Spain Oil & Gas Report

Providing expert analysis, independent forecasts and competitive intelligence on the oil and gas industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Oil & Gas Risk Reward Index, Market Summary, Economic Forecasts, Company Profiles, Competitive Landscape and Global and Regional Overview.

Why you should buy this report

  • Benefit from the latest market opportunities
  • Understand the threats to your operations and investments and protect your company against future risks
  • Gain insight on emerging trends that could support, strengthen or disrupt your activities in the market
  • Get a full view of the competitive landscape to assess your market position
×

Sign up to download the Spain Oil & Gas Report

By submitting this form you are acknowledging that you have read and understood our Privacy Policy.

Thank you for your interest

You will shortly receive your free executive summary by email.

Spain Oil & Gas Report
Product Price
$1,295.00

BMI View: Though we witnessed an uptick in upstream investment into conventional resources within Spain over the past several years, we expect domestic production of oil and gas will remain negligible . As such, we expect imports will meet approximately 99% of demand for the foreseeable future . Moreover, w e believe prospects for onshore unconventionals will remain limited as significant technical, economic, environmental and political obstacles preclude us from including further upstream development of shale gas resources within our forecast period.

Headline Forecasts (Spain 2013-2019)
2013 2014 2015f 2016f 2017f 2018f 2019f
e/f = BMI estimate/forecast. Source: EIA, BMI
Crude, NGPL & other liquids prod, 000b/d 8.3 7.4 7.0 6.7 6.5 6.5 6.4
Dry natural gas production, bcm 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Dry natural gas consumption, bcm 30.0 27.1 27.4 27.8 28.3 28.9 29.4
Refined products production, 000b/d 1,250.0 1,307.5 1,318.0 1,291.6 1,265.8 1,253.1 1,240.6
Refined products consumption & ethanol, 000b/d 1,241.8 1,208.4 1,215.6 1,220.8 1,201.7 1,172.0 1,165.9
Brent, USD/bbl 108.70 99.50 55.00 54.00 53.00 60.00 64.00

The main trends and developments we highlight in Spain's oil and gas sector are:

  • Prospects for conventional oil and gas discoveries remain poor, with insignificant existing volumes of oil reserves. Offshore opportunities took a hit in 2015 with withdrawals from Repsol and Cairn Energy. Above-ground regulatory and environmental hurdles along with local government opposition are the largest obstacles to upstream development, as evidenced by the recent success by environmental associations in the Gulf of Valencia . Political, regulatory and economic obstacles will most likely prevent shale gas from factoring into reserves within the forecast period.

  • With consumption forecast to continue dropping from 1.17mn b/d in 2014 to 1.12mn b/d in 2019 amid global overcapacity, the outlook for Spain's downstream appears bleak. There are no planned new refineries underway with crude oil refining capacity forecast to remain at 1.49mn b/d across our forecast period. Risks to this outlook are only to the downside, with ageing refineries unable to compete with the scale and efficiency of new generation capacity being built in the Middle East and Asia.

  • After years of strong refined fuels consumption declines, we forecast the decline will continue over the forecast period, albeit at a more modest pace, thanks to continued efficiency drives in the transport sector and a shrinking vehicle fleet.

  • Spain will remain a large net importer of crude oil over the next decade which will weigh on its overall trade balance. While the country will maintain its newly found refined fuels net exporter status over the forecast period, higher crude oil imports will maintain an overall trade deficit through 2024.

  • Natural gas consumption growth will begin to recover as Spain's macroeconomic dynamics improve, beginning in 2015. However, given relatively modest economic growth, we believe domestic demand will remain somewhat subdued over our forecast period relative to pre-economic crisis levels.

  • Spain will see growth in gas net imports over the forecast period after years of strong decline. As the Japanese energy situation normalises, we forecast LNG imports will progressively recover, and pipeline imports will stabilise. The global fall in gas prices will also support our forecast of steadily increasing LNG imports, reaching 24bcm by the end of our forecast period in 2024.

BMI Industry View
7
Table: Headline Forecasts (Spain 2013-2019)
7
SWOT
9
Oil & Gas SWOT
9
Industry Forecast
11
Upstream Exploration
11
Table: Proven Oil and Gas Reserves (Spain 2013-2018)
11
Table: Proven Oil and Gas Reserves (Spain 2019-2024)
11
Upstream Production - Oil
17
Table: Oil Production (Spain 2013-2018)
17
Table: Oil Production (Spain 2019-2024)
17
Upstream Production - Gas
20
Table: Gas Production (Spain 2013-2018)
20
Table: Gas Production (Spain 2019-2024)
20
Refining
23
Table: Refining Capacity and Refined Products Production (Spain 2013-2018)
23
Table: Refining Capacity and Refined Products Production (Spain 2019-2024)
23
Refined Fuels Consumption
25
Table: Refined Products Consumption* (Spain 2013-2018)
25
Table: Refined Products Consumption* (Spain 2019-2024)
25
Gas Consumption
27
Table: Gas Consumption (Spain 2013-2018)
27
Table: Gas Consumption (Spain 2019-2024)
27
Trade - Oil
29
Table: Crude Oil Net Exports (Spain 2013-2018)
29
Table: Crude Oil Net Exports (Spain 2019-2024)
29
Table: Refined Fuels Net Exports (Spain 2013-2018)
31
Table: Refined Fuels Net Exports (Spain 2019-2024)
31
Table: Total Net Oil Exports - Crude and Products (Spain 2013-2018)
32
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 Index
39
North America And Western Europe Oil & Gas Risk/Reward Index
39
Table: North America & Western Europe Oil & Gas Risk/Reward Index
39
Table: Oil & Gas Upstream Risk/Reward Index
40
Wide North America / Western Europe Upstream Gap To Remain
41
North America: Canada Losing Its Edge
41
Western Europe Languishes Without Shale Outlook
42
Downstream: US Comes Out Top
44
Table: Oil & Gas Downstream Risk/Reward Index
44
Spain - Risk/Reward Index
47
Spain Upstream Index
47
Spain Downstream Index
47
Market Overview
48
Spain Energy Market Overview
48
Overview/State Role
51
Licensing/Regulation
51
Government Policy
51
International Energy Relations
51
Oil & Gas Infrastructure
53
Oil Refineries
53
Table: Refineries In Spain
53
Service Stations
54
Oil Storage Facilities
54
Oil Terminals
54
Oil Pipelines
54
LNG Terminals
54
Table: Spain LNG Infrastructure
55
Gas Storage
56
Gas Pipelines
57
Competitive Landscape
59
Competitive Landscape Summary
59
Table: Key Players - Spanish Oil And Gas Sector
59
Table: Key Downstream Players
60
Company Profile
61
Repsol
61
Gas Natural Fenosa
67
Other Summaries
73
Regional Overview
77
North America And Western Europe Oil & Gas Regional Overview
77
Global Industry Overview
88
Global Energy Market Overview
88
Table: Top 10 Global Oil Producers - Crude Oil, Condensates & NGLs Production ('000b/d)
88
Table: Oil Production Growth 2015-2024* ('000b/d)
91
Table: Oil Production Growth 2015-2024* ('000b/d)
92
Appendix
94
Global - Crude Oil, Refined Fuels And Natural Gas Prices, 10-Year Forecasts
94
Table: Energy Price Forecasts (Global 2013-2018)
94
Table: Energy Price Forecasts (Global 2019-2024)
95
Developed Europe - Regional Appendix
96
Table: Oil Consumption - Historical Data And Forecasts, 2012-2019 ('000b/d)
96
Table: Oil Consumption - Long-Term Forecasts, 2016-2024 ('000b/d)
97
Table: Oil Production - Historical Data And Forecasts, 2012-2019 ('000b/d)
97
Table: Oil Production - Long-Term Forecasts, 2016-2024 ('000b/d)
98
Table: Refinery Capacity - Historical Data And Forecasts, 2012-2019 ('000b/d)
98
Table: Refining Capacity - Long-Term Forecasts, 2016-2024 ('000b/d)
99
Table: Gas Consumption - Historical Data And Forecasts, 2012-2019 (bcm)
100
Table: Gas Consumption - Long-Term Forecasts, 2016-2024 (bcm)
100
Table: Gas Production - Historical Data And Forecasts, 2012-2019 (bcm)
101
Table: Gas Production - Long-Term Forecasts, 2016-2024 (bcm)
101
Table: LNG Gas Imports (Exports) - Historical Data And Forecasts, 2012-2019 (bcm)
102
Table: LNG Gas Imports (Exports) - Long-Term Forecasts, 2016-2024 (bcm)
102
Spain - Total Hydrocarbons, 10-year Forecasts
103
Table: Total Hydrocarbons Production, Consumption and Net Exports (Spain 2013-2018)
103
Table: Total Hydrocarbons Production, Consumption and Net Exports (Spain 2019-2024)
103
Spain - Refined Products Breakdown, 10-year Forecasts
105
Table: Refined Petroleum Products, Production Breakdown (Spain 2013-2018)
105
Table: Refined Petroleum Products, Production Breakdown (Spain 2019-2024)
106
Table: Refined Petroleum Products, Consumption Breakdown (Spain 2013-2018)
107
Table: Refined Petroleum Products, Consumption Breakdown (Spain 2019-2024)
108
Table: Refined Petroleum Products, Net Exports Breakdown (Spain 2013-2018)
109
Table: Refined Petroleum Products, Net Exports Breakdown (Spain 2019-2024)
110
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.