Taiwan 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.

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Taiwan Oil & Gas Report
Product Price
$1,295.00

BMI View: Taiwan ' s refining capacity will see a net reduction of 70,000b/d, with the closure of the Kaohsiung refinery and expansion of the Dalin refinery. Domestic production will be ramped up to reduce the island ' s reliance on refined fuels imports. Taiwan ' s LNG imports will increase as its installed gas-fired generation capacity is expanding. Additional regasification capacity and LNG supplies post-2020 will be needed to support higher gas consumption.

Headline Forecasts (Taiwan 2014-2020)
2014 2015e 2016f 2017f 2018f 2019f 2020f
e/f = BMI estimate/forecast. Source: National Sources, BMI
Crude, NGPL & other liquids prod, 000b/d 1.7 1.7 1.7 1.7 1.7 1.7 1.7
Refined products production, 000b/d 874.6 857.1 814.2 854.9 880.6 889.4 898.3
Refined products consumption & ethanol, 000b/d 976.9 967.2 957.5 948.0 943.3 938.7 936.8
Dry natural gas production, bcm 0.3 0.4 0.4 0.4 0.4 0.4 0.4
Dry natural gas consumption, bcm 16.4 16.5 16.6 16.7 17.0 17.3 17.7
Brent, USD/bbl 99.50 53.60 46.50 57.00 62.00 65.00 71.00

Latest Updates and Key Forecasts

  • The 220,000b/d Kaohsiung refinery closed in January 2016 while the 300,000b/d Dalin refinery will be expanded by 150,000b/d by June 2017. As a result, Taiwan's refining capacity will see a net reduction of 70,000b/d to 1.24mn b/d.

  • We forecast Taiwan's refined fuels production to fall by 5.0% to 814,200b/d in 2016, and rebound at an average rate of 1.0 per annum thereafter to 944,100b/d by 2025 as the island ramps up domestic production to reduce its reliance on refined fuels imports.

  • Coupled with our forecast for a 3.7% contraction in refined fuels consumption from 2016 to 2025, Taiwan will swing from a net importer of refined products towards the tail-end of our forecast period.

  • Taiwan's net imports of crude oil will follow a similar trend with refinery production. It will rise from 812,500b/d in 2016 to 942,400b/d in 2025.

  • Taiwan's LNG imports are set to increase as its installed gas-fired generation capacity is expanding.

  • Taichung LNG import terminal will be expanded by from 3.0mn tonnes per annum to 5.0mn tpa by 2018. Additional regasification capacity and LNG supplies post-2020 will be needed to support the president-elect Tsai Ing-wen's commitment to phasing out nuclear by 2025.

BMI Industry View
7
Table: Headline Forecasts (Taiwan 2014-2020)
7
SWOT
8
Oil & Gas SWOT
8
Industry Forecast
9
Upstream Exploration
9
Latest Updates
9
Structural Trends
9
Upstream Production - Oil
11
Latest Updates
11
Structural Trends
11
Table: Oil Production (Taiwan 2014-2019)
12
Table: Oil Production (Taiwan 2020-2025)
12
Upstream Production - Gas
13
Latest Updates
13
Structural Trends
13
Table: Gas Production (Taiwan 2014-2019)
14
Table: Gas Production (Taiwan 2020-2025)
14
Refining
15
Latest Updates
15
Structural Trends
15
Table: Refining Capacity and Refined Products Production (Taiwan 2014-2019)
17
Table: Refining Capacity and Refined Products Production (Taiwan 2020-2025)
17
Refined Fuels Consumption
18
Latest Updates
18
Structural Trends
18
Table: Refined Products Consumption* (Taiwan 2014-2019)
20
Table: Refined Products Consumption* (Taiwan 2020-2025)
20
Gas Consumption
21
Latest Updates
21
Structural Trends
21
Table: Gas Consumption (Taiwan 2014-2019)
22
Table: Gas Consumption (Taiwan 2020-2025)
23
Trade - Oil
24
Crude Oil Trade Forecasts
24
Latest Updates
24
Structural Trends
24
Table: Crude Oil Net Exports (Taiwan 2014-2020)
26
Table: Crude Oil Net Exports (Taiwan 2020-2025)
26
Fuels Trade Forecast
26
Latest Updates
26
Structural Trends
26
Table: Refined Fuels Net Exports (Taiwan 2014-2019)
27
Table: Refined Fuels Net Exports (Taiwan 2020-2025)
28
Trade - Gas (Pipeline and LNG)
29
Latest Updates
29
Structural Trends
29
Table: Gas Net Exports (Taiwan 2014-2019)
31
Table: Gas Net Exports (Taiwan 2020-2025)
31
Oil & Gas Risk/Reward Index
32
Asia - Oil & Gas Risk/Reward Index
32
Upstream Risk/Reward Index: Persistent Oil Price Weakness Underpins Bearish Outlook
33
Table: Asia: Upstream Risk/Reward Index
33
Downstream Risk/Reward Index: Projection For Weaker Economic Growth Undermines India's Scores
36
Table: Asia: Downstream Risk/Reward Index
36
Taiwan - Risk/Reward Index
38
Taiwan Upstream Index - Overview
38
Taiwan Upstream Index - Rewards
38
Taiwan Upstream Index - Risks
38
Taiwan Downstream Index - Overview
39
Market Overview
40
Taiwan Energy Market Overview
40
Regulatory Structure
40
Fiscal Regime
41
Table: Taiwan - Key Tax Rates
41
Licensing Regime
41
Oil And Gas Infrastructure
43
Oil Refineries
43
Table: Operational Refineries In Taiwan
43
Service Stations
43
Oil Storage
43
LNG Terminals
44
Table: Operating LNG Terminals In Taiwan
44
Gas Pipelines
44
Competitive Landscape
45
Competitive Landscape Summary
45
Table: Key Players - Taiwan Oil & Gas Sector
46
Table: Key Upstream Player
46
Table: Key Downstream Players
46
Company Profile
47
Chinese Petroleum Corporation (CPC)
47
Formosa Petrochemical Corporation
52
Other Summaries
55
Regional Overview
56
Industry Trend Analysis
56
Glossary
64
Table: Glossary Of Terms
64
Methodology
66
Industry Forecast Methodology
66
Source
68
Risk/Reward Index Methodology
68
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
70
Table: Weighting
71

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

Key Benefits

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