Slim pickings for Eastern European offshore
Azerbaijan and Bulgaria are the main areas of European offshore activity east of the North Sea
OUTSIDE the continent’s northwest, the outlook for offshore production in Europe remains subdued, as concerns mount over reduced revenues, weak oil and gas export and delayed investments. In Azerbaijan’s Caspian Sea fields, oil production dipped in 2015, falling by just under 1% to 41.7m tonnes (about 0.84m barrels a day). The dip was largely attributable to a fall in production at the Azeri-Chirag-Guneshli (ACG) fields which account for most of the country’s output. ACG production in 2015 was 31.3m tonnes (about 630,000 b/d), 200,000 tonnes lower than the previous year, largely due to maintenance shutdowns. More closures are planned. Meanwhile, a fire at a rig operated by Socar in the Gu
Also in this section
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
22 April 2026
Sustained strikes on ports, terminals and refineries are testing the resilience of Russia’s oil export system, yet rapid repairs, rerouting and surging prices mean the campaign has yet to deliver a decisive blow
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
