oil

Hungary: MOL and O&GD begin production from new Galgaheviz oil well

Hungarian energy company MOL, in partnership with Dutch-owned O&GD, has started production from a new oil discovery near Galgaheviz at a depth of approximately 2,400 meters. The Galgaheviz-4 well delivers around 1,000 barrels of crude per day, which will be processed at MOL’s Szazhalombatta refinery. The well is expected to contribute roughly 0.5% of MOL […]

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Europe: Brent oil and TTF gas prices fluctuate in early September amid OPEC+ production plans and rising EU gas reserves

Brent oil futures for the Front Month on the ICE market reached a weekly high settlement price of $69.14 per barrel on Tuesday, September 2, marking the highest level since August 2. Following this peak, prices declined, reaching a weekly low of $65.50 per barrel on Friday, September 5. This represented a 3.8% drop compared

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Montenegro cancels Bar oil storage overhaul tender again due to invalid bids

Montenegro’s Ministry of Energy has canceled a second tender for the renovation of state-owned oil storage facilities in the coastal city of Bar, after both submitted bids were found invalid. The first bid, submitted by the Croatian-Montenegrin consortium S.A.K.Z.-Tibox-Oliver, was disqualified because local partner Oliver-Ing had an unresolved tax debt of 2.22 euros. The second

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Europe: EU stands firm on plan to end Russian oil imports by 2028 despite opposition

US President Donald Trump has urged European leaders to stop buying Russian oil as part of efforts to end the war in Ukraine. Energy remains Russia’s most profitable export, and fuel revenues continue to help finance the conflict. In response, the EU is negotiating legal proposals to phase out oil and gas imports from Russia

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Hungary: MOL Chief warns of energy security risks if Druzhba oil deliveries halted

MOL Chairman and CEO Zsolt Hernadi has cautioned that a full halt to crude oil deliveries via the Druzhba pipeline could pose serious risks to Hungary’s energy security, potentially pushing fuel prices at domestic stations up by around 10 percent. In an interview, Hernadi explained that while higher prices would be a concern, the bigger

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Region: Serbia, Hungary and Russia advance plans for strategic oil pipeline project

Serbia’s Minister of Mining and Energy, Dubravka Djedovic, met with Russian Deputy Energy Minister Pavel Sorokin and Hungary’s State Secretary for Foreign Affairs and Trade, Peter Sztaray, to discuss the implementation of the planned Serbia-Hungary oil pipeline. She stated that the project holds major strategic importance for Serbia’s energy security. During the meeting, the participants

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Energy markets weekly: Brent, TTF gas and CO2 prices show moderate fluctuations in late August

During the fourth week of August, Brent oil futures for the Front Month on the ICE market reached a weekly high settlement price of $68.80/bbl on Monday, August 25. Prices then fell 2.3% on Tuesday, August 26, hitting a weekly low of $67.22/bbl. From August 27 onward, Brent prices rose again, staying above $68/bbl for

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Hungary: MOL launches 3D survey to explore geothermal energy at Danube refinery

MOL has begun an advanced 3D seismic survey at its Danube refinery and surrounding areas to assess the potential for geothermal energy resources. The project is part of the company’s strategy to integrate cleaner and more sustainable energy solutions into its refining operations. The survey aims to locate underground reservoirs with water at suitable depth

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Region: Croatia defends JANAF capacity after Hungarian concerns over regional oil supply

Croatian Economy Minister Ante Susnjar has addressed comments by Hungarian Foreign Minister Peter Szijjarto, who argued that the JANAF oil pipeline cannot fully meet the oil needs of Hungary and Slovakia. Susnjar emphasized that Croatia remains committed to supporting its neighbors, noting that all available capacities for crude oil transport and liquefied natural gas deliveries

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