Spain Oil & Gas Report

Published 08 July 2015

  • 119 pages
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  • Includes 3 free updated quarterly reports
$1,295.00
Spain Oil & Gas Report

BMI View: Although current domestic production of oil and gas is negligible, with imports meeting around 99% of current demand, we are witnessing a gradual but notable uptick in investment targeting Spain's upstream. The acceleration of onshore and offshore activity could cut Spain's hefty import bill, but there are political and regulatory risks that hold sizeable downside risks to both conventional and unconventional efforts. However, the environment ministry has recently allowed deepwater drilling off the Canary Islands and the Supreme Court has granted Repsol the authorisation to start exploration after the permit had been legally challenged by local authorities. Despite this success, the company announced it had abandoned the project in January 2015 after initial exploration proved unsuccessful. In November 2013 the central government legalised the process of hydraulic fracturing. However, while we see brightening prospects for onshore unconventionals, this upside is unlikely to significantly alter production for within our forecast period: significant technical, environmental and political obstacles preclude us from including significant shale gas production within our forecast period.

Headline Forecasts (Spain 2013-2019)
2013 2014e 2015f 2016f 2017f 2018f 2019f
e/f = BMI estimate/forecast. Source: EIA, BMI
Crude, NGPL & other liquids prod, 000b/d 4.6 5.1 5.4 5.5 5.3 5.2 5.1
Dry natural gas production, bcm 0.1 0.1 0.1 0.1 0.1 0.1 0.0
Dry natural gas consumption, bcm 32.7 32.0 32.3 32.7 33.4 34.0 34.7
Refined products production & ethanol, 000b/d 1,147.5 1,200.3 1,209.9 1,185.7 1,162.0 1,150.4 1,138.9

Madrid filed a legal challenge to the fracking ban that the northern region of Cantabria had unanimously voted for in April 2013. In June 2014 the Constitutional Court rejected Cantabria's law, posing an upside risk to our...

BMI Industry View
7
Table: Headline Forecasts (Spain 2013-2019)
7
SWOT
10
Oil & Gas SWOT
10
Industry Forecast
12
Upstream Exploration
12
Table: Proven Oil and Gas Reserves (Spain 2013-2018)
12
Table: Proven Oil and Gas Reserves (Spain 2019-2024)
12
Upstream Production - Oil
18
Table: Oil Production (Spain 2013-2018)
18
Table: Oil Production (Spain 2019-2024)
18
Upstream Production - Gas
21
Table: Gas Production (Spain 2013-2018)
21
Table: Gas Production (Spain 2019-2024)
21
Refining
24
Table: Refining Capacity and Refined Products Production (Spain 2013-2018)
24
Table: Refining Capacity and Refined Products Production (Spain 2019-2024)
24
Refined Fuels Consumption
26
Table: Refined Products Consumption* (Spain 2013-2018)
26
Table: Refined Products Consumption* (Spain 2019-2024)
26
Gas Consumption
28
Table: Gas Consumption (Spain 2013-2018)
28
Table: Gas Consumption (Spain 2019-2024)
28
Trade - Oil
30
Table: Crude Oil Net Exports (Spain 2013-2018)
30
Table: Crude Oil Net Exports (Spain 2019-2024)
30
Table: Refined Fuels Net Exports (Spain 2013-2018)
31
Table: Refined Fuels Net Exports (Spain 2019-2024)
32
Table: Total Net Oil Exports - Crude and Products (Spain 2013-2018)
33
Table: Total Net Oil Exports - Crude and Products (Spain 2019-2024)
33
Trade - Gas (Pipeline and LNG)
34
Table: Gas Net Exports (Spain 2013-2018)
34
Table: Gas Net Exports (Spain 2019-2024)
34
Industry Risk Reward Ratings
39
North America And Western Europe Oil & Gas Risk/Reward Index
39
Table: North America & Western Europe Oil & Gas Risk/Reward Index
40
US More Resilient Than Canada To Oil Price Fall
40
Table: Oil & Gas Upstream Risk/Reward Index
41
Western Europe Languishes Without Shale Outlook
43
Downstream: US Comes Out Top
45
Table: Oil & Gas Downstream Risk/Reward Index
45
Spain - Risk/Reward Index
49
Spain Upstream Index
49
Spain Downstream Index
49
Market Overview
50
Spain Energy Market Overview
50
Overview/State Role
53
Licensing/Regulation
53
Government Policy
53
International Energy Relations
53
Oil & Gas Infrastructure
55
Oil Refineries
55
Table: Refineries In Spain
55
Service Stations
56
Oil Storage Facilities
56
Oil Terminals
56
Oil Pipelines
56
LNG Terminals
56
Table: Spain LNG Infrastructure
57
Gas Storage
58
Gas Pipelines
59
Competitive Landscape
61
Competitive Landscape Summary
61
Table: Key Players - Spanish Oil And Gas Sector
61
Table: Key Downstream Players
62
Company Profile
63
Repsol
63
Gas Natural Fenosa
69
Other Summaries
75
Regional Overview
79
North America And Western Europe Oil & Gas Regional Overview
79
Global Industry Overview
90
Oil Price Outlook
90
Table: BMI And Bloomberg Consensus Forecasts* WTI And Brent, Front Month - USD/bbl
90
Table: 2015-2016 - Fundamental Pressure On Oil Prices
91
Appendix
98
Developed Europe - Regional Appendix
98
Table: Oil Consumption - Historical Data And Forecasts, 2012-2019 ('000b/d)
98
Table: Oil Consumption - Long-Term Forecasts, 2016-2024 ('000b/d)
99
Table: Oil Production - Historical Data And Forecasts, 2012-2019 ('000b/d)
99
Table: Oil Production - Long-Term Forecasts, 2016-2024 ('000b/d)
100
Table: Refinery Capacity - Historical Data And Forecasts, 2012-2019 ('000b/d)
100
Table: Refining Capacity - Long-Term Forecasts, 2016-2024 ('000b/d)
101
Table: Gas Consumption - Historical Data And Forecasts, 2012-2019 (bcm)
101
Table: Gas Consumption - Long-Term Forecasts, 2016-2024 (bcm)
102
Table: Gas Production - Historical Data And Forecasts, 2012-2019 (bcm)
102
Table: Gas Production - Long-Term Forecasts, 2016-2024 (bcm)
103
Table: LNG Gas Imports (Exports) - Historical Data And Forecasts, 2012-2019 (bcm)
103
Table: LNG Gas Imports (Exports) - Long-Term Forecasts, 2016-2024 (bcm)
104
Spain - Total Hydrocarbons, 10-year Forecasts
104
Table: Total Hydrocarbons Production, Consumption and Net Exports (Spain 2013-2018)
104
Table: Total Hydrocarbons Production, Consumption and Net Exports (Spain 2019-2024)
105
Spain - Refined Products Breakdown, 10-year Forecasts
105
Table: Refined Petroleum Products, Production Breakdown (Spain 2013-2018)
106
Table: Refined Petroleum Products, Production Breakdown (Spain 2019-2024)
107
Table: Refined Petroleum Products, Consumption Breakdown (Spain 2013-2018)
108
Table: Refined Petroleum Products, Consumption Breakdown (Spain 2019-2024)
109
Table: Refined Petroleum Products, Net Exports Breakdown (Spain 2013-2018)
110
Table: Refined Petroleum Products, Net Exports Breakdown (Spain 2019-2024)
111
Glossary
112
Table: Glossary Of Terms
112
Methodology
114
Industry Forecast Methodology
114
Source
116
Risk/Reward Index Methodology
116
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
118
Table: Weighting
119

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

Key Benefits

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