Argentina Oil & Gas Report

Published 13 April 2015

  • 133 pages
  • Instant access to your report online and PDF format through your account library
  • Includes 3 free updated quarterly reports
 
$1,295.00
Argentina Oil & Gas Report

BMI View : Highly p rospective acreage, a strengthening competitive landscape and supportive pricing dynamics will help insulate the Argentine shale sector from aggressive claw backs in industry spending. A shift toward a more centrist government after the Octo ber 2015 presidential election will open up significant investment opportunities in Argentina, particularly within the oil and gas sector. As such, t he core Neuquen shale province will continue in its strong growth trajectory, although the more peripheral shale formations will see limited investment. Increased investment and a growing exploration drive point to a marked improvement in investor sentiment, and we expect this trend to continue over the next several quarters.

Headline Forecasts (Argentina 2013-2019)
2013 2014e 2015f 2016f 2017f 2018f 2019f
e/f = BMI estimate/forecast. Source: EIA, BMI
Crude, NGPL & other liquids prod, 000b/d 691.0 697.9 704.9 713.0 722.4 733.0 744.9
Refined products production & ethanol, 000b/d 519.0 524.2 529.5 537.4 545.5 553.7 564.7
Refined products consumption & ethanol, 000b/d 792.8 801.5 810.2 845.7 904.4 973.1 1,061.5
Dry natural gas production, bcm 35.5 36.2 36.9 38.0 39.2 40.7 42.3
Dry natural gas consumption, bcm 45.7 46.4 46.8 47.9 49.3 50.7 52.3

The main trends and developments we highlight in the Argentine oil and gas sector are:

  • Argentina's real GDP will contract in 2015 as currency controls and high levels of inflation weaken real wages and discourage fixed asset investment. In 2016, the country's economy will return to positive growth as a new government encourages an expansion of business-friendly policies, with the oil and gas sector emerging as a main beneficiary.

  • The government, at both the federal and provincial level, has been enacting a programme of reform to improve both fiscal and...

Table of Contents

BMI Industry View
7
Table: Headline Forecasts (Argentina 2012-2018)
7
SWOT
9
Oil & Gas SWOT
9
Industry Forecast
11
Upstream Exploration
11
Table: Proven Oil and Gas Reserves (Argentina 2012-2017)
11
Table: Proven Oil and Gas Reserves (Argentina 2018-2023)
11
Table: Amended Hydrocarbons Law
13
Upstream Projects
15
Table: Argentina Major Upstream Projects
15
Upstream Production - Oil
16
Table: Oil Production (Argentina 2012-2017)
16
Table: Oil Production (Argentina 2018-2023)
16
Upstream Production - Gas
19
Table: Gas Production (Argentina 2012-2017)
19
Table: Gas Production (Argentina 2018-2023)
19
Refining
22
Table: Refining Capacity and Refined Products Production (Argentina 2012-2017)
22
Table: Refining Capacity and Refined Products Production (Argentina 2018-2023)
22
Gas Consumption
24
Table: Gas Consumption (Argentina 2012-2017)
24
Table: Gas Consumption (Argentina 2018-2023)
24
Trade - Oil
26
Table: Crude Oil Net Exports (Argentina 2012-2017)
26
Table: Crude Oil Net Exports (Argentina 2018-2023)
26
Table: Refined Fuels Net Exports (Argentina 2012-2017)
28
Table: Refined Fuels Net Exports (Argentina 2018-2023)
28
Table: Total Net Oil Exports - Crude and Products (Argentina 2012-2017)
29
Table: Total Net Oil Exports - Crude and Products (Argentina 2018-2023)
30
Trade - Gas (Pipeline and LNG)
31
Table: Gas Net Exports (Argentina 2012-2017)
31
Table: Gas Net Exports (Argentina 2018-2023)
31
Industry Risk Reward Ratings
34
Latin America - Risk/Reward Index
34
Table: Latin America Composite Risk/Reward Index, Out of 100
34
Upstream Risk/Reward Index: Reforms Prompting A Shake Up
36
Table: Latin America Upstream Risk/Reward Index
37
Downstream: Medium-Term Outlook Reinforces Current Dynamics
40
Table: Latin America Downstream Risk/Reward Index
42
Argentina - Risk/Reward Index
43
Argentina Upstream Ratings
43
Argentina Downstream Ratings
44
Market Overview
45
Argentina Energy Market Overview
45
Overview/State Role
45
Licensing And Regulation
45
Government Policy
46
Licensing Rounds
47
International Energy Relations
48
Argentina - Major Upstream Projects
51
Table: Argentina - Upstream Projects Database
51
Oil And Gas Infrastructure
51
Oil Refineries
51
Table: Refineries In Argentina
52
Service Stations
53
Oil Terminals/Ports
53
Oil Pipelines
53
LNG Terminals
54
Gas Storage
55
Gas Pipelines
55
Competitive Landscape
58
Competitive Landscape Summary
58
Table: Key Players - Argentine Oil And Gas Sector
59
Table: Key Upstream Players
60
Table: Key Downstream Players
60
Company Profile
61
YPF
61
Petrobras
66
Chevron
69
Total
72
ExxonMobil
76
Royal Dutch Shell
79
Other Summaries
81
Regional Overview
86
Latin America Overview
86
Global industry overview
94
Global Industry Overview
94
Table: Key US Production Zones Average Full Cycle Breakeven Cost Per Barrel (USD/bbl)
96
Table: Canadian Oil Sands Average Full Cycle Breakeven Cost Per Barrel (USD/bbl)
97
Table: Middle East Onshore Conventional Breakeven Cost Per Barrel, (USD/BBL)
98
Table: Average Fiscal Breakeven Prices Of Key Middle East Producers 2014 (USD/bbl)
98
Appendix
100
Global - Crude Oil, Refined Fuels and Natural Gas Prices, 10-year Forecasts
100
Table: Energy Price Forecasts, 2012-2017 (Argentina 2012-2017)
100
Table: Energy Price Forecasts, 2018-2023 (Argentina 2018-2023)
101
Latin America - Regional Appendix
102
Table: Oil Consumption - Historical Data & Forecasts, 2011-2018 ('000b/d)
102
Table: Oil Consumption - Long Term Forecasts, 2015-2023 ('000b/d)
104
Table: Oil Production - Historical Data & Forecasts, 2011-2018 ('000b/d)
104
Table: Oil Production - Long-Term Forecasts, 2015-2023 ('000b/d)
105
Table: Refining Capacity - Historical Data & Forecasts, 2011-2018 ('000b/d)
106
Table: Refining Capacity - Long-Term Forecasts, 2015-2023 ('000b/d)
106
Table: Gas Consumption - Historical Data & Forecasts, 2011-2018 (bcm)
107
Table: Gas Consumption - Long-Term Forecasts, 2015-2023 (bcm)
107
Table: Gas Production - Historical Data & Forecasts, 2011-2018 (bcm)
108
Table: Gas Production - Long-Term Forecasts, 2015-2023 (bcm)
109
Table: LNG Exports - Historical Data & Forecasts, 2011-2018 (bcm)
109
Table: LNG Exports - Long-Term Forecasts, 2015-2023 (bcm)
110
Argentina - Total Hydrocarbons, 10-year Forecasts
111
Table: Total Hydrocarbons Production, Consumption and Net Exports (Argentina 2012-2017)
111
Table: Total Hydrocarbons Production, Consumption and Net Exports (Argentina 2018-2023)
111
Argentina - Refined Products Breakdown, 10-year Forecasts
112
Table: Refined Petroleum Products, Production Breakdown (Argentina 2012-2017)
112
Table: Refined Petroleum Products, Production Breakdown (Argentina 2018-2023)
113
Table: Refined Petroleum Products, Consumption Breakdown (Argentina 2012-2017)
114
Table: Refined Petroleum Products, Consumption Breakdown (Argentina 2018-2023)
115
Table: Refined Petroleum Products, Net Exports Breakdown (Argentina 2012-2017)
116
Table: Refined Petroleum Products, Net Exports Breakdown (Argentina 2018-2023)
117
Table: LPG Production, Consumption and Net Exports (Argentina 2012-2017)
118
Table: LPG Production, Consumption and Net Exports (Argentina 2018-2023)
119
Glossary
120
Table: Glossary Of Terms
120
Methodology
122
Industry Forecast Methodology
122
Source
124
Risk/Reward Index Methodology
124
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
126
Table: Weighting
127

The Argentina Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for Argentina 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 Argentina Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Argentinian oil and gas industry.

Key Benefits

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

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the upstream and downstream sectors and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series and forecasts to end-2024 for all key industry indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecast:

  • Pricing: Oil price (USD/bbl, WTI, Brent, OPEC basket, Urals); oil products prices (unleaded gasoline, gasoil/diesel, jet/kerosene – USD/bbl) at global hubs.
  • Production, Consumption, Capacity & Reserves: Proven oil reserves (bn barrels), production, consumption, refinery capacity and throughputs (‘000b/d); proven gas reserves (tcm), production and consumption (bcm) and fuels trade.
  • Imports & Exports: Crude oil exports/imports (‘000s b/d) and value of crude oil trade in USD. Fuels exports/imports (‘000s b/d) and value of fuels trade in USD. Natural gas imports/exports (bcm), by pipeline and/or LNG, and value of natural gas trade.

BMI’s Oil & Gas Risk Reward Index

BMI’s Risk Reward Indices provide investors (independents, NOCs, IOCs, oil services companies) looking for opportunities in the region with a clear country-comparative assessment of the upstream and downstream market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.

Market Overview

A profile of the upstream and downstream sectors, including analysis of reserves, output, consumption and trade of energy products; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.

Competitive landscape

Comparative company analyses by USD 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.

Regional Overview

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

Global Oil Market & 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-2024 for oil, gas and oil products.

Sources

The Oil & gas Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.

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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