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Continental Europe upstream: 2019 in review

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03 February 2020

Continental Europe upstream: 2019 in review

Report summary

At the start of 2020, we look back on 2019 in Continental Europe oil and gas – another headline-grabbing year. As Majors-led E&A continued its renaissance in the East Mediterranean and Black Sea, attitudes towards upstream grew increasingly hostile elsewhere. 2019 marked yet another year of polarised upstream opinions. Powered by our Lens platform, we evaluate five key themes that shaped 2019 in the region: 1. In the Netherlands, seismic activity at Groningen accelerated market-defining gas shutdown plans. 2. Cyprus remained a prolific hotspot for Majors-led exploration. 3. Romania suffered another turbulent year for tax terms and its flagship Neptun Deep project. 4. Italy’s chronic regulatory and bureaucratic issues intensified. 5. Energy transition trends highlighted the continent's contrasting attitudes to the upstream sector.

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