make advancements with unconventional innovations. A slim-hole RSS is delivering success in North America and Romania, while an innovative drilling strategy has enabled operators to set new performance benchmarks in the North Sea.
October 08, 2021
The controversial Nord Stream 2 pipeline has the potential to ease Europe’s gas crisis, and Russia says the project is on track. But obstacles remain -- and some of them could take months to clear.