Kuwait Oil and Gas Report Q4 2016

Publisher Name :
Date: 05-Oct-2016
No. of pages: 73

BMI View: Kuwait maintains its ambitious crude and condensate production capacity targets of 3.165mn b/

d by 2017 and 4.0mn b/d by 2020. There has been progress in the award of some key contracts for both

upstream and downstream projects over 2016, though challenges remain in attracting foreign investment

due to weak fiscal terms.

Latest Updates And Key Forecasts

- The Kuwaiti oil sector registered a third year of contraction in 2015. In real terms the sector shrunk 1.7%.

- Kuwait Oil Company has launched a tender for a water injection scheme on the supergiant Burgan oil

field. 18 companies have reportedly prequalified to bid.

- From September 1 2016, Kuwait increased prices by as much as 80% on high octane fuels. The move

will reduce government subsidy patterns, but also drive a switch to less efficient lower octane fuel.

- Kuwaiti officials have reaffirmed production capacity targets of 3.165mn b/d by 2017 and 4mn b/d by

2020, though nuanced this to include output of both crude and condensate.

- In H116, Kuwait National Petroleum Company awarded a USD2.9bn contract to a Korean consortium

to construct an LNG import terminal in Al-Zour.

Kuwait Oil and Gas Report Q4 2016

Table of Contents

BMI Industry View 7
Table: Headline Forecasts (Kuwait 2014-2020) 7
SWOT 8
Oil & Gas SWOT 8
Industry Forecast 10
Upstream Exploration 10
Latest Updates 10
Structural Trends 10
Unconventional Upside 11
Upstream Projects 13
Table: Kuwait - Key Upstream Projects 13
Upstream Production - Oil 14
Latest Updates 14
Structural Trends 14
Table: Oil Production (Kuwait 2014-2019) 17
Table: Oil Production (Kuwait 2020-2025) 17
Upstream Production - Gas 18
Latest Updates 18
Table: Gas Production (Kuwait 2014-2019) 20
Table: Gas Production (Kuwait 2020-2025) 20
Refining 21
Latest Updates 21
Structural Trends 21
Table: Refining Capacity And Refined Products Production (Kuwait 2014-2019) 23
Table: Refining Capacity And Refined Products Production (Kuwait 2020-2025) 23
Refined Fuels Consumption 24
Latest Updates 24
Structural Trends 24
Table: New Kuwait Fuels Price As Of September 2016 24
Table: Refined Products Consumption (Kuwait 2014-2019) 25
Table: Refined Products Consumption (Kuwait 2020-2025) 26
Gas Consumption 27
Latest Updates 27
Structural Trends 27
Table: Gas Consumption (Kuwait 2014-2019) 28
Table: Gas Consumption (Kuwait 2020-2025) 29
Trade - Oil 30
Latest Updates 30
Structural Trends 30
Table: Crude Oil Net Exports (Kuwait 2014-2020) 31
Table: Crude Oil Net Exports (Kuwait 2020-2025) 31
Table: Refined Fuels Net Exports (Kuwait 2014-2019) 32
Table: Refined Fuels Net Exports (Kuwait 2020-2025) 33
Trade - Gas (Pipeline AndLNG) 35
Latest Updates 35
Structural Trends 35
Table: Kuwait LNG Infrastructure 35
Table: Gas Net Exports (Kuwait 2014-2019) 37
Table: Gas Net Exports (Kuwait 2020-2025) 37
Industry Risk Reward Ratings 38
Middle East - Oil & Gas Risk/Reward Index 38
Table: Middle East Oil & Gas Risk/Reward Index 38
Upstream: Index Resilient In Lower Price Environment 39
Table: Middle East Upstream Oil & Gas Risk/Reward Index 39
Downstream: Limited Opportunities 41
Table: Middle East Downstream Oil & Gas Risk/Reward Index 41
Kuwait - Risk/Reward Index 44
Upstream Index 44
Downstream Index 44
Market Overview 45
Kuwait Energy Market Overview 45
Regulatory Structure 45
Fiscal Terms 46
Table: Kuwait - Upstream Tax Regime 46
Table: Kuwait - Contracts & Licensing Regime 46
Oil And Gas Infrastructure 47
Oil Refineries 47
Table: Oil Refineries In Kuwait 49
Oil Storage Facilities 49
Table: Kuwait - Oil Terminals & POrts 49
LNG Terminals 49
Table: Kuwait - Existing and Planned LNG Infrastructure 49
Gas Storage Terminals 50
Table: Kuwait - Gas Storage Terminals 50
Gas Pipelines 50
Table: Kuwait - Gas Pipelines 50
Crude Oil Pipelines 50
Table: Kuwait - Crude Oil Pipelines 50
Company Profile 51
Kuwait Petroleum Corporation (KPC) 51
Table: Major Upstream Assets in Kuwait 52
Table: Key Financial Data (USDmn) 52
Kuwait National Petroleum Company (KNPC) 54
Table: Key Financial Data, USDmn 55
Regional Overview 56
Middle East Oil & Gas Regional Overview 56
Oil Production: Output On Upward Trajectory 56
Oil Consumption: Gas And Subsidy Reform Tempering Demand 59
Table: Gasoline-95 Pump Price June 2015 & March 2016 (USD/Litre) 59
Refining Capacity: Mega Refineries To Outcompete 61
Gas Production: Upstream Focus Swaying To Gas 62
Gas Consumption: Industrial Growth And Power Drive Demand 64
Table: Middle East Oil & Gas Production, Refining Capacity & Trade 65
Glossary 66
Table: Glossary Of Terms 66
Methodology 68
Industry Forecast Methodology 68
Source 70
Risk/Reward Index Methodology 70
Table: Bmi's Oil & Gas Upstream Risk/Reward Index 72
Table: Weighting 73

List of Tables

Table: Headline Forecasts (Kuwait 2014-2020)
Table: Kuwait - Key Upstream Projects
Table: Oil Production (Kuwait 2014-2019)
Table: Oil Production (Kuwait 2020-2025)
Table: Gas Production (Kuwait 2014-2019)
Table: Gas Production (Kuwait 2020-2025)
Table: Refining Capacity And Refined Products Production (Kuwait 2014-2019)
Table: Refining Capacity And Refined Products Production (Kuwait 2020-2025)
Table: New Kuwait Fuels Price As Of September 2016
Table: Refined Products Consumption (Kuwait 2014-2019)
Table: Refined Products Consumption (Kuwait 2020-2025)
Table: Gas Consumption (Kuwait 2014-2019)
Table: Gas Consumption (Kuwait 2020-2025)
Table: Crude Oil Net Exports (Kuwait 2014-2020)
Table: Crude Oil Net Exports (Kuwait 2020-2025)
Table: Refined Fuels Net Exports (Kuwait 2014-2019)
Table: Refined Fuels Net Exports (Kuwait 2020-2025)
Table: Kuwait LNG Infrastructure
Table: Gas Net Exports (Kuwait 2014-2019)
Table: Gas Net Exports (Kuwait 2020-2025)
Table: Middle East Oil & Gas Risk/Reward Index
Table: Middle East Upstream Oil & Gas Risk/Reward Index
Table: Middle East Downstream Oil & Gas Risk/Reward Index
Table: Kuwait - Upstream Tax Regime
Table: Kuwait - Contracts & Licensing Regime
Table: Oil Refineries In Kuwait
Table: Kuwait - Oil Terminals & POrts
Table: Kuwait - Existing and Planned LNG Infrastructure
Table: Kuwait - Gas Storage Terminals
Table: Kuwait - Gas Pipelines
Table: Kuwait - Crude Oil Pipelines
Table: Major Upstream Assets in Kuwait
Table: Key Financial Data (USDmn)
Table: Key Financial Data, USDmn
Table: Gasoline-95 Pump Price June 2015 & March 2016 (USD/Litre)
Table: Middle East Oil & Gas Production, Refining Capacity & Trade
Table: Glossary Of Terms
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
Table: Weighting
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