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Spain Oil and Gas Report Q2 2016

Spain Oil and Gas Report Q2 2016

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. We expect imports will meet approximately 99% of demand for the foreseeable future. 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. The main trends and developments we highlight in Spain's oil and gas sector are:

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.

Iran announced in February 2016 plans to build a USD2bn oil refinery with a capacity of 120,000b/d. The National Iranian Oil Refining and Distribution Company (NIORDC) plans to cooperate with Spain's Magtel for the construction of the refinery in the Southern port city of Algeciras. At the moment, we do not include this within our forecast period given the lack of information regarding the project, the risks relating to the possibility of sanctions being put back into place should Iran breach the terms of the deal, the continued overcapacity issue in Western European refining market and Iran's limited financing availability. However, it is a risk we will follow closely.


BMI Industry View
Table: Headline Forecasts (Spain 2014-2020)
SWOT
Oil & Gas SWOT
Industry Forecast
Upstream Exploration
Latest Updates
Structural Trends
Upstream Production - Oil
Latest Updates
Structural Trends
Table: Oil Production (Spain 2014-2019)
Table: Oil Production (Spain 2020-2025)
Upstream Production - Gas
Latest Updates
Structural Trends
Table: Gas Production (Spain 2014-2019)
Table: Gas Production (Spain 2020-2025)
Refining
Latest Updates
Structural Trends
Table: Refining Capacity and Refined Products Production (Spain 2014-2019)
Table: Refining Capacity and Refined Products Production (Spain 2020-2025)
Refined Fuels Consumption
Latest Updates
Structural Trends
Table: Refined Products Consumption* (Spain 2014-2019)
Table: Refined Products Consumption* (Spain 2020-2025)
Gas Consumption
Latest Updates
Structural Trends
Table: Gas Consumption (Spain 2014-2019)
Table: Gas Consumption (Spain 2020-2025)
Trade - Oil
Crude Oil Trade Forecasts
Latest Updates
Structural Trends
Table: Crude Oil Net Exports (Spain 2014-2020)
Table: Crude Oil Net Exports (Spain 2020-2025)
Refined Fuels Trade Forecasts
Latest Updates
Structural Trends
Trade - Gas (Pipeline and LNG)
Latest Updates
Structural Trends
Table: Gas Net Exports (Spain 2014-2019)
Table: Gas Net Exports (Spain 2020-2025)
Industry Risk Reward Index
North America And Western Europe - Risk/Reward Index
Table: North America And Western Europe - Oil & Gas Risk/Reward Index
Upstream: North America To Maintain Lead
Table: North America And Western Europe - Upstream Risk/Reward Index
Downstream: US Widens Lead
Table: North America And Western Europe - Downstream Risk/Reward Index
Spain - Risk/Reward Index
Upstream Index
Downstream Index
Market Overview
Spain Energy Market Overview
Fiscal and Licensing Regime
Table: Spain Fiscal and Licensing Regime
Overview/State Role
Licensing/Regulation
Unconventionals
Oil & Gas Infrastructure
Oil Refineries
Table: Refineries In Spain
Oil Storage Facilities
Oil Terminals
Oil Pipelines
LNG Terminals
Table: Spain LNG Infrastructure
Gas Storage
Gas Pipelines
Competitive Landscape
Competitive Landscape Summary
Table: Key Players - Spanish Oil And Gas Sector
Table: Key Downstream Players
Company Profile
Repsol
Gas Natural Fenosa
Other Summaries
Regional Overview
North America And Western Europe Regional Overview
Table: North America - Key Regional Indicators, 2013-2024
Table: Western Europe - Key Regional Indicators, 2013-2024
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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