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BMI View: The pace of economic recovery and renewed growth is critical to Spain’s energy market, as it
will drive the country’s demand for oil and natural gas – virtually all of which is imported. Spain is a key
conduit for gas pipelines from Algeria and is a major receiver of liquefied natural gas (LNG), an area
where further capacity expansion is possible once the economic outlook improves. Shale gas could
potentially offer improved self-sufficiency, but is unlikely to revolutionise the energy outlook. Meanwhile,
Repsol has started to undergo a strategic shake-up following the Argentine government’s privatisation of its
The main trends and developments we highlight in Spain’s oil and gas sector are:
? Due to a change in historical data from the US Energy Information Administration (EIA) and the modest
Spanish Oil consumption outlook we have lowered our 10-year Crude Oil consumption forecasts.
According to the EIA, Spain is estimated to have consumed 1.29mn b/d in 2012 and we expect demand to
average 1.34mn b/d in 2017, increasing further to 1.40mn b/d by 2022. No meaningful local oil supply is
available, meaning crude imports will reach at least 1.31mn b/d by 2017 and 1.38mn b/d by 2022.