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United Arab Emirates Oil and Gas Report Q2 2016

United Arab Emirates Oil and Gas Report Q2 2016

BMI View: While the government will fall short of its 3.5mn b/d production target for 2020, oil productionis set for significant growth over the coming three to five years. The outlook on gas is more bearish, due tothe high cost and technically challenging nature of the country's non-associated gas resource base. Risinggas reinjection into the UAE's maturing oilfields will also undercut marketable production over the longerterm. The consumption outlook for both oil and gas is strong, although ongoing subsidy reform willsomewhat temper growth. The UAE will grow increasingly dependent on imports of pipeline gas and LNGacross the forecast period. However, it is set to become a net exporter of fuels from 2016 due to theexpansion at Ruwais.We highlight the following trends and developments in the UAE's oil & gas sector:

A number of projects under development will boost oil and gas production in the coming years. However,the UAE is heavily reliant on maturing oil fields and accelerated depletion rates in a lower oil priceenvironment remain a risk to the sector.

The UAE holds little unexplored territory and the space for a major new discovery is limited; reserveswill be supported by continued improvement in recovery rates.

Refined fuels consumption growth is set to remain strong, despite ongoing subsidy reform. The impact ofreforms will be somewhat blunted in the short run by the sharp fall in international oil prices and asustained uptrend in vehicle sales.

Gas consumption growth will remain strong, although the pace of growth will slow progressively due toincreased electricity tariffs and diversification of the domestic power mix towards nuclear andrenewables.


BMI Industry View
Table: Headline Forecasts (United Arab Emirates 2014-2020)
SWOT
Industry Forecast
Upstream Exploration
Latest Updates
Structural Trends
Upstream Projects
Table: United Arab Emirates Major Upstream Projects
Upstream Production - Oil
Latest Updates
Structural Trends
Table: Oil Production (United Arab Emirates 2014-2019)
Table: Oil Production (United Arab Emirates 2020-2025)
Upstream Production - Gas
Latest Updates
Structural Trends
Table: Gas Production (United Arab Emirates 2014-2019)
Table: Gas Production (United Arab Emirates 2020-2025)
Refining
Latest Updates
Structural Trends
Table: Refining Capacity and Refined Products Production (United Arab Emirates 2014-2019)
Table: Refining Capacity and Refined Products Production (United Arab Emirates 2020-2025)
Refined Fuels Consumption
Latest Updates
Structural Trends
Table: Refined Products Consumption* (United Arab Emirates 2014-2019)
Table: Refined Products Consumption* (United Arab Emirates 2020-2025)
Gas Consumption
Latest Updates
Structural Trends
Table: Gas Consumption (United Arab Emirates 2014-2019)
Table: Gas Consumption (United Arab Emirates 2020-2025)
Trade - Oil
Latest Updates
Structural Trends: Crude Oil
Table: Crude Oil Net Exports (United Arab Emirates 2014-2020)
Table: Crude Oil Net Exports (United Arab Emirates 2020-2025)
Structural Trends: Refined Fuels
Table: Refined Fuels Net Exports (United Arab Emirates 2014-2019)
Table: Refined Fuels Net Exports (United Arab Emirates 2020-2025)
Trade - Gas (Pipeline & LNG)
Latest Updates
Structural Trends
Table: Gas Net Exports (United Arab Emirates 2014-2019)
Table: Gas Net Exports (United Arab Emirates 2020-2025)
Industry Risk/Reward Index
Middle East - Oil & Gas Risk/Reward Index
Table: Middle East Oil & Gas Risk/Reward Index
Upstream: Index Resilient In Lower Price Environment
Table: Middle East Upstream Oil & Gas Risk/Reward Index
Downstream: Limited Opportunities
Table: Middle East Downstream Oil & Gas Risk/Reward Index
UAE - Risk/Reward Index
UAE Upstream Index
UAE Downstream Index
Market Overview
United Arab Emirates Energy Market Overview
Regulatory Structure
Fiscal Regime
Table: UAE Main Fiscal Terms
Licensing Regime
Oil And Gas Infrastructure
Oil Refineries
Table: Refineries In The UAE
Oil Export Terminals
Table: UAE Export Terminals
Competitive Landscape
Competitive Landscape Summary
Table: Key Domestic And Foreign Companies In The UAE's Oil & Gas Sector
Company Profile
ADNOC
BP
Dolphin Energy
Emarat
ENOC
ExxonMobil
Royal Dutch Shell
Total
Other Summaries
Regional Overview
Middle East Oil And Gas Regional Overview
Oil Production: Weak Prices Have Limited Impact On Growth
Oil Consumption: Gradual Subsidy Reform To Temper Demand Growth
Refining Capacity: 2mn b/d Of New Capacity By 2020
Gas Production: Low Oil Prices Hinder Gas Progress
Gas Consumption: Switch To Gas Power Will Boost Demand
Table: Middle East - Oil And Gas Production, Refining Capacity And Trade (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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