Romania Oil and Gas Report

 Published On: Jun, 2016 |    No of Pages: 76 |  Published By: BMI Petrochemicals | Format: PDF
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BMI View: Investment into E&P is waning as major offshore drilling programmes have concluded, though field redevelopment projects continue over the short term. Refinery output demand and fuels demand have both improved on the back of lower oil prices.The main trends and developments for Romania's oil and gas sector are:
-The conclusion of the Exxon Mobil/OMV Neptun Block drilling programme should support a final investment decision on the Domino project in 2016. Early indications are expecting an increase inpotential resources above the 42-84bcm initial estimate. As of May 2016, there is no further informationon hypothetical development plans.Lukoil is due to follow up its estimated 30bcm gas discovery at theLira-1X well with an appraisal in 2016.
-OMV Petrom is continuing its 12 field redevelopment programme to mitigate production decline thoughit has only committed to a further four new projects to 2017.
-Oil output dropped slightly to around 78,830b/d over 2015 and we forecast production to remainrelatively stable over the coming two years before falling past 2018.
-Romania has increased refined product exports over 2014-2015, with strong refining margins support ingincreased output. Strong domestic consumption however has prevented a stronger refined products exportsurge over 2015.
-Imports of crude oil remained stable over 2015 and we expect this to remain stable over the coming yearsgiven our forecast for steady refined products output.
-After strong consumption growth over 2014 and 2015, we anticipate a stagnation in consumption over thecoming years as the Romanian economy becomes more efficient and energy-intensive industries reduceusage.
-Industrial gas customers have entered the free market as of January 1 2015. Full liberalisation of the gasmarket including households has been postponed to July 2021.
BMI Industry View ....... 7
Table: Headline Forecasts (Romania 2014-2020) 7
SWOT .... 9
Oil & Gas SWOT ....... 9
Industry Forecast ...... 11
Upstream Exploration ...... 11
Latest Updates ....... 11
Structural Trends ... 11
Upstream Projects ... 14
Table: Romania Major Upstream Projects . 14
Upstream Production - Oil 16
Latest Updates ....... 16
Structural Trends ... 16
Table: Oil Production (Romania 2014-2019) . . . . 18
Table: Oil Production (Romania 2020-2025) . . . . 18
Upstream Production - Gas ....... 19
Latest Updates ....... 19
Structural Trends ... 19
Table: Gas Production (Romania 2014-2019) . . . 21
Table: Gas Production (Romania 2020-2025) . . . 21
Refining . 22
Latest Updates ....... 22
Structural Trends ... 22
Table: Refining Capacity and Refined Products Production (Romania 2014-2019) . 25
Table: Refining Capacity and Refined Products Production (Romania 2020-2025) . 25
Refined Fuels Consumption ....... 26
Latest Updates ....... 26
Structural Trends ... 26
Table: Refined Products Consumption* (Romania 2014-2019) . . . . 28
Table: Refined Products Consumption* (Romania 2020-2025) . . . . 28
Gas Consumption .... 29
Latest Updates ....... 29
Structural Trends ... 29
Table: Gas Consumption (Romania 2014-2019) . 31
Table: Gas Consumption (Romania 2020-2025) . 31
Trade - Oil ..... 32
Latest Updates ....... 32
Structural Trends ... 32
Crude Oil ..... 32
Table: Crude Oil Net Exports (Romania 2014-2019) . . 33
Table: Crude Oil Net Exports (Romania 2020-2025) . . 34
Refined Products .... 34
Table: Refined Fuels Net Exports (Romania 2014-2019). . . . 35
Table: Refined Fuels Net Exports (Romania 2020-2025). . . . 35
Trade - Gas (Pipeline and LNG) . 36
Latest Updates ....... 36
Structural Trends ... 36
Table: Gas Net Exports (Romania 2014-2019) . . . 38
Table: Gas Net Exports (Romania 2020-2025) . . . 38
Industry Risk/Reward Index ..... 39
Central And Eastern Europe Oil & Gas Risk/Reward Index ..... 39
Table: CEE: High Risk, Low Reward . 39
Table: CEE Upstream, Downstream And Overall Risk/Reward Index . . . 40
Upstream: China Still The Target Market ... 40
Table: CEE Upstream Risk/Reward Index . . 42
Downstream: Turkish STAR Only Bright Spot In Weak Market ....... 43
Table: CEE Downstream Risk/Reward Index . . . . 45
Romania Risk/Reward Index ...... 47
Romania Upstream Index 47
Romania Downstream Index ..... 48
Market Overview ....... 49
Romania Energy Market Overview ...... 49
Licensing And Regulation 49
Fiscal Regime 49
Table: Key Tax Rates Of Romanian Oil And Gas 49
Government Policy . 50
Licensing Rounds ... 50
Oil And Gas Infrastructure 51
Oil Refineries 51
Table: Refineries In Romania . . 51
Service Stations ..... 52
Oil Terminals 52
Oil Pipelines . 52
Gas Storage .. 53
Gas Pipelines 53
Table: International Natural Gas Pipelines 53
Competitive Landscape .... 54
Competitive Landscape Summary ...... 54
Table: Key Players - Romania Oil & Gas Sector 56
Table: Key Upstream Players . . 56
Table: Key Downstream Players . . . . . 56
Company Profile 57
OMV Petrom .. 57
Latest Updates ....... 57
Table: Major Upstream Assets In Romania 58
Table: Key Financial Data (RONmn) 58
Lukoil .... 59
Latest Updates ....... 59
Table: Major Upstream Assets In Romania 60
Table: Key Financial Data (USDmn) . 60
Regional Overview .... 61
Central And Eastern Europe Oil & Gas Regional Overview ..... 61
Oil Production: Oil Powerhouses Falter On Weak Prices ..... 61
Oil Consumption: Short-Term Weakness As Russia Struggles . 62
Refining Capacity: Modernisation Key To Competing ... 63
Natural Gas Production: Gas Ramp-Up Demand Dependent .. 64
Table: Central Asia-China Gas Pipeline Expansions . . 65
Gas Consumption: Demand Falters On Struggling Economies 66
Table: Central & Eastern Europe Oil & Gas Production & Consumption, Refining Capacity & Trade . . . . 67
Glossary ..... 69
Table: Glossary Of Terms 69
Methodology ...... 71
Industry Forecast Methodology 71
Source . 73
Risk/Reward Index Methodology ....... 73
Table: Bmi's Oil & Gas Upstream Risk/Reward Index . 75
Table: Weighting . . . 76
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