Thursday, July 3, 2025

Europe

Washington tells Repsol its license in Venezuela to be revoked

March 31, 2025

(BOE Report) – U.S. authorities have notified Spanish oil company Repsol that its license to export oil from Venezuela is to be revoked, a company spokesperson said on Monday, while Spain’s foreign minister promised to defend Repsol’s interests. President Donald Trump’s administration told Repsol it had until May 27 to wind down its operations in the Southern American country, the spokesperson added.

Factbox-Energy assets affected by Russia-West standoff and sanctions

March 27, 2025

(Investing) – The United States reached separate deals on Tuesday with Ukraine and Russia to halt attacks at sea and against energy targets, with Washington agreeing to push to lift some sanctions against Moscow. The potential easing of U.S. and EU sanctions in the event of a peace deal between Russia and Ukraine has raised the question over what happens to

Chevron expresses interest in more exploration blocks offshore Greece

March 26, 2025

(Oil Price) – U.S. supermajor Chevron has expressed interest in oil and gas exploration in two additional offshore blocks south of the Greek island of Crete, Greece’s Ministry of Energy and Environment said on Wednesday. Earlier this year, Greece said that Chevron had expressed interest in exploring the area southwest of the Peloponnese peninsula and to the west of the island of Crete. Now, Chevron

UK could cover half of its energy needs with local oil and gas

March 25, 2025

(Oil Price) – The UK could produce about half of the energy it consumes locally, in the North Sea, the energy industry association, Offshore Energies, said this week, as quoted by the Financial Times. For that, however, the industry needs the “right business conditions”. Offshore Energies UK said that local energy production was estimated at some 2 billion to 3 billion barrels of

CanCambria Energy Corp, receives first drilling permit for Kiskunhalas Project in Hungary

March 20, 2025

(Oil & Gas 360) – CanCambria Energy Corp. (TSXV: CCEC) (FSE: 4JH) is pleased to announce that it has been granted its first drilling permit from the Hungarian Mining Directorate for the CC- Ba-E-2 appraisal well at its 100% owned Kiskunhalas tight gas project in Hungary’s Pannonian Basin. The CC-Ba-E-2 is the first of two initial appraisal wells the Company

MOL discovers new oil field in Western Hungary

March 18, 2025

(World Oil) – MOL has discovered a new oil field near Somogysámson in Western Hungary. During the exploration drilling carried out in December 2024, oil was found at a depth of 1,250 meters. According to the results, the well has potential to produce 1,200 bpd. “I am very proud to announce that, after exploration success in recent years, we have again

A note on the news – Decision time: For Europe – and others

March 11, 2025

(Oil & Gas 360) – After World War II, the US established a new “rules-based liberal international order” dominated by new “liberal democracies”. That system with its democracies is crumbling – right on schedule. As I have written previously, democracies vote for their own destruction; they typically last less than a century. The post-WWII democracies are now 75 to 80

Norway’s $1.8-trillion oil fund bets on long-short equity strategy

March 5, 2025

(Oil Price) – The world’s biggest sovereign wealth fund, Norway’s $1.8 trillion oil fund, has made its first investment in an external hedge fund with long-short strategies, amid changing and volatile markets, a top executive of the fund’s manager told the Financial Times. The fund, which is commonly referred to as ‘Norway’s oil fund’ because it was created with oil and gas

BP set to scrap renewable energy goal as it boosts oil and gas

February 24, 2025

(Oil Price) – BP is expected to announce this week that it is shifting its focus back to oil and gas, ditching a target to boost renewable energy capacity generation 20-fold by 2030, sources familiar with the new strategy told Reuters on Monday. BP earlier this month pledged to fundamentally reset its strategy as it booked its lowest annual and quarterly profits in years and

Rubio says U.S. could ease sanctions only if Russia noticeably changes behavior

February 21, 2025

(Oil Price) – The United States will not lift any sanctions on Russia unless Moscow noticeably changes its behavior, U.S. Secretary of State Marco Rubio told European leaders in a call after the U.S.-Russia meeting in Riyadh. European leaders are concerned that they are being left out of talks and of the apparent major pivot in U.S. foreign policy after the

EU seeks more US gas, renewable energy to replace Russian supplies

February 21, 2025

(BOE Report) – The European Union will seek more gas from countries including the U.S. to replace Russian supplies, and expand renewable energy faster to cut its overall reliance on the fuel, the EU’s energy commissioner has said. The EU has pledged to quit Russian fossil fuels by 2027 in response to Moscow’s 2022 invasion of Ukraine. While Russian pipeline

Drone strike on pipeline could cut Kazakhstan oil exports by 30%, operator says

February 18, 2025

(Reuters) – MOSCOW – Kazakhstan’s oil exports could be cut by 30% for up to two months via its main pipeline due to damage from a Ukrainian drone attack, Russia’s state pipeline operator said on Tuesday. Monday’s attack occurred a day before U.S. and Russian officials met in Riyadh for their first talks on ending the war in Ukraine, as Kyiv and

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