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Greece Oil and Gas Report Q3 2016

  • June 2016
  • -
  • Business Monitor International
  • -
  • 80 pages

Includes 3 FREE quarterly updates

BMI View: The start of construction work on the Trans Adriatic Pipeline (TAP) marks a milestone for theGreek midstream sector and our outlook for its natural gas sector. We reiterate our view that natural gas,especially midstream, will be the largest growth opportunity in the Greek energy space with TAP beginningconstruction in June and DEPA focusing on growing the domestic gas market infrastructure. However, taxhikes on gas consumption for large industrial users will temper demand, which is presenting a downsiderisk to our natural gas consumption forecasts.

Latest Updates and Key Forecasts

- Refined fuels exports from Greece will remain the country's largest export by a wide margin and willincrease in 2016 by 4.3% according to our forecasts as margins for refiners remain very healthy but thedomestic market depresses further, leaving more available for exports.

- The TAP natural gas pipeline began construction in May 2016, with two consortiums one led by J&PAvax and the other by ELLAKTOR winning the EPC contracts for the Greek section of the pipelineworks.

- First shipment of privately contracted gas via the national pipeline network took place in June 2016. Thismarked a new phase for the retail natural gas market in Greece, which is overwhelmingly dominated bythe Public Gas Corporation (DEPA). M+M reportedly imported natural gas through the border meteringstation at Sidirokastro, which links into the Bulgarian gas transmission network.

- Privatisations of state energy assets are firmly (again) back on the agenda, following the passing oflegislation from Parliament establishing, inter alia, a mega-privatisation fund. It will be made up of foursubsidiaries: the Hellenic Republic Asset Development Fund, the Hellenic Financial Stability Fund, thenewly-established Public Participations Corporation, and the Public Real Estate Corporation. ELPE,DEPA, DESFA, and PPC are all in line for divestments of the state's stakes, partial or total.

Table Of Contents

Greece Oil and Gas Report Q3 2016
BMI Industry View 7
Table: Headline Forecasts (Greece 2014-2020) 7
SWOT 8
Oil and Gas SWOT 8
Industry Forecast 9
Upstream Exploration 9
Latest Updates 9
Structural Trends 9
Upstream Projects 14
Table: Greece - Key Upstream Projects 14
Upstream Production - Oil 15
Latest Updates 15
Structural Trends 15
Table: Energean Production Timeline 16
Table: Oil Production (Greece 2014-2019) 17
Table: Oil Production (Greece 2020-2025) 17
Upstream Production - Gas 18
Latest Updates 18
Structural Trends 18
Table: Gas Production (Greece 2014-2019) 18
Table: Gas Production (Greece 2020-2025) 18
Refining 19
Latest Updates 19
Structural Trends 19
Table: Refining Capacity and Refined Products Production (Greece 2014-2019) 21
Table: Refining Capacity and Refined Products Production (Greece 2020-2025) 21
Refined Fuels Consumption 22
Latest Updates 22
Structural Trends 22
Table: Refined Products Consumption (Greece 2014-2019) 25
Table: Refined Products Consumption (Greece 2020-2025) 25
Gas Consumption 25
Latest Updates 25
Structural Trends 26
Table: List of Gas-Fired Power Plants in Greece 27
Table: Gas Consumption (Greece 2014-2019) 29
Table: Gas Consumption (Greece 2020-2025) 29
Trade - Oil 30
Crude Oil Trade Forecasts 30
Latest Updates 30
Structural Trends 30
Table: Crude Oil Net Exports (Greece 2014-2019) 31
Table: Crude Oil Net Exports (Greece 2020-2025) 32
Fuel Trade Forecasts 32
Latest Updates 32
Structural Trends 32
Table: Refined Fuels Net Exports (Greece 2014-2019) 34
Table: Refined Fuels Net Exports (Greece 2020-2025) 34
Trade - Gas (Pipeline And LNG) 35
Latest Updates 35
Structural Trends 35
Table: Gas Net Exports (Greece 2014-2019) 38
Table: Gas Net Exports (Greece 2020-2025) 38
Industry Risk/Reward Index 39
North America And Western Europe Oil and Gas Risk/Reward Index 39
Table: North America and Western Europe Oil and Gas Risk/Reward Index 39
Upstream Rankings: North America To Maintain The Lead 40
North America: US Unconventional Production Leads Decline 40
Western Europe Languishes In Maturing Assets 41
Table: North America and Western Europe Upstream Risk/Reward Index, out of 100 43
Downstream Rankings: US Widens Its Lead 43
Table: North America and Western Europe Downstream Risk/Reward Index 45
Greece - Risk/Reward Index 46
Market Overview 48
Energy Market Overview 48
Regulatory Structure 48
Fiscal Regime 49
Table: Greece- Upstream Tax Regime 49
Licensing Regime 49
Table: Greece - Contracts and Licensing Regime 49
Licensing Rounds 49
Table: Greece - Completed and Ongoing Upstream Licensing Rounds 50
Exclusive Economic Zone 51
Oil And Gas Infrastructure 52
Oil Refineries 52
Table: Oil Refineries In Greece 53
Oil Storage Facilities 53
Oil Terminals/Ports 53
Table: Greece - Oil Terminals and Ports 53
LNG Terminals 54
Table: Greece - Existing and Planned LNG Terminals 54
Gas Storage Terminals 54
Table: Greece - Gas Storage Terminals 54
Gas Pipelines 55
Table: Greece - Natural Gas Pipelines 55
Crude Oil Pipelines 55
Table: Greece - Crude Oil Pipelines 55
Company Profile 56
Hellenic Petroleum 56
Latest Updates 56
Table: Major Downstream Assets in Greece 57
Table: Major Upstream Assets in Greece 58
Table: Key Financial Data, EURmn 58
Energean Oil and Gas 59
Latest Updates 59
Table: Major Upstream Assets 60
Regional Overview 61
North America And Western Europe Oil And Gas Regional Overview 61
Table: North America - Key Regional Indicators, 2014-2025 70
Table: Western Europe - Key Regional Indicators, 2014-2025 72
Glossary 73
Table: Glossary Of Terms 73
Methodology 75
Industry Forecast Methodology 75
Source 77
Risk/Reward Index Methodology 77
Table: Bmi's Oil and Gas Upstream Risk/Reward Index 79
Table: Weighting 80

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