Japan Oil and Gas Report

 Published On: Sep, 2016 |    No of Pages: 68 |  Published By: BMI Oil and Gas | Format: PDF
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BMI View: While it will continue to remain a global refining powerhouse, aggressive cutbacks in refining capacity and a gradual shift away from oil-based fuels will weigh on Japan's refined fuels exports in the long run. Japan will remain the largest LNG buyer in the world through to 2025, though the risk of an LNG oversupply domestically is pertinent due to the rise of alternative energy sources such as nuclear, coal and renewables energy, which will erode gas' share in the total power mix and drag on overall demand.

Latest Updates And Key Forecasts
-Despite boasting world-class capability, the Japanese refining sector is vulnerable to further consolidation and capacity cuts as the government seeks to reduce overcapacity and improve the sector's efficiency. Mergers of the country's largest refiners are imminent, with JX Holdings and TonenGeneral expected to merge by April 2017, while Idemitsu Kosan and Showa Shell are set to follow likewise between October 2016 and April 2017.
-Difficulties with restarting Japan's currently shut nuclear reactors will see the country increasingly rely on coal and renewables energy, eroding LNG share in the total power mix. In July 2016, the Otsu district court rejected Kansai Electric's rejection of a March injunction which ordered the firm to shut down its No.3 and No.4 nuclear reactors at its Takahama plant.
-The Japanese Fair Trade Commission (FTC) has launched an investigation to determine whether destination clauses contained within existing long-term LNG contracts with international suppliers violate domestic competition laws. If found so, it could see Japan step-up efforts to renegotiate existing contract terms.
-Japan will remain a major exporter of various light-to-middle distillates throughout our forecast period to 2025, though large import requirement for LPG and petrochemicals will see it remain a net importer of refined fuels.

BMI Industry View . 7
Table: Headline Forecasts (Japan 2014-2020) . 7
SWOT .. 8
Oil & Gas SWOT ..... 8
Industry Forecast 10
Upstream Exploration ...... 10
Latest Updates ..... 10
Structural Trends . 10
Table: Proven Oil and Gas Reserves (Japan 2014-2019) . . . . 11
Table: Proven Oil and Gas Reserves (Japan 2020-2025) . . . . 11
Upstream Projects . 12
Table: Japan - Key Upstream Projects . . . 12
Upstream Production - Oil 12
Latest Updates ..... 12
Structural Trends . 12
Table: Oil Production (Japan 2014-2019) . . . . 14
Table: Oil Production (Japan 2020-2025) . . . . 14
Upstream Production - Gas ......... 15
Latest Updates ..... 15
Structural Trends . 15
Table: Gas Production (Japan 2014-2019) . . . . 17
Table: Gas Production (Japan 2020-2025) . . . . 17
Refining ..... 18
Latest Updates ..... 18
Structural Trends . 18
Table: Refining Capacity And Refined Products Production (Japan 2014-2019) . . . . 20
Table: Refining Capacity and Refined Products Production (Japan 2020-2025) 20
Refined Fuels Consumption ......... 21
Latest Updates ..... 21
Structural Trends . 21
Table: Refined Products Consumption* (Japan 2014-2019) . 23
Table: Refined Products Consumption* (Japan 2020-2025) . 24
Gas Consumption .. 25
Latest Updates ..... 25
Structural Trends . 25
Table: Gas Consumption (Japan 2014-2019) . 27
Table: Gas Consumption (Japan 2020-2025) . 27
Trade - Oil . 28
Crude Oil Trade: Latest Updates 28
Crude Oil Trade: Structural Trends ....... 28
Table: Crude Oil Net Exports (Japan 2014-2019) . 29
Table: Crude Oil Net Exports (Japan 2020-2025) . 30
Fuels Trade: Latest Updates ...... 30
Fuels Trade: Structural Trends ... 30
Table: Refined Fuels Net Exports (Japan 2014-2019) . . 31
Table: Refined Fuels Net Exports (Japan 2020-2025) . . 32
Trade - Gas (Pipeline And LNG) .. 33
Latest Updates ..... 33
Structural Trends . 33
Table: Gas Net Exports (Japan 2014-2019) . . . 36
Table: Gas Net Exports (Japan 2020-2025) . . . 36
Industry Risk/Reward Index ... 37
Table: Asia's Oil & Gas Risk/Reward Index . . . 37
Table: Asia: Upstream Risk/Reward Index . . . . 40
Table: Asia: Downstream Risk/Reward Index . 42
Japan - Risk/Reward Index 43
Japan Upstream Index - Overview ......... 43
Japan Downstream Index - Overview ..... 44
Market Overview . 45
Japan Energy Market Overview ... 45
Regulatory Structure ....... 45
Fiscal Regime ...... 46
Table: Key Fiscal Indicators . . . . 46
Oil And Gas Infrastructure 47
Oil Refineries ...... 47
Table: Refineries In Japan . 47
Service Stations ... 48
Oil Storage Facilities ...... 48
LNG Terminals .... 49
Table: LNG Import Terminals In Japan . . 49
Oil Terminals/Ports ........ 51
Gas Storage Facilities ..... 51
Gas Pipelines ...... 51
Competitive Landscape 52
Regional Overview ........ 54
Asia - Positive Gas Output Growth In Conflict With Bearish Oil Outlook ......... 54
Glossary ..... 61
Table: Glossary Of Terms . 61
Methodology ........ 63
Industry Forecast Methodology .. 63
Source ..... 65
Risk/Reward Index Methodology . 65
Table: Bmi's Oil & Gas Upstream Risk/Reward Index . . 67
Table: Weighting 68
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