World Oil and Gas Industry Market Brief

World Oil and Gas Industry Market Brief

The global outlook series on the Oil And Gas Industry provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers an aerial view of the industry, the eye-popping surge in oil prices, and its impact on economic growth, spike in consumption patterns in Asia, depletion of reserves and highlights factors triggering the tell tale signs of ever rising prices. The emerging global scenario is crisply crystallized with an exclusive coverage of Crude Oil, Liquefied Natural Gas, OPEC Oil, and Non-OPEC Oil. The discussion on all these segments is annotated with 24 information rich tables. A briefly summarized outlook maps the direction in which the industry is heading. Also provided is a recapitulation of recent mergers, acquisitions, and other noteworthy strategic corporate developments. The US market is elaborately discussed, and illustrated with quantitative analysis, and research findings. Seasoned with 36 invaluable tables, and accompanying easy-to-understand graphs and charts, which present numerical data on major market segments by parameters, such as, production, sales/consumption, storage capacity, gas purchasing trends by demographics, distribution channels, and end-use markets, among others, this section provides the reader with a macro level understanding of the industry. Other regional markets briefly summarized and annotated with tables include – Europe, Russia, UK, Iran, Iraq, Qatar, Saudi Arabia, United Arab Emirates (UAE), Yemen, Australia, China, India, Indonesia, Brazil, Venezuela, Algeria, Egypt, Nigeria, and South Africa among few others. The purpose of the abstracted regional market discussion is to provide the reader a prelude to these markets. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 867 companies worldwide.

OIL AND GAS INDUSTRY GOS-040
A GLOBAL OUTLOOK, SEPTEMBER 2008


CONTENTS


1. Industry Overview 1
Oil Consumption 1
Natural Gas: An Emerging Fuel 1
North American Stance: Oil Consumption 1
Chinese Economy Roleplay 1
Spike in Oil & Gas Demand 1
Constant Technological Advancements - Key for Success 3
Surge in Oil Prices: Impact on Economic Growth 3
Worldwide Recession Before the End of 2008 3
Decoupling - Reality or Myth 3
Declining Oil and Gas Resources - At Threat 3

2. Trends and Issues 4
Consolidations and Tie-Ups Mark the Oil and Gas Sector 4
Crude Oil Demand Shoots Up in Asia-Pacific 4
Rich Oil Reserves Attract Foreign Players to Latin America 4
Demand Rising for Natural Gas as a Clean Source for
Generating Power 5
Domestic Oil Deficits Propel China to Invest Abroad 5
Oil and Natural Gas Sector Faces Competition from Renewable
Energy Sources 6
South East Asia to Dominate Production of Biodiesel 6

3. Outlook 6
World Oil Outlook 6
Increased Demand for Unconventional Oil and Gas 7
Natural Gas: The Fuel of Choice 8
OPEC Plays a Major Role in Determining Oil Prices 8
Trade Outlook 8

4. Oil and Natural Gas 9
Investments in Oil & Natural Gas 9
Emerging Scenario 9
Table 1: Global Oil and Natural Gas Exploration and
Production Market by Category - US Independents, US Majors,
and Canadian Independently Analyzed with Annual Expenditure
in US$ Billion for Years 2003 through 2008 10

Table 2: Global Oil and Natural Gas Exploration and
Production Market (2004 & 2008): Percentage Breakdown of
Expenditure by Category - US Independents, US Majors, and
Canadian 10

Table 3: Global Natural Gas Market by Region - US, Canada,
Japan Europe, Asia-Pacific, Latin America, and Middle East &
Africa Independently Analyzed with Annual Consumption Figures
in Billion Cubic Feet for Years 2003 through 2008 11

Table 4: Global Natural Gas Market (2004 & 2008): Percentage
Breakdown of Consumption by Region - US, Canada, Japan
Europe, Asia-Pacific, Latin America, and Middle East &
Africa 11

5. Crude Oil 12
Crude Oil Price Depresses Profitability 12
Economic Growth Projections 12
Price Trends 12
OPEC Production Slashes 12
Demand and Supply Factors 12
Table 5: Global Oil Market (2007): Reserves in Billion
Barrels by Country - Saudi Arabia, Canada, Iran, Iraq,
Kuwait, UAE, Venezuela, Russia, Libya, Nigeria, Kazakhstan,
United States, China, Qatar, Mexico, Algeria, Brazil, Angola,
Norway, Azerbaijan and Rest of World 13

Table 6: Global Crude Oil Market (2005): Production in 000
Barrels/Day by Region - Asia, Africa, Middle East, Former
Soviet-Union, Europe, South America, and North America 13

Table 7: Global Crude Oil Market (2005): Consumption in ‘000
of Barrels /Day by Region - Asia, Africa, Middle East,
Former Soviet-Union, Europe, South America, and North
America 14

Table 8: Global Crude Oil (OECD, Non-OECD) Market (2005):
Demand in ‘000 of Barrels per Day by Region - North America,
Europe, and Pacific 14

Table 9: Global Crude Oil Market by Category - Non-OPEC
Supply and OPEC NGL Supply Independently Analyzed with Annual
Supplies in ‘000 Barrels per Day for Years 2003 through 2008 14

Table 10: Global Crude Oil Market (2005): Demand in Million
Barrels Per Day by Non-OECD (Organization for Economic
Cooperation & Development) Countries - FSU, Europe, China,
Other Asia, Latin East, Middle East, and Africa 15

Table 11: Global Crude Oil Market in Organization (2005):
Supply in Million Barrels Per Day for Economic Cooperation &
Development (OECD) Countries - North America, Europe and
Pacific 15

Table 12: Global Crude Oil Market (2005): Supply in Million
Barrels Per Day for Non-OECD (Organization for Economic
Cooperation & Development) Countries - FSU, Europe, China,
Other Asia, Latin East, Middle East, Africa and Processing
gains 15

Table 13: Global Crude Oil Market (2005): Supply in Million
Barrels Per Day by Organization - OPEC (Crude, NGLs), and
Non-OPEC 15

Table 14: Global Crude Oil Market by Region - US, Canada,
Latin America, Middle East, Africa, and Others Independently
Analyzed with Annual Production Figures in Million Barrels
for Years 2003 through 2008 16

Table 15: Global Crude Oil Market (2004 & 2008): Percentage
Breakdown by Region - US, Canada, Latin America, Western
Europe, Middle East, Africa, Asia, Eastern Europe, and FSU 16

Table 16: Global OPEC Crude Oil Market (2005): Production In
‘000 Of Barrels/Day By Country - Saudi Arabia, Kuwait,
Neutral Zone, Iran, Iraq, And Others 17

Table 17: Global Crude Oil/Condensate Market (2005):
Production in ‘000s Barrels/Day by Region/Country - North
America, South America, Western Europe, Eastern Europe,
Africa, Middle East, Far East, and South Pacific 17

Table 18: Global Crude Oil Market (2005): Demand in Million
Barrels/Day by Region/Country - United States, OECD Europe,
Japan, Other OECD, USSR; Non-OECD Europe; China; Other Asia;
Latin America; Middle East; and Africa 19

Table 19: Global Crude Oil Market by Category - Economic
Cooperation & Development (OECD) Consumption, Non-
Organization for Economic Cooperation & Development (OECD)
Consumption, World Oil Demand, Non-OPEC Supply, and OPEC
Supply Independently Analyzed with Annual Figures in Million
Barrels Per Day for Years 2003 through 2008 19

Table 20: Global Crude Oil Refining Market (2005): Capacity
in ‘000 of Barrels / Day by Region - United States, Other
Western Hemisphere, Middle East, Africa, and Others 19

6. Liquefied Natural Gas 20
Natural Gas Market 20
Liquefied Natural Gas Market 20
Regional Expectations 20

7. OPEC Oil 22
Oil Market Position 22
Oil Production in OPEC 22
Developments in Iran 22
Developments in Sudan 22
Gas Market in the UK 23
Table 21: Global OPEC Oil Refining Market (2005): Capacity in
‘000 of Barrels/Day by Country - Algeria, Indonesia, Iran,
Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, and
Venezuela 24

Table 22: Global OPEC Market (2005): Production in ‘000s
Barrels/Day by Country - Algeria, Indonesia, Iran, Iraq,
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, and
Venezuela 24

Table 23: Global OPEC Incremental Oil Tanker Market with
Annual Demand in Deadweight Tons for Years 2003 through 2008 24

8. Non-OPEC Oil 25
Production Cuts 25
Oil Supplies 25
Table 24: Global Non-OPEC Oil (2005): Supply in Million
Barrels/Day by Country - US, Russia, Mexico, Norway, Canada,
UK, Brazil, Non-Russia FSU, Oman, Malaysia, Egypt, Angola,
India, and Others 25

9. Mergers & Acquisitions 26

10. Strategic Corporate Developments 79

A REGIONAL PERSPECTIVE

1. North America 95
Natural Gas 95
Table 25: North American Natural Gas Market by Country -
USA, Canada, and Mexico Independently Analyzed with Annual
Production in Billion Cubic Meters for Years 2003 through
2008 95

Table 26: Natural Gas Market in North America (2004 & 2008):
Percentage Breakdown of Production by Country - USA, Canada,
and Mexico 96

Table 27: US Gulf of Mexico Natural Gas Market by Type -
Shallow and Deepwater Wells Independently Analyzed with
Annual Production in ‘000s Cubic Feet for Years 2003 through
2008 96

Table 28: North America Natural Gas Market (2005):
Consumption in Billion Cubic Feet per Day by Country - USA,
Canada, and Mexico 96

Table 29: North America Natural Gas Market by Country - US
and Canada Independently Analyzed with Annual Demand in
Trillion Cubic Feet for Years 2003 through 2008 97

Table 30: Natural Gas Market in North America (2004 & 2008):
Percentage Breakdown of Demand by Country - US, and Canada 97

Table 31: North America Natural Gas Supply by Country: Annual
Market Estimates for 2003 through2008 in Trillions of Cubic
Feet for US and Canada 97

Table 32: North America Natural Gas Supply by Country:
Percentage Market Share for 2004 and 2008 for US, and Canada 97

Table 33: North American Gas Resource Base by Cumulative
Production, Reserves, Reserve Appreciation, and Others: 2005
in Trillion Cubic Feet 98

Table 34: Heating Oil Sales by Province in Canada: Percentage
Market Share for 2005, 2008, and 2010 for Atlantic Canada,
Quebec, and Others 98

1a. United States 99
Transformation of Natural Gas Industry Structure 99
Demand from Transportation Sector 99
Regulations on Industrial Air Emissions 100
Technological Developments 100
Factors Influencing Natural Gas Supply 100
Short Term Supply Impediments 100
General Barriers Against Increasing the Supply 100
Land Access 100
Pipeline Infrastructure 100
The Financial Environment 101
Factors Affecting Natural Gas Production 101
Drilling Equipment Availability 101
Approval and Exploration Activities 101
Weather Patterns and Delivery Anomalies 101
Natural Gas Price Trends 101
Overview 101
Oil & Gas Sector to Bode Well 101
Natural Gas Outlook Brightens 102
Oil & Gas 102
Table 35: Steel Shipments to Oil and Gas Industry in the US:
Annual Market Estimates for 2003 through 2008 in Millions of
Tons 102
Crude Oil 103
Table 36: Crude Oil Production by State in the US: Annual
Market for 2005 in Millions of Barrels for Texas, Alaska,
California, Louisiana, Oklahoma and Others 103

Table 37: Crude Oil Production by State in the US: Percentage
Market Share for 2005 for Texas, Alaska, California,
Louisiana, Oklahoma and Others 104

Table 38: Crude Oil and Lease Condensate Production by
Petroleum Administrative Defense Districts in the US: 2005
in‘000 Barrels/Day for PAD Districts 1,2 3,4 and 5 104

Table 39: US Crude Supply, Demand and Stock: 2005 in Barrels
per Day 105

Table 40: US Crude Oil Shell Storage Capacity by PAD
Districts for the year 2003 in ‘000 Barrels for PADD1, PADD2,
PADD3, PADD4, and PADD5 105

Table 41: US Crude Working Storage Capacity by PAD Districts
for the year 2003 in ‘000 Barrels for PADD1, PADD2, PADD3,
PADD4, and PADD5 106
Oil 106
Table 42: Oil Production by Shelf Area in California in the
US: 2005 in ‘000s of Barrels Per Day for Onshore, State
Offshore, and Federal Outer Continental 106

Table 43: Automotive Oil Sales by Category in the US: Annual
Market Estimates for 2003 through 2008 in Millions of Gallons
for SAE J-183a, Engine Oils, Non-SAE J- 183a, Engine Oils,
Transmission & Hydraulic Fluids, and Grease Oils 107

Table 44: Automotive Oil Sales by Category in the US:
Percentage Market Share for 2004 and 2008 for SAE J-183a,
Engine Oils, Non-SAE J-183a, Engine Oils, Transmission &
Hydraulic Fluids, and Grease Oils 107

Table 45: Heating Oil Sales by Types of Customers (Private
Homes, Apartments, Institutional, Commercial, and Industrial)
in the US: 2005 Survey Percentage for New England,
Mid-Atlantic, South, Midwest, West, and All Sections 108

Table 46: US Oil Demand by Product: 2005 in Million Barrels
Per Day for Gasoline, Petroleum Distillates, Jet Fuel and
Residual 108

Table 47: Oil Consumption by Product in US: 2005 in ‘000 for
Barrels/Day for Gasoline, Middle Distillates, Fuel Oil, and
Others 109

Table 48: Enhanced Oil Recovery Volume Output in the US: 2005
in Barrels/Day for Hydrocarbon miscible/ immiscible, CO2
miscible, CO2 immiscible, and Nitrogen 109

Table 49: US Major Oil Brands Volume Capacity: 2005
Percentage Market Share for Branded Major Oil, Independent
Brands, and others 110
Natural Gas 110
Table 50: Factors Influencing Gas Purchases by Demographics
(Purchasers’ Gender and Age) in the US: 2005 Survey
Percentage Breakdown for Price/Value, Location/Convenience,
Self Service Islands, Automated Credit Card and Others 111

Table 51: Factors Influencing Gas Purchases in the US: 2005
Survey Percentage Breakdown for Price/Value,
Location/Convenience, Self Service Islands, and Others 111

Table 52: Gas Purchased at Locations other than C-Stores by
Demographics (Gender and Age) in the US: 2005 Survey
Percentage Breakdown for GA-only Locations, Truck
Stops/Travel Plazas and Others 112

Table 53: Natural Gas Online Business-to-Business Value Sales
in the US: Annual Estimates for 2003 through 2008 in Billions
of US$ 112

Table 54: Natural Gas Consumption in the US by End Use
Application: Annual Market Estimate for 2003 through 2008 in
Billion Cubic Feet for Commercial, Electricity Generation,
Industrial, Residential and Transportation & Others 113

Table 55: Natural Gas Consumption in the US by End Use
Application: Percentage Breakdown for 2004 and 2008 for
Commercial, Electricity Generation, Industrial, Residential
and Transportation & Others 113

Table 56: Natural Gas Pipeline Capacity by Type in the US:
2005 in ‘000 of Miles for Field and Gathering, Transmission
Pipeline and Distribution Main 114

Table 57: US Natural Gas Crude, Condensate Production, by
Region: 2005 in ‘000s of Barrels Per Day for Florida,
Illinois, Kansas, Michigan, North Dakota, and Others 114

Table 58: US Natural Condensate Demand: 2005 in Millions of
Barrels Per Day for Oil, Natural Gas, Coal, Nuclear, and
Hydro & other 114

Table 59: Average Natural Gas Production in the US: 2005 in
Million Cubic Feet per Day for Integrated and Independent
Producer Groups 115

Table 60: Natural Gas Production in the US by Area: Annual
Market for 2003 in Trillions of Cubic Feet for Gulf of
Mexico, Texas-East, Texas-West, New Mexico, Wyoming,
Oklahoma, Louisiana, and others 115

Table 61: Natural Gas Production in the US by Area:
Percentage Market Share for 2003 for Gulf of Mexico,
Texas-East, Texas-West, New Mexico, Wyoming, Oklahoma,
Louisiana, and Others 115

Table 62: US Supply of Natural Gas Liquids (NGLs) in Dist.
1-4 and Dist. 5, by Product: 2005 in ‘000s of Barrels Per Day
for Domestic Production, (Crude & Condensate, NGL and Other
Hydrocarbons) 116
Petroleum Products 116
Table 63: US Petroleum Products Supply by Category: 2005 in
Millions of Barrels per Day for Finished Motor Gasoline,
Distillate Fuel Oil, Residual Fuel Oil, Jet Fuel, and Other
Petroleum Products 117

Table 64: Petroleum Refined Products Sales by Product in the
US: Annual Market Estimates Projections for 2003 through 2008
in Billions of US$ for Motor Gasoline and Distillate Fuel 117

Table 65: Petroleum Refined Products Sales by Product in the
US: Percentage Market Share for 2004 and 2008 for Motor
Gasoline, Distillate Fuel, and Other 117

Table 66: Refined Petroleum Products’ Consumption by Category
in the US: 2005 in Millions of Barrels per Day for Gasoline,
Distillate, Jet, and Residual 118

Table 67: US Petroleum Products Shell Storage Capacity by PAD
Districts: 2005 in ‘000 Barrels for Finished Motor Gasoline,
Jet Fuel, Kerosene, Distillate Fuel Oil, Residual Fuel Oil,
and Lubricants 118

Table 68: US Petroleum Products Working Storage Capacity by
PAD Districts (PADD 1, PADD 2, PADD 3,PADD 4, and PADD 5) for
the year 2005 in ‘000 Barrels for Finished Motor Gasoline,
Jet Fuel, Kerosene, Distillate Fuel Oil, and Residual Fuel
Oil 119

Table 69: Petroleum Products Demand by Category in the US:
2005 in ‘000 Barrels/Day for Motor Gasoline, Jet Fuel,
Distillate, Residual, LPG and Ethane 119

Table 70: US Domestic Demand of Petroleum Products in Dist.
1- 4 and Dist. 5: 2005 in ‘000s of Barrels Per Day for Motor
gasoline, Jet fuel, Distillate, Residual, LPG and ethane and
Other Products 120

2. A European Perspective 120
Natural Gas 120
Table 71: European Natural Gas Consumption by Country:
Annual Market Estimates for 2003 through 2008 in Billion
Cubic Feet for France, Germany, UK, Italy, Spain, Russia and
Rest of Europe 121

Table 72: European Natural Gas Consumption by Country:
Percentage Breakdown for 2004 and 2008 for France, Germany,
UK, Italy, Spain, Russia and Rest of Europe 121

Table 73: Europe Natural Gas Proved Reserves: 2005 Estimates
in Trillions of Cubic Meters for Denmark, Germany, Hungary,
Italy, Netherlands, Norway, Romania, and United Kingdom 122

Table 74 Europe Natural Gas Consumption by Region: 2005 in
Billion Cubic Feet per Day for Austria, Belgium & Luxembourg,
Bulgaria, Czech Republic and Others 122
OECD Natural Gas 123
Table 75: Europe (OECD) Natural Gas Final Consumption by
Sector: Annual Market Estimates for 2003 through 2008 in
Billions of Cubic Meters for Transport, Industry, and Other
Sectors 123

Table 76: Europe (OECD) Natural Gas Final Consumption by
Sector: Percentage Market Share for 2004 and 2008 (E) for
Transport, Industry, and Other sectors 123

Table 77: Europe (OECD) Natural Gas Reserves by Country:
2005 in Billions of Cubic Meters for Austria, Belgium, Czech
Republic, Denmark, Finland, France, & others 124

2a. Russia 124
Crude Oil 124
Table 78: Russian Refinery Products Demand by Type: Annual
Market Estimates for 2003 through 2008 in Metric Tons for
Gasoline, Diesel, Jet fuel, and Fuel oil 125
Natural Gas 125
Table 79: Natural Gas Reserves in Russia by Field: 2005 in
Trillions of Cubic Meters for Bovanenkovskoye,
Khorasaveiskoye, Yuzhno-Tambeiskoye, Kruzenshternovskoye,
Severo-Tambeiskoye, Malyginskoye, Tasiyskoye, Novoportovoye
and Others 126

Table 80: Natural Gas Production by Siberian Region in
Russia: Forecast for 2010 in Billions of Cubic Meters for
Sakha- Yakutia, Irkutsk, and Krasnoyarsk 126

2b. United Kingdom 127
A Nuclei of Economic and Fuel Resources 127
Oil Resources at Saturation Level 127
Government Regulations 127
Natural Gas Resource Exhaustions 128
Government Initiatives 128

3. A Middle East Perspective 128

3a. Iran 128
Factors Affecting Oil & Gas Industry 128
International Sanctions & Consequences 128
Organizations in Control of the Sector 129
Need of Modernization 129
Making Way Towards Liberalization 129
Orthodox Foreign Investments and Contract Procedures 129
Surging Domestic Demand 129
Natural Gas - A Blessing 130
Natural Gas Exports 130

3b. Iraq 130
Oil & Gas Importance for Iraq 130
Iraq: A Latent but Crucial Market 130
Political and Economic Scenario 131

3c. Qatar 131

3d. Saudi Arabia 132
Nationalized Sector 132
The Richest in Natural Oil Reserves 132
Privatization 132
Pipelines & Terminals - Aiding in Oil Export 132
Reforms & Liberalization 133

3e. United Arab Emirates 133
Oil Resources - Primary Source of Revenue for UAE Federation 133
Abu Dhabi - Hub of Oil Resources 134
Largest Non-Associated Natural Gas Resource 134
Refining & Export Scenario in UAE 134
Oil Industry Future Prospects 134
Table 81: Oil & Gas Market Size by Sector in the UAE: 2005 in
Millions of US$ for Liquid Natural Gas Equipment, Oil and
Gas Drilling Equipment, and Others 135

3f. Yemen 135
Crude Oil 135
Table 82: Crude Oil Production in Yemen (2006-2008):
Production in Million Barrels for Government’s Share,
Partner’s Share of which: Foreign Partners, Yemeni Company
for Oil Investments, and Others 135

4. An Asia-Pacific Perspective 136
An Overview 136
Table 83: Natural Gas Consumption in Asia-Pacific by
Geographic Region: Annual Market Estimates for 2003 through
2008 in Billion Cubic Feet for Australia, China, Indonesia,
India, South Korea, Malaysia and Rest of Asia-Pacific 137

Table 84: Natural Gas Consumption in Asia-Pacific by
Geographic Region: Percentage Breakdown for 2004 and 2008 for
Australia, China, Indonesia, India, South Korea, Malaysia and
Rest of Asia-Pacific 137

4a. Australia 138
Table 85: Crude Oil and Natural Gas Reserves in Australia:
2005 in Billions of Barrels and Cubic Meters for Oil,
Condensate, and Gas 138

Table 86: Crude Oil and Natural Gas Production in Australia:
Annual Market Estimates for 2003 through 2008 in Millions of
Barrels and Billion Cubic Meters for Oil, Condensate, LPG,
LNG and Gas 138

4b. China 139
Restructuring of Oil and gas Industry Engenders Inflow of Funds 139
Overseas Oil Field Investments: Strategy to Reduce Dependence
on Oil Imports 139
Crude Oil 139
Table 87: Crude Oil Processing in China: Annual Market
Estimates for 2003 through 2008 in Millions of Tons 140

Table 88: Crude Oil Apparent Volume Consumption in China:
Annual Market Estimates for 2003 through 2008 in Millions of
Tons 140

Table 89: Leading Petroleum and Chemical Companies in China
(2006): Revenue in CNY Billion for China Petrochemical
Corporation (Sinopec Group), China National, Petroleum
Corporation (CNPC), Sinochem Corporation, China National
Offshore Oil Corporation (CNOOC), China National Chemical
Corporation (ChemChina), Shaanxi, Yanchang Petroleum (Group)
Company Ltd., Shanghai Huayi (Group) Company, Tianjin Bohai
Chemical Industry Group, CNOOC Shell Petrochemicals Company
Ltd., and Shandong Befar Group Company Ltd. 141
Natural Gas 141

4c. India 142
Overview 142
Rising Prices of Natural Gas 142

4c. Indonesia 142
Liquefied Natural Gas Exports 142
Indonesian Oil & Gas Market: Exploring the Unexplored 142

5. A Latin American Perspective 143
Natural Gas 143
Table 90: Natural Gas Consumption in Latin America by
Country: Annual Market Estimates for 2003 through 2008 in
Billion Cubic Feet for Mexico, Argentina, Venezuela and Rest
of Latin America 143

Table 91: Natural Gas Consumption in Latin America by
Country: Percentage Breakdown for 2004 and 2008 for Mexico,
Argentina, Venezuela and Rest of Latin America 144

5a. Brazil 144
Oil 144
Table 92: Refined Oil Products Revenues in Brazil: Annual
Market Estimates for 2003 through 2008 in Billions of US$ 144

Table 93: Brazil Value and Volume Sales (Retail) of Refined
Oil Products: Annual Market Estimates for 2003 through 2008
in Billions of Reals and Millions of Liters 145
Natural Gas 145

5b. Venezuela 145
Declining Production Trends in Recent Years 145
Venezuela: As an OPEC Member 145
Self-Sufficient in Natural Gas 145
Government Inviting Foreign Investment 146
Gearing to Explore the Unexplored 146
Political Unrest Impede Production and Growth 146
Industry Set to Undergo Restructuring 146
PdVSA: Expanding its Oversea Operations 146
Future Strategic Partners in Refining 146
Crude Oil and Gas 147

6. An African Perspective 147

6a. Algeria 147
A Potential but Under-explored Economy 147
Socioeconomic and Political Problems Impede Economy’s Growth 147
New Reforms for Liberalization and Privatization Spurs Growth 148
Oil and Gas Industry Set to Witness Refurbishment 148
Strong Upstream and Downstream Sectors: Vital to the
Development of Algeria 148
Algerian Economy Show Signs of Potential Growth 148

6b. Egypt 149
Crude Oil and Natural Gas 149

6c. Nigeria 150
Nigeria Leads African Oil Export Market 150
Citadel of Natural Reserves of Oil & Gas 150
Latest Reserves Found in Deep Water Offshore 150
Liberalization Strategy for Growth 150
New Ventures for Upstream Oil Sector 150
Oil Extraction Sector in Need of Foreign Investment 151
Social Constraints - Hindering Growth of the Industry 151
Nigeria Looking Ahead for Better Prospects 151

6d. South Africa 152
Table 94: Production and Consumption of Oil and Natural Gas
in South Africa: 2005 in Millions of Barrels Per Day for Oil
and Trillions of Cubic Liters for Natural Gas 152


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