United Arab Emirates Oil and Gas Report Q1 2015

  • January 2015
  • -
  • Business Monitor International
  • -
  • 132 pages

Includes 3 FREE quarterly updates

BMI View:

As oil prices have significantly decreased since last quarter, the UAE's economic diversification efforts have become that much more important to the country's long-term economic health. Indeed, the future success within the UAE's oil and gas industry will be inextricably linked to these economic diversification efforts. The most consequential economic success that the country has experienced in the last five years has been skilfully recreating the conditions of a stable investment climate, which the immediate after-effects of the global financial crisis negatively impacted. With global oil prices now lessened as a result of continued hampered recovery in major global markets and the increase in global oil supply, the UAE needs to balance investment and growth in the non-hydrocarbon sectors while also maintaining and upgrading its domestic production capacity.

2014 brought the UAE that closer to its target of increasing oil production to 3.6mn barrels per day (b/d) by 2019. However, as a recent economic studies have argued, investments and focus on the non-hydrocarbon sectors, chiefly the non-oil sector, will be critical to the UAE's short-term growth, particularly as global supply, by reason of unconventional production, is slated to moderately increase in the future. In looking at the non-oil foreign trade for the UAE, the country's efforts are starting to pay off, as non-oil trade reached Dh256bn in 2014 (USD69.7bn).

Table Of Contents

United Arab Emirates Oil and Gas Report Q1 2015
BMI Industry View 7
Table: Headline Forecasts (United Arab Emirates 2012-2018) 8
SWOT 10
Industry Forecast 12
Upstream Exploration 12
Table: Proven Oil and Gas Reserves (United Arab Emirates 2012-2017) 12
Table: Proven Oil and Gas Reserves (United Arab Emirates 2018-2023) 12
Upstream Projects 15
Table: United Arab Emirates Major Upstream Projects 15
Upstream Production - Oil 16
Table: Oil Production (United Arab Emirates 2012-2017) 17
Table: Oil Production (United Arab Emirates 2018-2023) 17
Upstream Production - Gas 21
Table: Gas Production (United Arab Emirates 2012-2017) 21
Table: Gas Production (United Arab Emirates 2018-2023) 22
Gas Upstream Activity 22
Refining 25
Table: Refining Capacity and Refined Products Production (United Arab Emirates 2012-2017) 26
Table: Refining Capacity and Refined Products Production (United Arab Emirates 2018-2023) 26
Refined Fuels Consumption 28
Table: Refined Products Consumption* (United Arab Emirates 2012-2017) 29
Table: Refined Products Consumption* (United Arab Emirates 2018-2023) 29
Gas Consumption 30
Table: Gas Consumption (United Arab Emirates 2012-2017) 30
Table: Gas Consumption (United Arab Emirates 2018-2023) 30
Trade - Oil 32
Table: Crude Oil Net Exports (United Arab Emirates 2012-2017) 33
Table: Crude Oil Net Exports (United Arab Emirates 2018-2023) 33
Table: Refined Fuels Net Exports (United Arab Emirates 2012-2017) 34
Table: Refined Fuels Net Exports (United Arab Emirates 2018-2023) 35
Table: Total Net Oil Exports - Crude and Products (United Arab Emirates 2012-2017) 36
Table: Total Net Oil Exports - Crude and Products (United Arab Emirates 2018-2023) 36
Trade - Gas (Pipeline and LNG) 37
Table: Gas Net Exports (United Arab Emirates 2012-2017) 37
Table: Gas Net Exports (United Arab Emirates 2018-2023) 38
Industry Risk/Reward Ratings 41
Middle East - Risk/Reward Ratings 41
Table: BMI's Middle East Oil and Gas Risk/Reward Ratings (RRRs) 41
Below-Ground Potential Boosting Ratings 42
Table: Middle East Upstream Oil and Gas Risk/Reward Rating 42
Limited Opportunities Downstream 46
Table: Middle East Downstream Oil and Gas Risk/Reward Rating 46
UAE - Risk/Reward Index 48
UAE Upstream Index 48
UAE Downstream Index 48
Market Overview 49
United Arab Emirates Energy Market Overview 49
Overview/State Role 50
Licensing And Regulation 50
Government Policy 52
Fuel Prices 53
International Energy Relations 53
Oil And Gas Infrastructure 56
Oil Refineries 56
Table: Refineries In The UAE 56
Oil Pipelines 58
Table: UAE Export Terminals 59
LNG 59
Table: UAE LNG 61
Gas Pipelines 61
Competitive Landscape 63
Competitive Landscape Summary 63
Table: Key Domestic And Foreign Companies In The UAE's Oil and Gas Sector 64
Company Profile 65
Abu Dhabi National Oil Company (ADNOC) 65
Dolphin Energy 71
Emirates General Petroleum Corporation (Emarat) 74
Emirates National Oil Company (ENOC) 77
ExxonMobil 80
BP 82
Total 84
Royal Dutch Shell 86
Other Summaries 88
Regional Overview 94
Middle East Regional 94
Middle East Oil Production - Risks Dampening Iraqi Outlook 94
Middle East Oil Consumption - Demand Continues Unrestrained 96
Middle East Refining Capacity - Soaking Up Domestic Crude Output 97
Middle East Gas Production - A Growing Domestic Priority 98
Middle East Gas Consumption - Production Struggling To Keep Pace With Demand 99
Global Industry Overview 101
Table: Key US Production Zones Average Full Cycle Breakeven Cost Per Barrel (USD/bbl) 103
Table: Canadian Oil Sands Average Full Cycle Breakeven Cost Per Barrel (USD/bbl) 104
Table: Middle East Onshore Conventional Breakeven Cost Per Barrel, (USD/BBL) 105
Table: Average Fiscal Breakeven Prices Of Key Middle East Producers 2014 (USD/bbl) 105
Appendix 107
Global - Crude Oil, Refined Fuels And Natural Gas Prices, 10-year Forecasts 107
Table: Energy Price Forecasts ( Global 2013-2018) 107
Table: Energy Price Forecasts ( Global 2019-2023) 108
Middle East - Regional Appendix 109
Table: Oil Consumption - Historical Data and Forecasts, 2011-2018 ('000b/d) 109
Table: Oil Consumption - Long-Term Forecasts, 2015-2023 ('000b/d) 110
Table: Oil Production - Historical Data and Forecasts, 2011-2018 ('000b/d) 110
Table: Oil Production - Long-Term Forecasts, 2015-2023 ('000b/d) 111
Table: Refining Capacity - Historical Data and Forecasts, 2011-2018 ('000b/d) 112
Table: Refining Capacity - Long-Term Forecasts, 2015-2023 ('000b/d) 112
Table: Gas Consumption - Historical Data and Forecasts, 2011-2018 (bcm) 113
Table: Gas Consumption, 2015-2023 (bcm) 113
Table: Gas Production - Historical Data and Forecasts, 2011-2018 (bcm) 114
Table: Gas Production - Long-Term Forecasts, 2015-2023 (bcm) 114
Table: Net LNG Exports - Historical Data and Forecasts, 2011-2018 (bcm) 115
Table: Net LNG Exports - Long-Term Forecasts, 2015-2023 (bcm) 115
United Arab Emirates - Total Hydrocarbons, 10-year Forecasts 116
Table: Total Hydrocarbons Production, Consumption and Net Exports (United Arab Emirates 2012-2017) 116
Table: Total Hydrocarbons Production, Consumption and Net Exports (United Arab Emirates 2018-2023) 116
United Arab Emirates - Refined Products Breakdown, 10-year Forecasts 117
Table: Refined Petroleum Products, Production Breakdown (United Arab Emirates 2012-2017) 117
Table: Refined Petroleum Products, Production Breakdown (United Arab Emirates 2018-2023) 118
Table: Refined Petroleum Products, Consumption Breakdown (United Arab Emirates 2012-2017) 119
Table: Refined Petroleum Products, Consumption Breakdown (United Arab Emirates 2018-2023) 120
Table: Refined Petroleum Products, Net Exports Breakdown (United Arab Emirates 2012-2017) 121
Table: Refined Petroleum Products, Net Exports Breakdown (United Arab Emirates 2018-2023) 122
Table: LPG Production, Consumption and Net Exports (United Arab Emirates 2012-2017) 123
Table: LPG Production, Consumption and Net Exports (United Arab Emirates 2018-2023) 123
Glossary 125
Table: Glossary Of Terms 125
Methodology 127
Industry Forecast Methodology 127
Source 129
Risk/Reward Index Methodology 129
Table: Bmi's Oil and Gas Upstream Risk/Reward Index 131
Table: Weighting 132

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