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United Kingdom Oil and Gas Report Q1 2017

  • November 2016
  • -
  • Business Monitor International
  • -
  • 135 pages

Includes 3 FREE quarterly updates

BMI View:
The UK's vote to leave the EU has added to the headwinds facing the nation's oil and gas producers. A depreciated sterling offers a measure of upside risk as North Sea investment becomes cheaper to international operators; however, we note that the uncertainty surrounding the terms of the UK's exit and a possible Scottish secession will mitigate most if not all of the favourable currency swings. While shale gas exploration will benefit from the governments backing, the North Sea exploration levels will remain subdued unless the government announces substantial incentives, undermining the long-term production outlook. Exploration

- The UK government approved Cuadrilla Resources' application to drill and hydraulically fracture four wells in Lancashire, over ruling Lancashire County Council's previous decision to reject the proposal. We do not believe the decision will dramatically alter the outlook for the UK onshore gas industry over our ten year forecast, but it does indicate a positive move towards de-risking the below-ground potential of northern England.

Table Of Contents

United Kingdom Oil and Gas Report Q1 2017
BMI Industry View 7
Table: Headline Forecasts (United Kingdom 2014-2020) 7
SWOT 9
Oil and Gas SWOT 9
Industry Forecast 11
Brexit Upstream Scenarios 11
Upstream Exploration 17
Latest Updates 17
Structural Trends 17
Lacklustre Exploration To Continue In 2017 17
Exploration-Specific Incentives Required To Boost Exploration 19
Unconventional Gas 22
Upstream Projects 25
Table: United Kingdom - Major Upstream Projects 25
Upstream Production - Oil 39
Latest Updates 39
Structural Trends 40
Table: A Significant Fiscal Upheaval 43
Table: Oil Production (United Kingdom 2014-2019) 48
Table: Oil Production (United Kingdom 2020-2025) 48
Upstream Production - Gas 49
Latest Updates 49
Structural Trends 49
Table: Gas Production (United Kingdom 2014-2019) 53
Table: Gas Production (United Kingdom 2020-2025) 53
Refining 53
Latest Updates 53
Structural Trends 54
Table: Refining Capacity And Refined Products Production (United Kingdom 2014-2019) 57
Table: Refining Capacity And Refined Products Production (United Kingdom 2020-2025) 58
Refined Fuels Consumption 59
Latest Updates 59
Structural Trends 59
Table: Refined Products Consumption* (United Kingdom 2014-2019) 61
Table: Refined Products Consumption* (United Kingdom 2020-2025) 61
Gas Consumption 62
Latest Updates 62
Structural Trends 62
Table: Gas Consumption (United Kingdom 2014-2019) 67
Table: Gas Consumption (United Kingdom 2020-2025) 67
Trade - Oil 68
Crude Oil 68
Latest Updates 68
Structural Trends 68
Table: Crude Oil Net Exports (United Kingdom 2014-2020) 70
Table: Crude Oil Net Exports (United Kingdom 2020-2025) 70
Refined Fuels 70
Latest Updates 70
Structural Trends 70
Table: Refined Fuels Net Exports (United Kingdom 2014-2019) 72
Table: Refined Fuels Net Exports (United Kingdom 2020-2025) 72
Trade - Gas (Pipeline And LNG) 73
Latest Updates 73
Structural Trends 73
Table: United Kingdom - LNG Import Contracts 77
Table: Gas Net Exports (United Kingdom 2014-2019) 78
Table: Gas Net Exports (United Kingdom 2020-2025) 79
Industry Risk Reward Index 80
North America And Western Europe Oil and Gas Risk/Reward Index 80
Table: Developed States Oil and Gas Risk/Reward Index 80
Upstream RRI: Resource Base Drives Rankings 81
North America Open To Investment, At The Right Price 81
Limited Resources Elsewhere Show Through In Scores 82
Table: Developed States Upstream Risk/Reward Index 84
Downstream RRI: WTI Discount 84
Table: Developed States Downstream Risk/Reward Index 86
United Kingdom - Risk/Reward Index 87
Upstream Index 87
Downstream Index 88
Market Overview 89
Energy Market Overview 89
Regulatory Structure 89
Licensing Regime 90
Table: UK Licensing Regime 90
Fiscal Regime 90
Table: UK Fiscal Regime As Of 2015 90
Table: A Significant Fiscal Upheaval 92
Licensing Rounds 93
Oil And Gas Infrastructure 94
Oil Refineries 94
Oil Storage Facilities 98
Oil Terminals/Ports 98
Oil Pipelines 98
LNG Terminals 99
Gas Storage Facilities 100
Table: Gas Storage Facilities 101
Gas Pipelines 104
Competitive Landscape 106
Competitive Landscape Summary 106
Table: Key Players - UK Oil and Gas Sector 109
Table: Key Downstream Players 109
Company Profile 110
BP 110
Table: Major Upstream Assets In The UK 111
Table: Key Financial Data (USDmn) 111
Royal Dutch Shell 112
Table: Key Assets In The UK 113
Table: Key Financial Data, USDmn 113
Total 114
Table: Key Assets In The UK 115
Table: Key Financial Data, USDmn 115
Regional Overview 116
North America And Western Europe Oil And Gas Regional Overview 116
Table: North America - Key Regional Indicators, 2015-2025 125
Table: Western Europe - Key Regional Indicators, 2015-2025 126
Glossary 128
Table: Glossary Of Terms 128
Methodology 130
Industry Forecast Methodology 130
Source 132
Risk/Reward Index Methodology 132
Table: Bmi's Oil and Gas Upstream Risk/Reward Index 134
Table: Weighting 135

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