Romania Oil & Gas Report

Published 26 August 2015

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

BMI View: Field redevelopments will prop up oil and gas production to 2017 with longer-term growth driven by Black Sea projects. The refining sector continues to modernise but downsize in order to remain competitive.

Headline Forecasts (Romania 2013-2019)
2013 2014e 2015f 2016f 2017f 2018f 2019f
e/f = BMI estimate/forecast. Source: BMI, JODI, EIA
Crude, NGPL & other liquids prod, 000b/d 92.4 89.2 89.3 86.6 86.2 82.9 80.1
Dry natural gas production, bcm 9.5 9.6 9.5 9.4 9.2 9.0 9.4
Dry natural gas consumption, bcm 11.6 11.4 11.1 11.0 11.0 11.1 11.2
Refined products production & ethanol, 000b/d 160.9 208.1 209.1 210.2 209.8 209.3 208.5
Refined products consumption & ethanol, 000b/d 192.4 190.9 191.4 192.2 192.0 193.9 195.6

The main trends and developments for Romania's oil and gas sector include:

  • OMV Petrom is conducting an extensive redevelopment of 12 oil and gas fields in order to mitigate production decline. The 60-year-old Tazlau field will see a USD38bn redevelopment over 2015.

  • OMV also committed USD42mn to well workovers and infill drilling on the Independenta oil field.

  • Romanian oil imports will increase driven by higher refining throughput in 2015 and 2016, and lower domestic production over the longer-term.

  • ExxonMobil and OMV are continuing the five-well drilling programme in the Neptun block. Following the completion of the Pelican South and Dolphin wells, the final Flamingo well is due to be drilled over H215.

  • The conclusion of the Neptun drilling programme should support a final investment decision on the Domino project in 2016. This will make Romania a net gas exporter from 2020.

  • Lukoil expects to drill two exploration wells in the Trident block in the Black Sea before the end of 2015.

  • Household gas prices increased between 5% and 8% from July 1 as Romania's gas market...

BMI Industry View
7
Table: Headline Forecasts (Romania 2013-2019)
7
SWOT
9
Oil & Gas SWOT
9
Industry Forecast
11
Upstream Exploration
11
Table: Proven Oil and Gas Reserves (Romania 2013-2018)
11
Table: Proven Oil and Gas Reserves (Romania 2019-2024)
11
Upstream Projects
15
Table: Romania Major Upstream Projects
15
Upstream Production - Oil
17
Table: Oil Production (Romania 2013-2018)
17
Table: Oil Production (Romania 2019-2024)
17
Upstream Production - Gas
20
Table: Gas Production (Romania 2013-2018)
20
Table: Gas Production (Romania 2019-2024)
20
Refining
23
Table: Refining Capacity and Refined Products Production (Romania 2013-2018)
23
Table: Refining Capacity and Refined Products Production (Romania 2019-2024)
23
Refined Fuels Consumption
26
Table: Refined Products Consumption* (Romania 2013-2018)
26
Table: Refined Products Consumption* (Romania 2019-2024)
26
Gas Consumption
28
Table: Gas Consumption (Romania 2013-2018)
28
Table: Gas Consumption (Romania 2019-2024)
28
Trade - Oil
30
Table: Crude Oil Net Exports (Romania 2013-2018)
30
Table: Crude Oil Net Exports (Romania 2019-2024)
30
Table: Refined Fuels Net Exports (Romania 2013-2018)
31
Table: Refined Fuels Net Exports (Romania 2019-2024)
32
Table: Total Net Oil Exports - Crude and Products (Romania 2013-2018)
33
Table: Total Net Oil Exports - Crude and Products (Romania 2019-2024)
33
Trade - Gas (Pipeline and LNG)
34
Table: Gas Net Exports (Romania 2013-2018)
34
Table: Gas Net Exports (Romania 2019-2024)
34
Industry Risk Reward Ratings
38
Romania Risk/Reward Index
38
Romania Upstream Index - Overview
38
Romania Upstream Index - Rewards
38
Romania Upstream Index - Risks
39
Romania Downstream Index - Overview
39
Central And Eastern Europe Oil & Gas Risk/Reward Index
40
Table: CEE: High Risk, Low Reward
40
Table: CEE Upstream, Downstream And Overall Risk/Reward Index
41
Upstream: Sending Gas To China
41
Regional Minnows Holding Up
43
Table: CEE Upstream Risk/Reward Index
44
Downstream: Turkish Star Shines In Weak Market
44
Table: CEE Downstream Risk/Reward Index
45
Market Overview
48
Romania Energy Market Overview
48
Licensing And Regulation
48
Fiscal Regime
48
Table: Key Tax Rates Of Romanian Oil And Gas
48
Government Policy
49
Licensing Rounds
50
Oil And Gas Infrastructure
52
Oil Refineries
52
Table: Refineries In Romania
52
Service Stations
55
Oil Terminals
55
Oil Pipelines
55
Gas Storage
56
Gas Pipelines
56
Competitive Landscape
58
Competitive Landscape Summary
58
Table: Key Players - Romania Oil & Gas Sector
59
Table: Key Upstream Players
60
Table: Key Downstream Players
60
Company Profile
61
OMV Petrom
61
Romgaz
68
Lukoil
72
Rompetrol
76
Other Summaries
80
Regional Overview
85
Central and Eastern Europe Oil & Gas Regional Overview
85
Oil Production: Caspian Leads Growth
85
Oil Consumption: Regional Demand Increasing
86
Refining Capacity: Outlook Remains Weak
87
Natural Gas Production: Ramping-Up For 2020 Targets
88
Gas Consumption: Soft Demand Supports Exports
89
Global Industry Overview
91
Oil Price Outlook
91
Table: BMI And Bloomberg Consensus Forecasts* WTI And Brent, Front Month - USD/bbl
91
Table: 2015-2016 - Fundamental Pressure On Oil Prices
92
Appendix
99
Global - Crude Oil, Refined Fuels And Natural Gas Prices, 10-year Forecasts
99
Table: Energy Price Forecasts, 2013-2018
99
Table: Energy Price Forecasts, 2019-2024 ( Global 2019-2024)
100
Central And Eastern Europe - Regional Appendix
101
Table: Oil Consumption - Historical Data & Forecasts, 2012-2019 ('000b/d)
101
Table: Oil Consumption - Long-Term Forecasts, 2016-2024 ('000b/d)
102
Table: Oil Production - Historical Data & Forecasts, 2012-2019 ('000b/d)
103
Table: Oil Production - Long-Term Forecasts, 2016-2024 ('000b/d)
103
Table: Refining Capacity - Historical Data & Forecasts, 2012-2019 ('000b/d)
104
Table: Refining Capacity - Long-Term Forecasts, 2016-2024 ('000b/d)
105
Table: Gas Consumption - Historical Data & Forecasts, 2012-2019 (bcm)
105
Table: Gas Consumption - Long-Term Forecasts, 2016-2024 (bcm)
106
Table: Gas Production - Historical Data & Forecasts, 2012-2019 (bcm)
107
Table: Gas Production - Long-Term Forecasts, 2016-2024 (bcm)
107
Table: LNG Exports - Historical Data & Forecasts, 2012-2019 (bcm)
108
Table: Net LNG Exports - Long-Term Forecasts, 2016-2024 (bcm)
109
Romania - Total Hydrocarbons, 10-year Forecasts
110
Table: Total Hydrocarbons Production, Consumption and Net Exports (Romania 2013-2018)
110
Table: Total Hydrocarbons Production, Consumption and Net Exports (Romania 2019-2024)
110
Romania - Refined Products Breakdown, 10-year Forecasts
112
Table: Refined Petroleum Products, Production Breakdown (Romania 2013-2018)
112
Table: Refined Petroleum Products, Production Breakdown (Romania 2019-2024)
113
Table: Refined Petroleum Products, Consumption Breakdown (Romania 2013-2018)
114
Table: Refined Petroleum Products, Consumption Breakdown (Romania 2019-2024)
115
Table: Refined Petroleum Products, Net Exports Breakdown (Romania 2013-2018)
116
Table: Refined Petroleum Products, Net Exports Breakdown (Romania 2019-2024)
117
Glossary
119
Table: Glossary Of Terms
119
Methodology
121
Industry Forecast Methodology
121
Source
123
Risk/Reward Index Methodology
123
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
125
Table: Weighting
126

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

Key Benefits

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