Equatorial Guinea Oil & Gas Report

Published 09 February 2015

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

BMI View: Equatorial Guinea's oil output will continue to see marginal gains in 2015 on the back of several smaller projects. However, maturing fields and lack of new significant discoveries will continue to push the production volumes lower past 2015. Nonetheless, we note an upside risk to our forecast as we have witnessed an increasing interest in West Africa's deepwater potential over the recent years.

Headline Forecasts (Equatorial Guinea 2013-2019)
2013 2014e 2015f 2016f 2017f 2018f 2019f
e/f = BMI estimate/forecast. Source: EIA, BMI
Crude, NGPL & other liquids prod, 000b/d 290.0 345.0 357.5 351.7 349.5 347.4 345.3
Refined products production & ethanol, 000b/d 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Refined products consumption & ethanol, 000b/d 2.3 2.8 2.7 2.6 2.6 2.5 2.4
Dry natural gas production, bcm 6.7 6.5 6.3 6.2 6.4 8.2 8.2
Dry natural gas consumption, bcm 1.7 1.6 1.5 1.4 1.4 1.4 1.4

Key Trends And Developments:

  • In early January 2015, Nigeria-based energy firm Taleveras Group entered an agreement with the Equatorial Guinea government to construct an oil storage hub at Punta Europa on the island of Bioko. The facility will have a total capacity of 1.34mn tonnes of storage for crude oil and products including gasoline, naphtha, jet fuel and fuel oil. The storage facility will be the largest crude and products storage facility in Africa.

  • In early November 2014, UK-based Ophir Energy agreed fiscal terms for its Block R gas production sharing contract (PSC) in Equatorial Guinea with the country's Ministry of Mines, Industry and Energy. The amendment establishes gas fiscal terms within the PSC and a fiscal system for the floating liquefied natural gas (FLNG) operation. Upstream front-end engineering design is planned for early 2015 with first gas expected in 2019.

  • In late October 2014, Ophir Energy...

Table of Contents

BMI Industry View
7
Table: Headline Forecasts (Equatorial Guinea 2012-2018)
7
SWOT
9
Oil & Gas SWOT
9
Industry Forecast
10
Upstream Exploration
10
Table: Proven Oil and Gas Reserves (Equatorial Guinea 2012-2017)
10
Table: Proven Oil and Gas Reserves (Equatorial Guinea 2018-2023)
10
Upstream Projects
14
Table: Equatorial Guinea Major Upstream Projects
14
Upstream Production - Oil
16
Table: Oil Production (Equatorial Guinea 2012-2017)
16
Table: Oil Production (Equatorial Guinea 2018-2023)
16
Upstream Production - Gas
20
Table: Gas Production (Equatorial Guinea 2012-2017)
20
Table: Gas Production (Equatorial Guinea 2018-2023)
20
Table: Block R 2012 Drilling Results
23
Refining
24
Table: Refining Capacity and Refined Products Production (Equatorial Guinea 2012-2017)
24
Table: Refining Capacity and Refined Products Production (Equatorial Guinea 2018-2023)
24
Refined Fuels Consumption
25
Table: Refined Products Consumption* (Equatorial Guinea 2012-2017)
25
Table: Refined Products Consumption* (Equatorial Guinea 2018-2023)
25
Gas Consumption
27
Table: Gas Consumption (Equatorial Guinea 2012-2017)
27
Table: Gas Consumption (Equatorial Guinea 2018-2023)
27
Trade - Oil
29
Table: Crude Oil Net Exports (Equatorial Guinea 2012-2017)
29
Table: Crude Oil Net Exports (Equatorial Guinea 2018-2023)
29
Table: Refined Fuels Net Exports (Equatorial Guinea 2012-2017)
31
Table: Refined Fuels Net Exports (Equatorial Guinea 2018-2023)
31
Table: Total Net Oil Exports - Crude and Products (Equatorial Guinea 2012-2017)
33
Table: Total Net Oil Exports - Crude and Products (Equatorial Guinea 2018-2023)
33
Trade - Gas (Pipeline and LNG)
34
Table: Gas Net Exports (Equatorial Guinea 2012-2017)
34
Table: Gas Net Exports (Equatorial Guinea 2018-2023)
34
Table: Resource Requirements For LNG Options
38
Industry Risk Reward Ratings
41
Equatorial Guinea Risk/Reward Ratings
41
Equatorial Guinea Upstream Rating - Overview
41
Equatorial Guinea Downstream Rating - Overview
41
Africa - Risk/Reward Index
42
Table: BMI's Africa Oil And Gas Risk/Reward Index
42
Above-ground Risks Dampen The Outlook
44
Table: BMI's Africa Upstream Risk/Reward Index
44
Emergent Producers Stumble At Regulatory Hurdles
45
Mature Producers Continue To Underperform Their Potential
46
An Underwhelming Downstream
47
Table: BMI's Africa Downstream Risk/Reward Index
47
Market Overview
50
Oil and Gas Infrastructure
50
Oil Refineries
50
Table: Downstream Projects
50
Service Stations
51
Oil Terminals
51
Oil Pipelines
51
LNG Terminals
51
Table: Equatorial Guinea LNG Infrastructure
52
Equatorial Guinea Energy Market Overview
53
Overview/State Role
55
Licensing And Regulation
55
Government Policy
55
Licensing Rounds
56
International Energy Relations
56
Competitive Landscape
58
Competitive Landscape Summary
58
Table: Key Players - Equatorial Guinea Energy Sector
59
Company Profile
60
GEPetrol
60
ExxonMobil
63
Marathon Oil
65
Other Summaries
69
Regional Overview
74
Africa Overview
74
Lower Risk Appetite Slowing Exploration Drive
74
Unconventionals: New Frontier
77
East Africa: Offshore Gas, Onshore Oil
78
High-Risk Continent
80
Downstream Blues
82
Global Industry Overview
85
Table: Key US Production Zones Average Full Cycle Breakeven Cost Per Barrel (USD/bbl)
87
Table: Canadian Oil Sands Average Full Cycle Breakeven Cost Per Barrel (USD/bbl)
88
Table: Middle East Onshore Conventional Breakeven Cost Per Barrel, (USD/BBL)
89
Table: Average Fiscal Breakeven Prices Of Key Middle East Producers 2014 (USD/bbl)
89
Appendix
91
Global - Crude Oil, Refined Fuels And Natural Gas Prices, 10-year Forecasts
91
Table: Energy Price Forecasts ( Global 2012-2017)
91
Table: Energy Price Forecasts (Global 2018-2023)
92
Africa - Regional Appendix
94
Table: Oil Consumption - Historical Data & Forecasts, 2011-2018 ('000b/d)
94
Table: Oil Consumption - Long-Term Forecasts, 2015-2023 ('000b/d)
95
Table: Oil Production - Historical Data & Forecasts, 2011-2018 ('000b/d)
95
Table: Oil Production - Long-Term Forecasts, 2015-2023 ('000b/d)
96
Table: Refining Capacity - Historical Data & Forecasts, 2011-2018 ('000b/d)
97
Table: Refining Capacity - Long-Term Forecasts, 2015-2023 ('000b/d)
97
Table: Gas Consumption - Historical Data & Forecasts, 2011-2018 (bcm)
98
Table: Gas Consumption - Long-Term Forecasts, 2015-2023 (bcm)
99
Table: Gas Production - Historical Data & Forecasts, 2011-2018 (bcm)
100
Table: Gas Production - Long-Term Forecasts, 2015-2023 (bcm)
100
Table: LNG Net Exports - Historical Data & Forecasts, 2011-2018 (bcm)
101
Table: LNG Net Exports - Long-Term Forecasts, 2015-2023 (bcm)
102
Equatorial Guinea - Total Hydrocarbons, 10-year Forecasts
103
Table: Total Hydrocarbons Production, Consumption and Net Exports (Equatorial Guinea 2012-2017)
103
Table: Total Hydrocarbons Production, Consumption and Net Exports (Equatorial Guinea 2018-2023)
103
Equatorial Guinea - Refined Products Breakdown, 10-Year Forecasts
104
Table: Refined Petroleum Products, Production Breakdown (Equatorial Guinea 2012-2017)
104
Table: Refined Petroleum Products, Production Breakdown (Equatorial Guinea 2018-2023)
105
Table: Refined Petroleum Products, Consumption Breakdown (Equatorial Guinea 2012-2017)
105
Table: Refined Petroleum Products, Consumption Breakdown (Equatorial Guinea 2018-2023)
106
Table: Refined Petroleum Products, Net Exports Breakdown (Equatorial Guinea 2012-2017)
107
Table: Refined Petroleum Products, Net Exports Breakdown (Equatorial Guinea 2018-2023)
108
Glossary
110
Table: Glossary Of Terms
110
Methodology
112
Industry Forecast Methodology
112
Source
114
Risk/Reward Index Methodology
114
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
116
Table: Weighting
117

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

Key Benefits

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

secure
Benefit from discounts when you add multiple products to your basket
2 Products SAVE 10%
3 Products SAVE 15%
4 Products SAVE 20%
5 Products SAVE 25%
6 Products SAVE 30%
7 - 20 Products SAVE 35%
21 Products or more SAVE 40%

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