United Arab Emirates Oil & Gas Report

Published 06 July 2015

  • 136 pages
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  • Includes 3 free updated quarterly reports
$1,295.00
United Arab Emirates Oil & Gas Report

BMI View : Though global oil prices moderately rebounded from the precipitous deflation in 2014 - we expect the OPEC basket price to be at USD52.00 per barrel in 2015 - the long - term trajectory of stagnated pricing will continue to push petro-transitional countries like the UAE towards economic diversification. Under the right conditions, the pressure from decreased revenue can actually be a blessing in disguise. As the future success within the UAE's oil and gas industry will be inextricably linked to these economic diversification efforts, the greater revenue coming from non-hydrocarbon resources will invariably assist in production, transportation, and refining enhancements. The economic success that the country has experienced in the last five years has been skilfully recreating the conditions of a stable investment climate, which the immediate after-effects of the global financial crisis negatively impacted. With global oil prices now lessened as a result of continued hampered recovery in major global markets and the increase in global oil supply, the UAE needs to continue balance investment and growth in the non-hydrocarbon sectors while also maintaining and upgrading its domestic production capacity. Equally important will be the country's reaction towards the changing geopolitics of the region, whether it is the future of Iran-US relations or the containment and eventual demise of the Islamic State of Iraq and Syria (ISIS).

2014 brought the UAE closer to its target of to 3.6mn barrels per day (b/d) by 2019. However, as a recent economic studies have argued, investments and focus on the non-hydrocarbon sectors, chiefly the non-oil sector, will be critical to the UAE's short-term growth, particularly as global supply, by reason of unconventional production, is slated to moderately increase in the future. BMI expects that with the dramatic price changes from 2014 to 2015 prices, though an increase will be seen, the UAE will moderately...

BMI Industry View
7
Table: Headline Forecasts (United Arab Emirates 2013-2019)
8
SWOT
10
Industry Forecast
12
Upstream Exploration
12
Table: Proven Oil and Gas Reserves (United Arab Emirates 2013-2018)
12
Table: Proven Oil and Gas Reserves (United Arab Emirates 2019-2024)
12
Upstream Projects
15
Table: United Arab Emirates Major Upstream Projects
15
Upstream Production - Oil
16
Table: Oil Production (United Arab Emirates 2013-2018)
17
Table: Oil Production (United Arab Emirates 2019-2024)
17
Upstream Production - Gas
21
Table: Gas Production (United Arab Emirates 2013-2018)
21
Table: Gas Production (United Arab Emirates 2019-2024)
22
Gas Upstream Activity
22
Refining
25
Table: Refining Capacity and Refined Products Production (United Arab Emirates 2013-2018)
26
Table: Refining Capacity and Refined Products Production (United Arab Emirates 2019-2024)
26
Refined Fuels Consumption
28
Table: Refined Products Consumption* (United Arab Emirates 2013-2018)
29
Table: Refined Products Consumption* (United Arab Emirates 2019-2024)
29
Gas Consumption
31
Table: Gas Consumption (United Arab Emirates 2013-2018)
31
Table: Gas Consumption (United Arab Emirates 2019-2024)
31
Trade - Oil
33
Table: Crude Oil Net Exports (United Arab Emirates 2013-2018)
34
Table: Crude Oil Net Exports (United Arab Emirates 2019-2024)
34
Table: Refined Fuels Net Exports (United Arab Emirates 2013-2018)
35
Table: Refined Fuels Net Exports (United Arab Emirates 2019-2024)
36
Table: Total Net Oil Exports - Crude and Products (United Arab Emirates 2013-2018)
37
Table: Total Net Oil Exports - Crude and Products (United Arab Emirates 2019-2024)
37
Trade - Gas (Pipeline & LNG)
38
Table: Gas Net Exports (United Arab Emirates 2013-2018)
38
Table: Gas Net Exports (United Arab Emirates 2019-2024)
39
Industry Risk/Reward Ratings
42
Middle East Oil & Gas Risk/Reward Index
42
Table: BMI's Middle East Oil & Gas Risk/Reward Index (RRI)
42
Index Resilient In Lower Price Environment
43
Table: Middle East Upstream Oil & Gas Risk/Reward Index
43
Limited Opportunities Downstream
46
Table: Middle East Downstream Oil & Gas Risk/Reward Index
46
UAE - Risk/Reward Index
49
UAE Upstream Index
49
UAE Downstream Index
49
Market Overview
50
United Arab Emirates Energy Market Overview
50
Overview/State Role
51
Licensing And Regulation
51
Government Policy
53
Fuel Prices
54
International Energy Relations
54
Oil And Gas Infrastructure
57
Oil Refineries
57
Table: Refineries In The UAE
57
Oil Pipelines
59
Table: UAE Export Terminals
60
LNG
60
Table: UAE LNG
62
Gas Pipelines
62
Competitive Landscape
64
Competitive Landscape Summary
64
Table: Key Domestic And Foreign Companies In The UAE's Oil & Gas Sector
65
Company Profile
66
Abu Dhabi National Oil Company (ADNOC)
66
Dolphin Energy
72
Emirates General Petroleum Corporation (Emarat)
75
Emirates National Oil Company (ENOC)
78
ExxonMobil
82
BP
85
Total
87
Royal Dutch Shell
89
Other Summaries
91
Regional Overview
97
Middle East Oil & Gas Regional Overview
97
Oil Production - Low Oil Prices Not Preventing Growth
97
Oil Consumption - Demand Continues Unabated
99
Refining Capacity - Outcompeting With Modernity And Scale
100
Gas Production - Pressure To Produce
101
Gas Consumption - Gas Switch Boosting Demand
103
Global Industry Overview
105
Oil Price Outlook
105
Table: BMI And Bloomberg Consensus Forecasts* WTI And Brent, Front Month - USD/bbl
105
Table: 2015-2016 - Fundamental Pressure On Oil Prices
106
Appendix
113
Middle East - Regional Appendix
113
Table: Oil Consumption - Historical Data & Forecasts, 2012-2019 ('000b/d)
113
Table: Oil Consumption - Long-Term Forecasts, 2016-2024 ('000b/d)
114
Table: Oil Production - Historical Data & Forecasts, 2012-2019 ('000b/d)
114
Table: Oil Production - Long-Term Forecasts, 2016-2024 ('000b/d)
115
Table: Refining Capacity - Historical Data & Forecasts, 2012-2019 ('000b/d)
115
Table: Refining Capacity - Long-Term Forecasts, 2016-2024 ('000b/d)
116
Table: Gas Consumption - Historical Data & Forecasts, 2012-2019 (bcm)
117
Table: Gas Consumption, 2016-2024 (bcm)
117
Table: Gas Production - Historical Data & Forecasts, 2012-2019 (bcm)
118
Table: Gas Production - Long-Term Forecasts, 2016-2024 (bcm)
118
Table: Net LNG Exports - Historical Data & Forecasts, 2012-2019 (bcm)
119
Table: Net LNG Exports - Long-Term Forecasts, 2016-2024 (bcm)
119
United Arab Emirates - Total Hydrocarbons, 10-year Forecasts
120
Table: Total Hydrocarbons Production, Consumption and Net Exports (United Arab Emirates 2013-2018)
120
Table: Total Hydrocarbons Production, Consumption and Net Exports (United Arab Emirates 2019-2024)
120
United Arab Emirates - Refined Products Breakdown, 10-year Forecasts
121
Table: Refined Petroleum Products, Production Breakdown (United Arab Emirates 2013-2018)
121
Table: Refined Petroleum Products, Production Breakdown (United Arab Emirates 2019-2024)
122
Table: Refined Petroleum Products, Consumption Breakdown (United Arab Emirates 2013-2018)
123
Table: Refined Petroleum Products, Consumption Breakdown (United Arab Emirates 2019-2024)
124
Table: Refined Petroleum Products, Net Exports Breakdown (United Arab Emirates 2013-2018)
125
Table: Refined Petroleum Products, Net Exports Breakdown (United Arab Emirates 2019-2024)
126
Table: LPG Production, Consumption and Net Exports (United Arab Emirates 2013-2018)
127
Table: LPG Production, Consumption and Net Exports (United Arab Emirates 2019-2024)
127
Glossary
129
Table: Glossary Of Terms
129
Methodology
131
Industry Forecast Methodology
131
Source
133
Risk/Reward Index Methodology
133
Table: Bmi's Oil & Gas Upstream Risk/Reward Index
135
Table: Weighting
136

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

Key Benefits

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