Equatorial Guinea Oil and Gas Report Q4 2016

Publisher Name :
Date: 07-Sep-2016
No. of pages: 83

BMI View: Equatorial Guinea's oil output will see smaller decline rates over the coming years on the back

of several smaller projects. However, maturing fields and a lack of new significant discoveries will continue

to push the production volumes to the downside over our forecast period to 2025. Ophir's Fortuna FLNG

project provides the most important upside to the country's gas production and net exports. While the

company targets a FID by end-2016, we highlight risks to the project due to slowing global demand for

LNG and the large wave of LNG projects coming online within the next few years.

Latest Updates and Key Forecasts

? Equatorial Guinea is forecast to see its oil and gas reserves decline significantly over our forecast period

to 2025 due to maturing fields and lack of new significant discoveries. There are upside risks from a

string of recent exploration activities offshore, as well as the new reduced-oil price environment

attracting investors to lower-risk and lower-cost ventures such as Equatorial Guinea.

? The country has officially launched a new deepwater licensing round in June 2016 for 37 remaining deep

and ultra-deepwater blocks. The bidding period concludes in November 2016.

? Despite benefiting from low oil prices, in the absence of significant improvements in the fiscal terms on

offer and broader regulatory stability, the country will be unable to draw investment into its prospective

but riskier deepwater acreage.

Equatorial Guinea Oil and Gas Report Q4 2016

Table of Contents

BMI Industry View 7
Table: Headline Forecasts (Equatorial Guinea 2014-2020) 7
SWOT 9
Oil & Gas SWOT 9
Industry Forecast 11
Upstream Exploration 11
Latest Updates 11
Structural Trends 11
Upstream Projects 17
Table: Equatorial Guinea Major Upstream Projects 17
Upstream Production - Oil 20
Latest Updates 20
Structural Trends 20
Table: Oil Production (Equatorial Guinea 2014-2019) 24
Table: Oil Production (Equatorial Guinea 2020-2025) 24
Upstream Production - Gas 25
Latest Updates 25
Structural Trends 25
Table: Gas Production (Equatorial Guinea 2014-2019) 28
Table: Gas Production (Equatorial Guinea 2020-2025) 28
Refining 29
Latest Updates 29
Structural Trends 29
Refined Fuels Consumption 30
Latest Updates 30
Structural Trends 30
Table: Refined Products Consumption* (Equatorial Guinea 2014-2019) 32
Table: Refined Products Consumption* (Equatorial Guinea 2020-2025) 32
Gas Consumption 33
Latest Updates 33
Structural Trends 33
Table: Gas Consumption (Equatorial Guinea 2014-2019) 34
Table: Gas Consumption (Equatorial Guinea 2020-2025) 34
Trade - Oil 35
Crude Oil Trade Forecasts 35
Latest Updates 35
Structural Trends 35
Table: Crude Oil Net Exports (Equatorial Guinea 2014-2020) 37
Table: Crude Oil Net Exports (Equatorial Guinea 2020-2025) 37
Refined Products Trade Forecasts 37
Table: Refined Fuels Net Exports (Equatorial Guinea 2014-2019) 38
Table: Refined Fuels Net Exports (Equatorial Guinea 2020-2025) 39
Trade - Gas (Pipeline And LNG) 40
Latest Updates 40
Structural Trends 40
Table: Gas Net Exports (Equatorial Guinea 2014-2019) 45
Table: Gas Net Exports (Equatorial Guinea 2020-2025) 45
Industry Risk Reward Index 46
Africa - Oil & Gas Risk/Reward Index 46
Table: BMI Africa Oil & Gas Risk/Reward Index 46
Above-Ground Risks Dulling Below-Ground Potential 49
Table: BMI Africa Upstream Risk/Reward Index 49
Downstream Sector Holds Limited Opportunity 52
Table: BMI Africa Downstream Risk/Reward Index 52
Equatorial Guinea Risk/Reward Index 55
Upstream Index - Overview 55
Downstream Index - Overview 55
Market Overview 56
Equatorial Guinea Energy Market Overview 56
Regulatory Structure 56
Fiscal Regime 57
Table: Equatorial Guinea - Upstream Tax Regime 57
Licensing Regime 58
Table: Equatorial Guinea - Contracts And Licensing Regime 58
Licensing Rounds 58
Oil And Gas Infrastructure 60
Oil Refineries 60
Table: Downstream Projects 60
Oil Storage Facilities 60
Oil Terminals And Ports 61
LNG Terminals 61
Table: Equatorial Guinea LNG Infrastructure 61
Oil And Gas Pipelines 61
Competitive Landscape 62
Table: Key Players - Equatorial Guinea Energy Sector 63
Company Profile 64
EG LNG 64
Latest Updates 64
Table: Major Upstream Assets In Equatorial Guinea 65
Regional Overview 66
Africa - Bullish Gas, Bearish Oil 66
Table: Africa Oil & Gas Production, Consumption, Refining Capacity And Trade 75
Glossary 76
Table: Glossary Of Terms 76
Methodology 78
Industry Forecast Methodology 78
Source 80
Risk/Reward Index Methodology 80
Table: Bmi's Oil & Gas Upstream Risk/Reward Index 82
Table: Weighting 83

List of Tables

Table: Headline Forecasts (Equatorial Guinea 2014-2020)
Table: Equatorial Guinea Major Upstream Projects
Table: Oil Production (Equatorial Guinea 2014-2019)
Table: Oil Production (Equatorial Guinea 2020-2025)
Table: Gas Production (Equatorial Guinea 2014-2019)
Table: Gas Production (Equatorial Guinea 2020-2025)
Table: Refined Products Consumption* (Equatorial Guinea 2014-2019)
Table: Refined Products Consumption* (Equatorial Guinea 2020-2025)
Table: Gas Consumption (Equatorial Guinea 2014-2019)
Table: Gas Consumption (Equatorial Guinea 2020-2025)
Table: Crude Oil Net Exports (Equatorial Guinea 2014-2020)
Table: Crude Oil Net Exports (Equatorial Guinea 2020-2025)
Table: Refined Fuels Net Exports (Equatorial Guinea 2014-2019)
Table: Refined Fuels Net Exports (Equatorial Guinea 2020-2025)
Table: Gas Net Exports (Equatorial Guinea 2014-2019)
Table: Gas Net Exports (Equatorial Guinea 2020-2025)
Table: BMI Africa Oil & Gas Risk/Reward Index
Table: BMI Africa Upstream Risk/Reward Index
Table: BMI Africa Downstream Risk/Reward Index
Table: Equatorial Guinea - Upstream Tax Regime
Table: Equatorial Guinea - Contracts And Licensing Regime
Table: Downstream Projects
Table: Equatorial Guinea LNG Infrastructure
Table: Key Players - Equatorial Guinea Energy Sector
Table: Major Upstream Assets In Equatorial Guinea
Table: Africa Oil & Gas Production, Consumption, Refining Capacity And Trade
Table: Glossary Of Terms
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
Table: Weighting
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