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Kuwait Oil and Gas Report Q3 2016

  • July 2016
  • -
  • Business Monitor International
  • -
  • 82 pages

Includes 3 FREE quarterly updates

BMI View: Kuwait has maintained ambitious production targets, but more significant gains in theproduction of both oil and gas will require greater involvement of international oil companies. There hasbeen progress in the award of some key contracts for both upstream and downstream projects but politicalopposition to reducing subsidies highlights the remaining impediments to needed reforms. There isuncertainty over OPEC policy, which has implications for Kuwaiti exports and investment plans.

Latest Updates and Key Forecasts

- Kuwait announced in May that it had set aside USD100bn to spend on oil projects over the next fiveyears. A senior official confirmed that two thirds of that figure had been set aside for exploration andproduction, though no breakdown of the planned investment was provided.

- Kuwait remains committed to ambitious production targets for both oil and gas. In order to address anincreasing gap between supply and demand, Kuwait hopes to increase domestic output to more than20bcm by 2020. Officials have also said they plan to raise oil production capacity to 4mn b/d by 2020from around 3.2mn b/d currently. However, we forecast production of oil and gas to rise more slowlythan officials anticipate, given Kuwait has long struggled to attract sufficient technical expertise frominternational oil companies (IOCs) due to opposition from domestic political interests.

- Kuwait Oil Company (KOC) confirmed it would offer contracts for offshore rigs and support services aspart of an offshore drilling campaign. Up to 15 offshore well could be drilled in 2016 as part of theprogramme though Kuwait is likely to fall short of plans to increase the number of rigs by 50%,reinforcing doubts over ambitious offshore goals.

- Public prosecutors reportedly closed an investigation into the enhanced technical-service agreementssigned with Shell. The end of the investigation helped to remove a key impediment to the widerparticipation of IOCs in the oil and gas sector.

Table Of Contents

Kuwait Oil and Gas Report Q3 2016
BMI Industry View 7
Table: Headline Forecasts (Kuwait 2014-2020) 7
SWOT 9
Oil and Gas SWOT 9
Industry Forecast 11
Upstream Exploration 11
Latest Updates 11
Structural Trends 11
Unconventional Upside 13
Table: Proven Oil and Gas Reserves (Kuwait 2014-2019) 15
Table: Proven Oil and Gas Reserves (Kuwait 2020-2025) 15
Upstream Projects 16
Table: Kuwait - Key Upstream Projects 16
Upstream Production - Oil 18
Latest Updates 18
Structural Trends 18
Table: Oil Production (Kuwait 2014-2019) 24
Table: Oil Production (Kuwait 2020-2025) 24
Upstream Production - Gas 25
Latest Updates 25
Table: Gas Production (Kuwait 2014-2019) 27
Table: Gas Production (Kuwait 2020-2025) 27
Refining 28
Latest Updates 28
Structural Trends 28
Table: Refining Capacity and Refined Products Production (Kuwait 2014-2019) 31
Table: Refining Capacity and Refined Products Production (Kuwait 2020-2025) 31
Refined Fuels Consumption 32
Latest Updates 32
Structural Trends 32
Table: Refined Products Consumption* (Kuwait 2014-2019) 33
Table: Refined Products Consumption* (Kuwait 2020-2025) 34
Gas Consumption 35
Latest Updates 35
Structural Trends 35
Table: Gas Consumption (Kuwait 2014-2019) 36
Table: Gas Consumption (Kuwait 2020-2025) 36
Trade - Oil 37
Latest Updates 37
Structural Trends 37
Table: Crude Oil Net Exports (Kuwait 2014-2020) 38
Table: Crude Oil Net Exports (Kuwait 2020-2025) 38
Table: Refined Fuels Net Exports (Kuwait 2014-2019) 39
Table: Refined Fuels Net Exports (Kuwait 2020-2025) 40
Trade - Gas (Pipeline and LNG) 42
Latest Updates 42
Structural Trends 42
Table: Kuwait LNG Infrastructure 42
Table: Gas Net Exports (Kuwait 2014-2019) 45
Table: Gas Net Exports (Kuwait 2020-2025) 45
Industry Risk Reward Ratings 46
Middle East - Oil and Gas Risk/Reward Index 46
Table: Middle East Oil and Gas Risk/Reward Index 46
Upstream: Index Resilient In Lower Price Environment 47
Table: Middle East Upstream Oil and Gas Risk/Reward Index 47
Downstream: Limited Opportunities 49
Table: Middle East Downstream Oil and Gas Risk/Reward Index 49
Kuwait - Risk/Reward Index 52
Upstream Index 52
Downstream Index 52
Market Overview 53
Kuwait Energy Market Overview 53
Regulatory Structure 53
Fiscal Terms 54
Table: Kuwait - Upstream Tax Regime 54
Table: Kuwait - Contracts and Licensing Regime 54
Oil And Gas Infrastructure 55
Oil Refineries 55
Table: Oil Refineries In Kuwait 57
Oil Storage Facilities 57
Table: Kuwait - Oil Terminals and POrts 57
LNG Terminals 57
Table: Kuwait - Existing and Planned LNG Infrastructure 57
Gas Storage Terminals 58
Table: Kuwait - Gas Storage Terminals 58
Gas Pipelines 58
Table: Kuwait - Gas Pipelines 58
Crude Oil Pipelines 58
Table: Kuwait - Crude Oil Pipelines 58
Competitive Landscape 59
Competitive Landscape Summary 59
Table: Key Kuwaiti Oil and Gas Sector Players 60
Company Profile 61
Kuwait Petroleum Corporation (KPC) 61
Table: Major Upstream Assets in Kuwait 62
Table: Key Financial Data (USDmn) 62
Kuwait National Petroleum Company (KNPC) 64
Table: Key Financial Data, USDmn 65
Regional Overview 66
Middle East Oil and Gas Regional Overview 66
Oil Production: Two Tiers Emerging 66
Oil Consumption: Subsidy Reform Tempering Demand Growth 68
Table: Gasoline-95 Pump Price June 2015 and March 2016 (Usd/Litre) 68
Refining Capacity: Mega Refineries Outcompete In Oversupplied Market 70
Gas Production: In Need Of More Gas 71
Gas Consumption: Switch To Gas Power Will Boost Demand 73
Table: Middle East Oil and Gas Production, Refining Capacity and Trade 74
Glossary 75
Table: Glossary Of Terms 75
Methodology 77
Industry Forecast Methodology 77
Source 79
Risk/Reward Index Methodology 79
Table: Bmi's Oil and Gas Upstream Risk/Reward Index 81
Table: Weighting 82

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