Business Monitor International


Bahrain Oil & Gas Report

Published 25 March 2014

  • 89 pages
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$1,295.00
Bahrain Oil & Gas Report

BMI View: Bahrain is trying to double its oil production by the end of the decade. This increase would largely depend on the success of plans under way to raise production from the Bahrain field. However, our current forecast anticipates delays and technical difficulties and we have not yet included all volumes projected by the project. For the moment, we see crude production increasing from 46,000 barrels per day (b/d) in 2012 to 68,000b/d in 2023. However, the biggest attention in terms of investment is firmly on the downstream, where the Bahrain Petroleum Company (BAPCO) is planning to increase the capacity of the Kingdom's centrepiece Sitra refinery by approximately 90 ,000b/d - from 270,000 b/d to 360,000 b/d . Other plans envisage the construction of a liquefied natural gas (LNG) receiving terminal, although this is still a long way from realisation. For the moment, the government will focus its efforts on upgrading its main refining units - the low - hanging fruit in its oil and gas infrastructure portfolio.

We highlight the following trends and developments in Bahrain's oil and gas sector:

  • With the country possessing only one mature oil and gas field, the Bahrain field, we expect oil and gas reserves to decline in the period 2012-2023, pending new discoveries. Oil reserves are expected to fall to 0.09bn barrels (bbl) by 2023, with gas reserves falling to around 0.08trn cubic metres (tcm).

  • The country plans to invest US$15bn in the oil and gas sector over the next 30 years. Bahrain plans to increase its oil production to 100,000b/d before the end of 2020. This increase would largely depend on the success of plans under way to raise production from the Bahrain field, currently being undertaken by the Tatweer Petroleum Joint Venture. However, our current forecast anticipates delays and we have not yet included all volumes projected by the project. At the moment, we see crude production increasing from 46,000 barrels per day (b/d) in 2012 to...

Table of Contents

BMI Industry View
7
SWOT
9
Bahrain Oil & Gas SWOT
9
Industry Forecast
10
Oil & Gas Reserves
10
Table: Bahrain Proven Oil & Gas Reserves And Total Petroleum Data, 2012-2017
10
Table: Hydrocarbons Production, Consumption and Net Exports, 2012-2017
10
Table: Bahrain Proven Oil & Gas Reserves And Total Petroleum Data, 2018-2023
11
Table: Hydrocarbons Production, Consumption and Net Exports, 2018-2023
11
Oil Supply And Demand
12
Table: Bahrain Oil Production, Consumption And Net Exports, 2012-2017
12
Table: Bahrain Oil Production, Consumption And Net Exports, 2018-2023
13
Refining Capacity And Oil Products Trade
15
Table: Bahrain Refining - Production And Consumption, 2012-2017
15
Table: Bahrain Refining - Production And Consumption, 2018-2023
16
Gas Supply And Demand
18
Table: Bahrain Gas Production, Consumption And Net Exports, 2012-2017
18
Table: Bahrain Gas Production, Consumption And Net Exports, 2018-2023
19
LNG
21
Revenues/Import Costs
22
Risk To Outlook
22
Industry Risk Reward Ratings
23
Middle East - Risk/Reward Ratings
23
Table: BMI's Middle East Oil & Gas Risk/Reward Ratings (RRRs)
24
Table: Middle East Upstream Oil & Gas Risk/Reward Rating
26
Table: Middle East Downstream Oil & Gas Risk/Reward Rating
28
Bahrain - Risk/Reward Ratings
30
Market Overview
31
Bahrain Energy Market Overview
31
Oil & Gas Infrastructure
33
Oil Refineries
33
Table: Refineries In Bahrain
34
Oil Storage Facilities
35
Service Stations
35
Oil Pipelines
35
Gas Pipelines
36
Competitive Landscape
37
Competitive Landscape Summary
37
Table: Key Domestic And Foreign Companies In The Bahrain Oil And Gas Sector
38
Table: Key Upstream Players
38
Table: Key Downstream Players
38
Company Profile
39
Bahrain Petroleum Company (BAPCO)
39
Bahrain National Gas Company (Banagas)
43
Chevron Bahrain
45
Occidental Petroleum
47
Other Summaries
50
Regional Overview
51
Middle East Energy Market Overview
51
Consuming It All
57
Gas Rises, But Consumption Does Too
59
Global Industry Overview
64
Global Energy Market Overview
64
Appendix
72
Middle East - Regional Appendix
72
Table: Oil Consumption - Historical Data & Forecasts, 2011-2018 ('000b/d)
72
Table: Oil Consumption - Long-Term Forecasts, 2015-2022 ('000b/d)
73
Table: Oil Production - Historical Data & Forecasts, 2011-2018 ('000b/d)
73
Table: Oil Production - Long-Term Forecasts, 2015-2022 ('000b/d)
74
Table: Refining Capacity - Historical Data & Forecasts, 2011-2018 ('000b/d)
74
Table: Refining Capacity - Long-Term Forecasts, 2015-2022 ('000b/d)
75
Table: Gas Consumption - Historical Data & Forecasts, 2011-2018 (bcm)
75
Table: Gas Consumption, 2015-2022 (bcm)
76
Table: Gas Production - Historical Data & Forecasts, 2011-2018 (bcm)
76
Table: Gas Production - Long-Term Forecasts, 2015-2022 (bcm)
77
Table: Net LNG Exports - Historical Data & Forecasts, 2011-2018 (bcm)
77
Table: Net LNG Exports - Long-Term Forecasts, 2015-2022 (bcm)
78
Bahrain - Refined Products Breakdown, 10-year Forecasts
79
Table: Bahrain Refined Petroleum Products, Production Breakdown, 2012-2017
79
Table: Bahrain Refined Petroleum Products, Production Breakdown, 2018-2023
80
Table: Bahrain Refined Petroleum Products, Consumption Breakdown, 2012-2017
81
Table: Bahrain Refined Petroleum Products, Consumption Breakdown, 2018-2023
82
Table: Bahrain Refined Petroleum Products, Net Exports Breakdown, 2012-2017
83
Table: Bahrain Refined Petroleum Products, Net Exports Breakdown, 2018-2023
84
Glossary
86
Table: Glossary Of Terms
86
Methodology
88
Industry Forecast Methodology
88
Source
90
Risk/Reward Ratings Methodology
90
Table: Bmi's Oil & Gas Upstream Risk/Reward Ratings
92
Table: Weighting
94

The Bahrain Oil & Gas Report has been researched at source and features Business Monitor International (BMI)'s independent forecasts for Bahrain including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's Bahrain Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Bahraini oil and gas industry.

Key Benefits

  • Benchmark BMI's independent oil and gas industry forecasts for Bahrain to test consensus views - a key input for successful budgeting and strategic business planning in the Bahraini oil and gas market.
  • Target business opportunities and risks in the Bahraini oil and gas sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in Bahrain.
  • Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.

Coverage

BMI Industry View

Summary of BMI's key forecasts and industry analysis, covering oil and gas reserves, supply, demand and refining, plus analysis of landmark company developments and key changes in the regulatory environment.

Regional Overview

Regional perspective on size and value of industry sector; comparative rankings by production, refining, imports and exports of oil, gas and LNG.

Business Environment Ratings

BMI's Oil and Gas Business Environment Ratings provide a country-comparative Risk-Reward Ratings index aimed at investors (independents, NOCs, IOCs and oil services companies) in the upstream and downstream markets.

The ratings methodology makes sophisticated use of more than 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Ratings products.

Oil Market Outlook and Oil Products Outlook

Based on our country coverage of over 99% of global oil and gas production and consumption, BMI provides demand, supply and price forecasts to end-2018 for oil, gas and oil products

BMI Industry Forecasts

Historic data series and forecasts to end-2018 for all key industry indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:

Pricing: Oil price (US$/bbl, WTI, Brent, OPEC basket, Urals); Oil products prices (unleaded gasoline, gasoil/diesel, jet/kerosene - US$/bbl) at global hubs

Production, Consumption, Capacity and Reserves: Proven oil reserves (bn barrels), production, consumption, refinery capacity and throughputs (`000b/d); Proven gas reserves (tcm), production and consumption (bcm)

Imports and Exports: Oil exports/imports (`000b/d), value of oil exports/imports (US$mn - BMI base case); Value of oil exports at constant US$50/bbl and constant US$100/bbl (US$mn); Gas exports/imports (bcm), Value of gas exports/imports (US$mn); Value of gas exports/imports at constant US$50/bbl and US$100/bbl (US$mn); Value of petroleum exports/imports (US$mn); Value of petroleum exports/imports at constant US$50/bbl and US$100/bbl (US$mn)

BMI Macroeconomic Forecasts

BMI forecasts to end-2018 for all headline macroeconomic indicators, including real GDP growth, inflation, fiscal balance, trade balance, current account and external debt.

Competitive Landscape

Comparative company analyses by US$ sales, % share of total sales, number of employees, year established, ownership structure, oil production ('000b/d), gas production (bcm), downstream capacity ('000b/d) and % market share.

Company Profiles

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc