Business Monitor International


Spain Oil & Gas Report

Published 13 October 2014

  • 111 pages
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  • Includes 3 free updated quarterly reports
 
$1,295.00
Spain Oil & Gas Report

BMI View:   Although current domestic production of oil and gas is negligible, with imports meeting around 98% of current demand, we are witnessing a gradual but notable uptick in investment targeting Spain's upstream. The acceleration of onshore and offshore activity could cut Spain's hefty import bill, but there are political and regulatory risks that hold sizable downs risks to both conventional and unconventional efforts. However , the environment ministry has recently allowed deepwater drilling off the Canary Islands , and the Supreme Court has granted Repsol the authoris ation to start exploration after the permit had been legally challenged by local authorities. Also, in November 201 3 the central government legalis ed the process of hydraulic fracturing.   However, while we see brightening prospects for onshore unconventionals, this upside is unlikely to significantly alter production for within our forecast period: significant technical, environmental and political obstacles preclude us from including significant shale gas production within our forecast period.

Headline Forecasts (Spain 2012-2018)
  2012e 2013e 2014f 2015f 2016f 2017f 2018f
Crude, NGPL & other liquids prod, 000b/d 4.0 4.6 5.1 5.4 5.5 5.3 5.2
Dry natural gas production, bcm 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Dry natural gas consumption, bcm 32.5 32.7 33.0 33.4 34.1 34.8 35.5
Refined products production & ethanol, 000b/d 1,165.0 1,147.5 1,153.3 1,162.5 1,139.2 1,116.5 1,105.3
Refined products consumption & ethanol, 000b/d 1,337.2 1,295.6 1,272.2 1,253.8 1,252.7 1,257.4 1,247.3
e/f = BMI estimate/forecast. Source: EIA, BMI

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Madrid filed a legal challenge to the fracking ban that the northern region of Cantabria had unanimously voted in April 2013. In June 2014 the Constitutional Court rejected Cantabria's law,...

Table of Contents

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
13
Table: Spain Oil Production, Consumption And Net Exports, 2011-2016
13
Table: Spain Oil Production, Consumption And Net Exports, 2017-2022
14
Gas Supply And Demand
15
Table: Spain Gas Production, Consumption And Net Exports, 2011-2016
15
Table: Spain Gas Production, Consumption And Net Exports, 2017-2022
16
Refining And Oil Products Trade
19
Table: Spain Refining Production And Consumption, 2011-2016
19
Table: Spain Refining Production And Consumption, 2017-2022
20
Revenues/Import Costs
20
Key Risks To BMI's Forecast Scenario
21
Industry Risk Reward Ratings
22
Spain Industry Risk Reward Ratings
22
Spain Upstream Rating - Overview
22
Spain Upstream Rating - Rewards
22
Spain Upstream Rating - Risks
22
Spain Downstream Rating - Overview
22
Spain Downstream Rating - Rewards
23
Spain Downstream Rating - Risks
23
Developed States - Risk/Reward Ratings
23
Table: Oil & Gas Upstream Risk/Reward Ratings
25
Looking Downstream
26
Table: Oil & Gas Downstream Risk/Reward Ratings
27
Upside Potential
28
Table: Developed States Oil & Gas Risk/Reward Ratings
29
Market Overview
30
Spain Energy Market Overview
30
Overview/State Role
30
Licensing/Regulation
31
Government Policy
31
International Energy Relations
31
Oil & Gas Infrastructure
32
Oil Refineries
32
Table: Refineries In Spain
32
Service Stations
33
Oil Storage Facilities
34
Oil Terminals
34
Oil Pipelines
34
LNG Terminals
34
Gas Storage
35
Gas Pipelines
36
Competitive Landscape
39
Table: Key Players - Spanish Oil And Gas Sector
39
Table: Key Downstream Players
40
Company Profile
41
Repsol
41
Gas Natural Fenosa
46
Other Summaries
50
Regional Overview
53
Developed States Energy Market Overview
53
Global Industry Overview
60
Global Energy Market Overview
60
Table: BMI's Oil Price Forecasts & Bloomberg Analyst Consensus, Average Price (US$/bbl)
61
Table: Global Oil Demand Forecasts
67
Appendix
69
Developed Europe - Regional Appendix
69
Table: Oil Consumption - Historical Data & Forecasts, 2010-2017 ('000b/d)
69
Table: Oil Consumption - Long-Term Forecasts, 2014-2021 ('000b/d)
69
Table: Oil Production - Historical Data & Forecasts, 2010-2017 ('000b/d)
70
Table: Oil Production - Long-Term Forecasts, 2014-2021 ('000b/d)
71
Table: Refinery Capacity - Historical Data & Forecasts, 2010-2017 ('000b/d)
71
Table: Refining Capacity - Long-Term Forecasts, 2014-2021 ('000b/d)
72
Table: Gas Consumption - Historical Data & Forecasts, 2010-2017 (bcm)
72
Table: Gas Consumption - Long-Term Forecasts, 2014-2021 (bcm)
73
Table: Gas Production - Historical Data & Forecasts, 2010-2017 (bcm)
73
Table: Gas Production - Long-Term Forecasts, 2014-2021 (bcm)
74
Table: LNG Gas Imports (Exports) - Historical Data & Forecasts, 2010-2017 (bcm)
75
Table: LNG Gas Imports (Exports) - Long-Term Forecasts, 2014-2021 (bcm)
75
Glossary
76
Table: Glossary Of Terms
76
Methodology
78
Energy Industry
79
Cross checks
79
Sources
80

The Spain Oil & Gas Report has been researched at source and features Business Monitor International (BMI)'s independent forecasts for Spain 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 Spain Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Spanish oil and gas industry.

Key Benefits

  • Benchmark BMI's independent oil and gas industry forecasts for Spain to test consensus views - a key input for successful budgeting and strategic business planning in the Spanish oil and gas market.
  • Target business opportunities and risks in the Spanish oil and gas sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in Spain.
  • 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 Rankings

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

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