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Bahrain Oil and Gas Report Q3 2015


Attention: There is an updated edition available for this report.

BMI View: Despite limited success in boosting oil and gas production from the Bahrain field, the keydevelopment for the country will be the refining capacity expansion at the kingdom's centrepiece Sitrarefinery. However, delays to the expansion will result in a continuation of fuel export declines and awidening of the country's fiscal deficit until 2020. This marks a two-year delayto our previous forecast which saw increasing fuel exports from 2018. Other plans envisage theconstruction of a LNG receiving terminal, although this is still a long way from realisation.

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

Redevelopment work (new wells, enhanced oil recovery and improved oil recovery) undertaken at theBahrain field are boosting oil production at the mature field. While we expect some success, the lowpermeability of the heavy oil reservoirs, among other issues, have led us to anticipate delays. We havenot yet included all volumes projected by the project.


BMI Industry View
Table: Headline Forecasts (Bahrain 2013-2019)
SWOT
Oil & Gas SWOT
Industry Forecast
Upstream Exploration
Table: Proven Oil And Gas Reserves (Bahrain 2013-2018)
Table: Proven Oil And Gas Reserves (Bahrain 2019-2024)
Upstream Production - Oil
Table: Oil Production (Bahrain 2013-2018)
Table: Oil Production (Bahrain 2019-2024)
Upstream Production - Gas
Table: Gas Production (Bahrain 2013-2018)
Table: Gas Production (Bahrain 2019-2024)
Refining
Table: Refining Capacity And Refined Products Production (Bahrain 2013-2018)
Table: Refining Capacity And Refined Products Production (Bahrain 2019-2024)
Refined Fuels Consumption
Table: Refined Products Consumption (Bahrain 2013-2018)
Table: Refined Products Consumption (Bahrain 2019-2024)
Gas Consumption
Table: Gas Consumption (Bahrain 2013-2018)
Table: Gas Consumption (Bahrain 2019-2024)
Trade - Oil
Table: Crude Oil Net Exports (Bahrain 2013-2018)
Table: Crude Oil Net Exports (Bahrain 2019-2024)
Table: Refined Fuels Net Exports (Bahrain 2013-2018)
Table: Refined Fuels Net Exports (Bahrain 2019-2024)
Table: Total Net Oil Exports - Crude And Products (Bahrain 2013-2018)
Table: Total Net Oil Exports - Crude And Products (Bahrain 2019-2024)
Trade - Gas (Pipeline And LNG)
Table: Gas Net Exports (Bahrain 2013-2018)
Table: Gas Net Exports (Bahrain 2019-2024)
Industry Risk Reward Index
Middle East Oil & Gas Risk/Reward Index
Table: BMI's Middle East Oil & Gas Risk/Reward Index (RRI)
Index Resilient In Lower Price Environment
Table: Middle East Upstream Oil & Gas Risk/Reward Index
Limited Opportunities Downstream
Table: Middle East Downstream Oil & Gas Risk/Reward Index
Bahrain - Risk/Reward Index
Market Overview
Bahrain Energy Market Overview
Oil And Gas Infrastructure
Oil Refineries
Table: Refineries In Bahrain
Oil Storage Facilities
Service Stations
Oil Pipelines
Gas Pipelines
Competitive Landscape
Competitive Landscape Summary
Table: Key Domestic And Foreign Companies In The Bahrain Oil & Gas Sector
Table: Key Upstream Players
Table: Key Downstream Players
Company Profile
Bahrain National Gas Company
Bahrain Petroleum Company
Chevron Bahrain
Occidental Petroleum
Other Summaries
Regional Overview
Middle East Oil & Gas Regional Overview
Oil Production - Low Oil Prices Not Preventing Growth
Oil Consumption - Demand Continues Unabated
Refining Capacity - Outcompeting With Modernity And Scale
Gas Production - Pressure To Produce
Gas Consumption - Gas Switch Boosting Demand
Global Industry Overview
Oil Price Outlook
Table: BMI And Bloomberg Consensus Forecasts* WTI And Brent, Front Month - USD/bbl
Table: 2015-2016 - Fundamental Pressure On Oil Prices
Appendix
Middle East - Regional Appendix
Table: Oil Consumption - Historical Data & Forecasts, 2012-2019 ('000b/d)
Table: Oil Consumption - Long-Term Forecasts, 2016-2024 ('000b/d)
Table: Oil Production - Historical Data & Forecasts, 2012-2019 ('000b/d)
Table: Oil Production - Long-Term Forecasts, 2016-2024 ('000b/d)
Table: Refining Capacity - Historical Data & Forecasts, 2012-2019 ('000b/d)
Table: Refining Capacity - Long-Term Forecasts, 2016-2024 ('000b/d)
Table: Gas Consumption - Historical Data & Forecasts, 2012-2019 (bcm)
Table: Gas Consumption, 2016-2024 (bcm)
Table: Gas Production - Historical Data & Forecasts, 2012-2019 (bcm)
Table: Gas Production - Long-Term Forecasts, 2016-2024 (bcm)
Table: Net LNG Exports - Historical Data & Forecasts, 2012-2019 (bcm)
Table: Net LNG Exports - Long-Term Forecasts, 2016-2024 (bcm)
Bahrain - Total Hydrocarbons, 10-Year Forecasts
Table: Total Hydrocarbons Production, Consumption And Net Exports (Bahrain 2013-2018)
Table: Total Hydrocarbons Production, Consumption And Net Exports (Bahrain 2019-2024)
Bahrain - Refined Products Breakdown, 10-Year Forecasts
Table: Refined Petroleum Products, Production Breakdown (Bahrain 2013-2018)
Table: Refined Petroleum Products, Production Breakdown (Bahrain 2019-2024)
Table: Refined Petroleum Products, Consumption Breakdown (Bahrain 2013-2018)
Table: Refined Petroleum Products, Consumption Breakdown (Bahrain 2019-2024)
Table: Refined Petroleum Products, Net Exports Breakdown (Bahrain 2013-2018)
Table: Refined Petroleum Products, Net Exports Breakdown (Bahrain 2019-2024)
Table: LPG Production, Consumption And Net Exports (Bahrain 2013-2018)
Table: LPG Production, Consumption And Net Exports (Bahrain 2019-2024)
Glossary
Table: Glossary Of Terms
Methodology
Industry Forecast Methodology
Source
Risk/Reward Index Methodology
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
Table: Weighting

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