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Spain Oil and Gas Report Q2 2016

  • April 2016
  • -
  • Business Monitor International
  • -
  • 92 pages

Includes 3 FREE quarterly updates

The main trends and developments we highlight in Spain's oil and gas sector are:

- Prospects for conventional oil and gas discoveries remain poor, with insignificant existing volumes of oilreserves. Offshore opportunities took a hit in 2015 with withdrawals from Repsol and Cairn Energy.Above-ground regulatory and environmental hurdles along with local government opposition are thelargest obstacles to upstream development.. Political, regulatory and economic obstacles will most likelyprevent shale gas from factoring into reserves within the forecast period.

- With consumption forecast set to fall slightly or stagnate amid global overcapacity, the outlook forSpain's downstream appears bleak. There are no planned new refineries under way with a crude oilrefining capacity forecast to remain at 1.49mn b/d across our forecast period. Risks to this outlook are tothe downside, with ageing refineries unable to compete with the scale and efficiency of new generationcapacity being built in the Middle East and Asia.

- Iran announced in February 2016 plans to build a USD2bn oil refinery with a capacity of 120,000b/d. TheNational Iranian Oil Refining and Distribution Company (NIORDC) plans to cooperate with Spain'sMagtel for the construction of the refinery in the Southern port city of Algeciras. At the moment, we donot include this within our forecast period given the lack of information regarding the project, the risksrelating to the possibility of sanctions being put back into place should Iran breach the terms of the deal,the continued overcapacity issue in Western European refining market and Iran's limited financingavailability. However, it is a risk we will follow closely.

Table Of Contents

Spain Oil and Gas Report Q2 2016
BMI Industry View 7
Table: Headline Forecasts (Spain 2014-2020) 7
SWOT 9
Oil and Gas SWOT 9
Industry Forecast 11
Upstream Exploration 11
Latest Updates 11
Structural Trends 11
Upstream Production - Oil 18
Latest Updates 18
Structural Trends 18
Table: Oil Production (Spain 2014-2019) 20
Table: Oil Production (Spain 2020-2025) 20
Upstream Production - Gas 21
Latest Updates 21
Structural Trends 21
Table: Gas Production (Spain 2014-2019) 22
Table: Gas Production (Spain 2020-2025) 22
Refining 23
Latest Updates 23
Structural Trends 23
Table: Refining Capacity and Refined Products Production (Spain 2014-2019) 25
Table: Refining Capacity and Refined Products Production (Spain 2020-2025) 25
Refined Fuels Consumption 26
Latest Updates 26
Structural Trends 26
Table: Refined Products Consumption* (Spain 2014-2019) 27
Table: Refined Products Consumption* (Spain 2020-2025) 28
Gas Consumption 29
Latest Updates 29
Structural Trends 29
Table: Gas Consumption (Spain 2014-2019) 30
Table: Gas Consumption (Spain 2020-2025) 31
Trade - Oil 32
Crude Oil Trade Forecasts 32
Latest Updates 32
Structural Trends 32
Table: Crude Oil Net Exports (Spain 2014-2020) 33
Table: Crude Oil Net Exports (Spain 2020-2025) 34
Refined Fuels Trade Forecasts 34
Latest Updates 34
Structural Trends 34
Trade - Gas (Pipeline and LNG) 36
Latest Updates 36
Structural Trends 36
Table: Gas Net Exports (Spain 2014-2019) 39
Table: Gas Net Exports (Spain 2020-2025) 39
Industry Risk Reward Index 40
North America And Western Europe - Risk/Reward Index 40
Table: North America And Western Europe - Oil and Gas Risk/Reward Index 41
Upstream: North America To Maintain Lead 41
Table: North America And Western Europe - Upstream Risk/Reward Index 44
Downstream: US Widens Lead 44
Table: North America And Western Europe - Downstream Risk/Reward Index 46
Spain - Risk/Reward Index 47
Upstream Index 47
Downstream Index 47
Market Overview 48
Spain Energy Market Overview 48
Fiscal and Licensing Regime 48
Table: Spain Fiscal and Licensing Regime 48
Overview/State Role 48
Licensing/Regulation 49
Unconventionals 49
Oil and Gas Infrastructure 50
Oil Refineries 50
Table: Refineries In Spain 50
Oil Storage Facilities 51
Oil Terminals 51
Oil Pipelines 51
LNG Terminals 51
Table: Spain LNG Infrastructure 51
Gas Storage 52
Gas Pipelines 52
Competitive Landscape 54
Competitive Landscape Summary 54
Table: Key Players - Spanish Oil And Gas Sector 55
Table: Key Downstream Players 55
Company Profile 56
Repsol 56
Gas Natural Fenosa 62
Other Summaries 67
Regional Overview 71
North America And Western Europe Regional Overview 71
Table: North America - Key Regional Indicators, 2013-2024 82
Table: Western Europe - Key Regional Indicators, 2013-2024 83
Glossary 85
Table: Glossary Of Terms 85
Methodology 87
Industry Forecast Methodology 87
Source 89
Risk/Reward Index Methodology 89
Table: Bmi's Oil and Gas Upstream Risk/Reward Index 91
Table: Weighting 92

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