Spain Oil and Gas Report Q4 2016

Publisher Name :
Date: 05-Oct-2016
No. of pages: 80

BMI View: Though we witnessed an uptick in upstream investment into conventional resources within

Spain over the past several years, we expect domestic production of oil and gas will remain negligible.

Moreover, we believe prospects for onshore unconventionals will remain limited as significant technical,

economic, environmental and political obstacles preclude us from including further upstream development

of shale gas resources within our forecast period.

Latest Updates And Key Forecasts

- Prospects for conventional oil and gas discoveries remain poor, with insignificant existing volumes of oil

reserves. Offshore opportunities took a hit in 2015 with withdrawals from Repsol and Cairn Energy.

Above-ground regulatory and environmental hurdles along with local government opposition are the

largest obstacles to upstream development. Political, regulatory and economic obstacles will most likely

prevent shale gas from factoring into reserves within the forecast period.

- With consumption forecast set to fall slightly or stagnate amid global overcapacity, the outlook for

Spain's downstream appears bleak. There are no planned new refineries under way with a crude oil

refining capacity forecast to remain at 1.49mn b/d across our forecast period. Risks to this outlook are to

the downside, with ageing refineries unable to compete with the scale and efficiency of new generation

capacity being built in the Middle East and Asia.

- After years of strong refined fuels consumption declines, we forecast consumption to largely stagnate

over the rest of our forecast period thanks to continued efficiency drive in the transport sector and

stagnant vehicle fleet.

- Spain will remain a large net importer of crude oil over the next decade which will weigh on its overall

trade balance. Spain will remain a small net exporter of refined products over the forecast period. This is

a significant change prior to 2012 when Spain was a net importer of refined fuels, and can largely be

explained by the strong decline in domestic consumption.

Spain Oil and Gas Report Q4 2016

Table of Contents

BMI Industry View 7
Table: Headline Forecasts (Spain 2014-2020) 7
SWOT 9
Oil & Gas SWOT 9
Industry Forecast 10
Upstream Exploration 10
Latest Updates 10
Structural Trends 10
Upstream Production - Oil 16
Latest Updates 16
Structural Trends 16
Table: Oil Production (Spain 2014-2019) 18
Table: Oil Production (Spain 2020-2025) 18
Upstream Production - Gas 19
Latest Updates 19
Structural Trends 19
Table: Gas Production (Spain 2014-2019) 20
Table: Gas Production (Spain 2020-2025) 20
Refining 21
Latest Updates 21
Structural Trends 21
Table: Refining Capacity And Refined Products Production (Spain 2014-2019) 23
Table: Refining Capacity And Refined Products Production (Spain 2020-2025) 23
Refined Fuels Consumption 24
Latest Updates 24
Structural Trends 24
Table: Refined Products Consumption* (Spain 2014-2019) 25
Table: Refined Products Consumption* (Spain 2020-2025) 26
Gas Consumption 27
Latest Updates 27
Structural Trends 27
Table: Gas Consumption (Spain 2014-2019) 29
Table: Gas Consumption (Spain 2020-2025) 29
Trade - Oil 30
Crude Oil Trade Forecasts 30
Latest Updates 30
Structural Trends 30
Table: Crude Oil Net Exports (Spain 2014-2020) 31
Table: Crude Oil Net Exports (Spain 2020-2025) 32
Refined Fuels Trade Forecasts 32
Latest Updates 32
Structural Trends 32
Table: Refined Fuels Net Exports (Spain 2014-2019) 34
Table: Refined Fuels Net Exports (Spain 2020-2025) 34
Trade - Gas (Pipeline And LNG) 35
Latest Updates 35
Structural Trends 35
Table: Gas Net Exports (Spain 2014-2019) 38
Table: Gas Net Exports (Spain 2020-2025) 38
Industry Risk Reward Index 40
North America And Western Europe Oil & Gas Risk/Reward Index 40
Table: North America & Western Europe Oil & Gas Risk/Reward Index 40
Upstream Rankings: Resource Base Will Keep North America Well Ahead 41
North America Open To Investment, At The Right Price 41
Resource Limitations Take Toll On Western Europe 42
Table: North America & Western Europe Upstream Risk/Reward Index 44
Downstream Rankings: US Widens Its Lead 44
Table: North America & Western Europe Downstream Risk/Reward Index 46
Spain - Risk/Reward Index 47
Upstream Index 47
Downstream Index 47
Market Overview 48
Spain Energy Market Overview 48
Fiscal and Licensing Regime 48
Table: Spain Fiscal and Licensing Regime 48
Overview/State Role 48
Licensing/Regulation 49
Unconventionals 49
Oil & Gas Infrastructure 50
Oil Refineries 50
Table: Refineries In Spain 50
Oil Storage Facilities 51
Oil Terminals 51
Oil Pipelines 51
LNG Terminals 51
Table: Spain LNG Infrastructure 51
Gas Storage 52
Gas Pipelines 52
Competitive Landscape 54
Competitive Landscape Summary 54
Table: Key Players - Spanish Oil And Gas Sector 55
Table: Key Downstream Players 55
Company Profile 56
Repsol 56
Table: Repsol Spanish Refineries 57
Table: Key Financial Data (EURmn) 57
Gas Natural Fenosa 58
Table: Key Financial Data (EURmn) 59
Regional Overview 60
North America And Western Europe Oil And Gas Regional Overview 60
Table: North America - Key Regional Indicators, 2015-2025 69
Table: Western Europe - Key Regional Indicators, 2015-2025 71
Glossary 73
Table: Glossary Of Terms 73
Methodology 75
Industry Forecast Methodology 75
Source 77
Risk/Reward Index Methodology 77
Table: Bmi's Oil & Gas Upstream Risk/Reward Index 79
Table: Weighting 80

List of Tables

Table: Headline Forecasts (Spain 2014-2020)
Table: Oil Production (Spain 2014-2019)
Table: Oil Production (Spain 2020-2025)
Table: Gas Production (Spain 2014-2019)
Table: Gas Production (Spain 2020-2025)
Table: Refining Capacity And Refined Products Production (Spain 2014-2019)
Table: Refining Capacity And Refined Products Production (Spain 2020-2025)
Table: Refined Products Consumption* (Spain 2014-2019)
Table: Refined Products Consumption* (Spain 2020-2025)
Table: Gas Consumption (Spain 2014-2019)
Table: Gas Consumption (Spain 2020-2025)
Table: Crude Oil Net Exports (Spain 2014-2020)
Table: Crude Oil Net Exports (Spain 2020-2025)
Table: Refined Fuels Net Exports (Spain 2014-2019)
Table: Refined Fuels Net Exports (Spain 2020-2025)
Table: Gas Net Exports (Spain 2014-2019)
Table: Gas Net Exports (Spain 2020-2025)
Table: North America & Western Europe Oil & Gas Risk/Reward Index
Table: North America & Western Europe Upstream Risk/Reward Index
Table: North America & Western Europe Downstream Risk/Reward Index
Table: Spain Fiscal and Licensing Regime
Table: Refineries In Spain
Table: Spain LNG Infrastructure
Table: Key Players - Spanish Oil And Gas Sector
Table: Key Downstream Players
Table: Repsol Spanish Refineries
Table: Key Financial Data (EURmn)
Table: Key Financial Data (EURmn)
Table: North America - Key Regional Indicators, 2015-2025
Table: Western Europe - Key Regional Indicators, 2015-2025
Table: Glossary Of Terms
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
Table: Weighting
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