DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/dc69wb/bahrain_oil_and_ga) has announced the addition of the "Bahrain Oil And Gas Report Q2 2012" report to their offering.
BMI View: Bahrain has a far smaller oil and gas resource base than its neighbours, but is a leading regional refined products exporter. In the coming decade, the country may begin importing LNG, but will also boost both oil and gas production. The country will continue to enjoy revenues from the Abu Saafa field, which is shared with Saudi Arabia, but will also continue importing Saudi crude oil to feed the Sitra refinery, which may be expanded. Despite the political unrest in 2011, Bahrain has not fallen in our riskreward ratings as the country remains open to foreign investment.
We highlight these trends and developments in Bahrain's oil and gas sector:
- BMI sees Bahraini oil production rising to as much as 95,000 barrels per day (b/d) by 2021, in line with efforts to boost output at the mature Bahrain field. We expect oil consumption to grow to at least 60,000b/d. Increased oil flows from Saudi Arabia are also expected, potentially rising to 175,000b/d later in the current decade.
- We expect both oil and gas reserves to decline in the period 2012-21, pending new discoveries. Oil reserves are expected to fall to 112mn barrels (bbl) by 2021, with gas reserves falling to around 80bn cubic metres (bcm).
- Gas production and consumption are likely to grow in tandem to just around 19.5bcm by 2021. .. Risks to our forecasts include final approval for the expansion of the Sitra refinery, enlargement of the Saudi import pipeline, as well as for a proposed LNG import terminal to feed growing gas demand.
At the time of writing, we assume an OPEC basket oil price for 2012 of US$99.38/bbl, falling to US$97.23/bbl in 2013. Global GDP in 2012 is forecast at 3.2%, up from an assumed 3.1% in 2011 reflecting a faltering recovery in the US and an uncertain eurozone debt situation. For 2013, growth is estimated at 3.7%.
Companies Mentioned
- Bahrain Petroleum Company (BAPCO)
- Bahrain National Gas Company (Banagas)
- Chevron Bahrain
- Occidental Petroleum
- Gulf Petrochemical Industries
- Others
For more information visit http://www.researchandmarkets.com/research/dc69wb/bahrain_oil_and_ga