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Oman Oil and Gas Report Q2 2016

  • March 2016
  • -
  • Business Monitor International
  • -
  • 109 pages

Includes 3 FREE quarterly updates

BMI View: We believe that Oman's oil industry still provides new and lucrative opportunities ranging fromthe approval of additional upstream projects to new discoveries, with a focus on offshore resource finds aunique new area of interest. However, due to the prevailing low price environment, smaller energyproducers such as Oman will have more challenges attracting upstream investment.

Latest Updates And Key Forecasts

- The signing of a heads of agreement for the second phase development of the Khazzan tight gas field hasled us to revise up Oman's gas production forecast. We believe the two-phase Khazzan project and ahealthy number of smaller developments will boost the overall output from around 33.2bcm in 2015 to apeak of 51.8bcm in 2025, with minor declines until the end of our review period.

- Oman's 2015 crude oil and liquids production averaged 969,100b/d in 2015. We forecast the output topeak at 988,800b/d in 2017, followed by gradual declines in the second half of our review period. Wehold our view that the downside risks to Oman's oil production forecast arises from the low oil prices,which weigh on comparatively costly enhanced oil recovery (EOR) projects.

- We hold our estimates that Oman's gas consumption continued to increase rapidly in 2015, posting a6.3% year-on year (y-o-y) increase to 25.4bcm. Fuelled by the country's rapid industrial development andgrowing use of gas for power generation, Oman's gas demand is set to grow by an annual average rate of7.3% between 2016 and 2025 to 50.6bcm.

- State-owned Oman Oil Company Exploration & Production (OOCEP) plans to invest up to USD4bnover the next five years to boost output despite low oil prices, according to a statement by the ChiefOperating Officer Suleiman al-Zakwani in December 2015.

Table Of Contents

Oman Oil and Gas Report Q2 2016
BMI Industry View 7
Table: Headline Forecasts (Oman 2014-2020) 7
SWOT 9
Oil and Gas SWOT 9
Industry Forecast 11
Upstream Exploration 11
Latest Updates 11
Structural Trends 11
Upstream Projects 16
Table: Oman Upstream Projects 16
Upstream Production - Oil 18
Latest Updates 18
Structural Trends 18
Table: Oil Production (Oman 2014-2019) 21
Table: Oil Production (Oman 2020-2025) 21
Upstream Production - Gas 22
Latest Updates 22
Structural Trends 22
Table: Oman Gas Prices 24
Table: Gas Production (Oman 2014-2019) 25
Table: Gas Production (Oman 2020-2025) 25
Refining 26
Latest Updates 26
Structural Trends 26
Table: Refining Capacity and Refined Products Production (Oman 2014-2019) 28
Table: Refining Capacity and Refined Products Production (Oman 2020-2025) 28
Refined Fuels Consumption 29
Latest Updates 29
Structural Trends 29
Table: Refined Products Consumption (Oman 2014-2019) 30
Table: Refined Products Consumption (Oman 2019-2024) 31
Gas Consumption 31
Latest Updates 31
Structural Trends 31
Table: Gas Consumption (Oman 2014-2019) 32
Table: Gas Consumption (Oman 2020-2025) 33
Trade - Oil 33
Crude Oil Trade 33
Latest Updates 33
Structural Trends 33
Table: Crude Oil Net Exports (Oman 2014-2020) 34
Table: Crude Oil Net Exports (Oman 2020-2025) 35
Fuels Trade 35
Latest Updates 35
Structural Trends 35
Table: Refined Fuels Net Exports (Oman 2014-2019) 36
Table: Refined Fuels Net Exports (Oman 2020-2025) 37
Trade - Gas (Pipeline and LNG) 37
Latest Updates 37
Structural Trends 37
Table: Gas Net Exports (Oman 2014-2019) 40
Table: Gas Net Exports (Oman 2020-2025) 40
Industry Risk Reward Ratings 41
Middle East - Oil and Gas Risk/Reward Index 41
Table: Middle East Oil and Gas Risk/Reward Index 41
Upstream: Index Resilient In Lower Price Environment 42
Table: Middle East Upstream Oil and Gas Risk/Reward Index 42
Downstream: Limited Opportunities 44
Table: Middle East Downstream Oil and Gas Risk/Reward Index 44
Oman - Risk/Reward Index 47
Market Overview 49
Oman Energy Market Overview 49
Regulatory Structure 49
Fiscal Regime 49
Table: Oman - Upstream Tax Regime 49
Licensing Regime 50
Table: Oman - Contracts and Licensing Regime 50
Licensing Rounds 50
Oil And Gas Infrastructure 51
Oil Refineries 51
Table: Refineries In Oman 52
Oil Terminals 53
LNG Terminals 54
Table: LNG Terminals In Oman 54
Gas Pipelines 55
Competitive Landscape 56
Competitive Landscape Summary 56
Table: Key Companies In Oman's Energy Sector 58
Table: Key Upstream Players 58
Table: Key Downstream Players 58
Company Profile 59
CNPC 59
Oxy 61
OOC 65
PDO 73
DNO 77
Shell Oman Marketing Company 80
Other Summaries 83
Regional Overview 92
Middle East Oil And Gas Regional Overview 92
Oil Production: Weak Prices Have Limited Impact On Growth 92
Oil Consumption: Gradual Subsidy Reform To Temper Demand Growth 94
Refining Capacity: 2mn b/d Of New Capacity By 2020 96
Gas Production: Low Oil Prices Hinder Gas Progress 97
Gas Consumption: Switch To Gas Power Will Boost Demand 99
Table: Middle East - Oil And Gas Production, Refining Capacity And Trade (2013-2024) 100
Glossary 102
Table: Glossary Of Terms 102
Methodology 104
Industry Forecast Methodology 104
Source 106
Risk/Reward Index Methodology 106
Table: Bmi's Oil and Gas Upstream Risk/Reward Index 108
Table: Weighting 109

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