Spain Oil and Gas Report Q3 2013

Publisher Name :
Date:5-Jun-2013
No. of pages: 95

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
YPF unit.
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.

Spain Oil and Gas Report Q3 2013

BMI Industry View 7
SWOT 9
Industry Forecast .. 10
Oil And Gas Reserves .. 10
Table: Spain Proven Oil & Gas Reserves And Total Petroleum Data, 2011-2016 10
Table: Spain Proven Oil & Gas Reserves And Total Petroleum Data, 2017-2022 11
Oil Supply And Demand .. 14
Table: Spain Oil Production, Consumption And Net Exports, 2011-2016 . 14
Table: Spain Oil Production, Consumption And Net Exports, 2017-2022 . 15
Gas Supply And Demand . 17
Table: Spain Gas Production, Consumption And Net Exports, 2011-2016 17
Table: Spain Gas Production, Consumption And Net Exports, 2017-2022 18
Refining And Oil Products Trade .. 21
Table: Spain Refining Production And Consumption, 2011-2016 21
Table: Spain Refining Production And Consumption, 2017-2022 21
Revenues/Import Costs . 22
Key Risks To BMI's Forecast Scenario . 22
Industry Risk Reward Ratings 23
Developed States - Risk/Reward Ratings 23
Table: Oil & Gas Upstream Risk/Reward Ratings . 24
Looking Downstream 26
Table: Oil & Gas Downstream Risk/Reward Ratings 26
Upside Potential 28
Table: Developed States Oil & Gas Risk/Reward Ratings . 28
Spain - Risk/Reward Ratings . 29
Spain Upstream Rating - Overview 29
Spain Upstream Rating - Rewards . 29
Spain Upstream Rating - Risks 29
Spain Downstream Rating - Overview .. 29
Spain Downstream Rating - Rewards 30
Spain Downstream Rating - Risks .. 30
Market Overview 31
Spain Energy Market Overview 31
Overview/State Role . 33
Licensing/Regulation 33
Government Policy 33
International Energy Relations .. 33
Oil & Gas Infrastructure 34
Oil Refineries . 34
Table: Refineries In Spain 35
Service Stations . 35
Oil Storage Facilities 36
Oil Terminals . 36
Oil Pipelines .. 36
LNG Terminals .. 36
Gas Storage 37
Gas Pipelines . 38
Competitive Landscape . 41
Table: Key Players - Spanish Oil And Gas Sector . 41
Table: Key Downstream Players . 42
Company Profile . 43
Repsol 43
Gas Natural Fenosa 49
Other Companies - Summary 53
Regional Overview 56
Regional Energy Market Overview .. 56
Europe . 60
Muted Consumption Growth 63
The Difficulty In Moving Exports Along 64
Refining Capacity: A Tale Of Two Continents . 65
Global Industry Overview .. 67
Global Energy Market Overview . 67
Table: BMI's Oil Price Forecasts & Bloomberg Analyst Consensus, Average Price (US$/bbl) . 68
Table: Global Oil Demand Forecasts 75
Industry Trend Analysis . 77
Growing Implementation Base 78
Developed Drive 80
Appendix . 81
Developed Europe - Regional Appendix . 81
Table: Oil Consumption - Historical Data & Forecasts, 2010-2017 ('000b/d) . 81
Table: Oil Consumption - Long-Term Forecasts, 2014-2021 ('000b/d) . 82
Table: Oil Production - Historical Data & Forecasts, 2010-2017 ('000b/d) 82
Table: Oil Production - Long-Term Forecasts, 2014-2021 ('000b/d) . 83
Table: Refinery Capacity - Historical Data & Forecasts, 2010-2017 ('000b/d) 84
Table: Refining Capacity - Long-Term Forecasts, 2014-2021 ('000b/d) 84
Table: Gas Consumption - Historical Data & Forecasts, 2010-2017 (bcm) 85
Table: Gas Consumption - Long-Term Forecasts, 2014-2021 (bcm) 86
Table: Gas Production - Historical Data & Forecasts, 2010-2017 (bcm) 86
Table: Gas Production - Long-Term Forecasts, 2014-2021 (bcm) 87
Table: LNG Gas Imports (Exports) - Historical Data & Forecasts, 2010-2017 (bcm) . 88
Table: LNG Gas Imports (Exports) - Long-Term Forecasts, 2014-2021 (bcm) . 88
Glossary .. 89
Table: Glossary Of Terms 89
Methodology . 91
Oil & Gas Risk/Reward Ratings Methodology 91
Ratings Overview .. 91
Table: BMI's Oil & Gas Risk Reward Ratings - Structure . 92
Indicators 92
Table: BMI's Oil & Gas Business Environment Upstream Ratings - Methodology 92
Oil & Gas Forecasts Methodology 94
Energy Industry . 94
Cross checks .. 95
Sources 95Table: Spain Proven Oil & Gas Reserves And Total Petroleum Data, 2011-2016
Table: Spain Proven Oil & Gas Reserves And Total Petroleum Data, 2017-2022
Table: Spain Oil Production, Consumption And Net Exports, 2011-2016
Table: Spain Oil Production, Consumption And Net Exports, 2017-2022
Table: Spain Gas Production, Consumption And Net Exports, 2011-2016
Table: Spain Gas Production, Consumption And Net Exports, 2017-2022
Table: Spain Refining Production And Consumption, 2011-2016
Table: Spain Refining Production And Consumption, 2017-2022
Table: Oil & Gas Upstream Risk/Reward Ratings
Table: Oil & Gas Downstream Risk/Reward Ratings
Table: Developed States Oil & Gas Risk/Reward Ratings
Table: Refineries In Spain
Table: Key Players - Spanish Oil And Gas Sector
Table: Key Downstream Players
Table: BMI's Oil Price Forecasts & Bloomberg Analyst Consensus, Average Price (US$/bbl)
Table: Global Oil Demand Forecasts
Table: Oil Consumption - Historical Data & Forecasts, 2010-2017 ('000b/d)
Table: Oil Consumption - Long-Term Forecasts, 2014-2021 ('000b/d)
Table: Oil Production - Historical Data & Forecasts, 2010-2017 ('000b/d)
Table: Oil Production - Long-Term Forecasts, 2014-2021 ('000b/d)
Table: Refinery Capacity - Historical Data & Forecasts, 2010-2017 ('000b/d)
Table: Refining Capacity - Long-Term Forecasts, 2014-2021 ('000b/d)
Table: Gas Consumption - Historical Data & Forecasts, 2010-2017 (bcm)
Table: Gas Consumption - Long-Term Forecasts, 2014-2021 (bcm)
Table: Gas Production - Historical Data & Forecasts, 2010-2017 (bcm)
Table: Gas Production - Long-Term Forecasts, 2014-2021 (bcm)
Table: LNG Gas Imports (Exports) - Historical Data & Forecasts, 2010-2017 (bcm)
Table: LNG Gas Imports (Exports) - Long-Term Forecasts, 2014-2021 (bcm)
Table: Glossary Of Terms
Table: BMI's Oil & Gas Risk Reward Ratings - Structure
Table: BMI's Oil & Gas Business Environment Upstream Ratings - Methodology

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