Egypt Oil and Gas Report

 Published On: Jul, 2016 |    No of Pages: 91 |  Published By: BMI Oil and Gas | Format: PDF
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BMI View: Pledged investment in upstream developments and LNG imports will be crucial to meeting gas demand over the next five years, while the Zohr discovery could solve Egypt's gas challenges in the long term. Policy slippage with subsidy reform and payment schedules to oil and gas companies, pose the largest risk to slowing the positive momentum.

We highlight the following trends and developments in Egypt's oil and gas sector:
-The Egyptian government continues to struggle with debt repayments to international oil companies with dues slipping from USD3bn in December 2015 to USD3.2bn in March 2016.
-The oil ministry is to pay Shell/BG some USD400mn of its over USD1bn recievables by end 2016 to incentivise investment in WDDM phase 9b.
-The Zohr development is on first priority fast-track with Eni still targeting first production from the initial phase in late 2017. Civil works have reportedly begun.
-BP's West Nile Delta project (Taurus/Libra) also has fast-track status, targeting start-up of the 12bcm project in early 2017.
-Eni and BP started production from the Nooros field in the Abu Madi West licence, which produced 65,000boe/d in May and is expected to double over 2016.
-Gas consumption grew over 3.5% y-o-y in Q116 to 11.7bcm and will be supported by a new 30km pipeline connecting New Ismailia city to the gas grid.
-The government announced it will be reducing gas supply to industry in August due to an expected increase in gas demand from the power sector - three new gas-fired power plants are expected in June/ July 2016.
-Construction of Egyptian Refining Company's Mostorod facility is over 84% complete, with targeted start-up in mid-2017.

BMI Industry View ... 7
Table: Headline Forecasts (Egypt 2014-2020) . 7
SWOT ...... 9
Oil & Gas SWOT 9
Industry Forecast .. 11
Upstream Exploration 11
Latest Updates 11
Structural Trends ..... 11
Table: Wellhead Gas Prices . . . . 13
Upstream Projects ..... 14
Table: Key Upstream Oil And Gas Projects In Egypt . . . 14
Upstream Production - Oil ... 19
Latest Updates 19
Structural Trends ..... 19
Table: Oil Production (Egypt 2014-2019) 21
Table: Oil Production (Egypt 2020-2025) 21
Upstream Production - Gas .. 22
Latest Updates 22
Structural Trends ..... 22
Table: Gas Production (Egypt 2014-2019) . . . . 24
Table: Gas Production (Egypt 2020-2025) . . . . 25
Refining . 26
Latest Updates 26
Structural Trends ..... 26
Table: Refining Capacity and Refined Products Production (Egypt 2014-2019) 29
Table: Refining Capacity and Refined Products Production (Egypt 2020-2025) 29
Refined Fuels Consumption .. 30
Latest Updates 30
Structural Trends ..... 30
Table: Refined Products Consumption* (Egypt 2014-2019) . 32
Table: Refined Products Consumption* (Egypt 2020-2025) . 33
Gas Consumption ...... 34
Latest Updates 34
Structural Trends ..... 34
Table: New Natural Gas Subsidies For Grid Connected Users . . . 35
Table: Gas Consumption (Egypt 2014-2019) . . 36
Table: Gas Consumption (Egypt 2020-2025) . . 36
Trade - Oil ...... 37
Latest Updates 37
Structural Trends: Crude Oil ........ 37
Table: Crude Oil Net Exports (Egypt 2014-2020) . . 38
Table: Crude Oil Net Exports (Egypt 2020-2025) . . 39
Structural Trends: Refined Fuels ... 39
Table: Refined Fuels Net Exports (Egypt 2014-2019) . . . 40
Table: Refined Fuels Net Exports (Egypt 2020-2025) . . . 40
Trade - Gas (Pipeline And LNG) .... 41
Latest Updates 41
Structural Trends ..... 41
Table: Gas Net Exports (Egypt 2014-2019) . . . 43
Table: Gas Net Exports (Egypt 2020-2025) . . . 43
Oil & Gas Risk/Reward Index . 44
Africa - Oil & Gas Risk/Reward Index ...... 44
Table: BMI Africa Oil & Gas Risk/Reward Index . 44
Above-Ground Risks Dulling Below-Ground Potential . 47
Table: BMI Africa Upstream Risk/Reward Index . . . 47
Downstream Sector Holds Limited Opportunity . 50
Table: BMI Africa Downstream Risk/Reward Index . . . . 50
Egypt - Risk/Reward Index ... 52
Market Overview ... 54
Egypt Energy Market Overview ...... 54
Regulation ..... 54
Political Regime ...... 54
Fiscal Regime . 56
Table: Egyptian Tax Regime . . . . 56
Licensing Rounds ..... 56
Table: International 2016 Bid Round Blocks . . 56
Table: 2015 Offshore Blocks Awarded . . . 57
Oil And Gas Infrastructure ... 58
Oil Refineries . 58
Table: Refineries In Egypt . 58
Service Stations ....... 59
Oil Storage Facilities 59
Oil Terminals/Ports .. 59
Oil Pipelines .. 59
LNG Terminals ........ 60
Table: LNG Export Terminals In Egypt . . 60
Table: LNG Import Terminals . . 61
Gas Pipelines . 61
Competitive Landscape . 62
Competitive Landscape Summary .. 62
Table: Companies Operating In Egypt's Petroleum Sector . . 62
Table: EGPC 65
Company Profile .... 66
Apache Energy . 66
Latest Updates 66
Table: Major Assets . . . 67
BP Egypt ........ 69
Latest Updates 69
Table: BP Egypt Concessions . . . 70
Table: BP - Key Financial Data - USDbn 71
Eni Egypt ........ 72
Table: IEOC Concessions & Leases - Production Shares . . . . 73
Table: Eni - Financial Data . . . . 74
Regional Overview 75
Africa - Bullish Gas, Bearish Oil .... 75
Table: Africa Oil & Gas Production, Consumption, Refining Capacity And Trade . . 83
Glossary ........ 84
Table: Glossary Of Terms . 84
Methodology . 86
Industry Forecast Methodology .... 86
Source . 88
Risk/Reward Index Methodology ... 88
Table: Bmi's Oil & Gas Upstream Risk/Reward Index . . 90
Table: Weighting 91
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