Friday, 27 September 2013

Spain Oil and Gas Report Q4 2013

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Spain Oil and Gas Report Q4 2013
Sep 25th 2013, 00:00

Price: $ 1295  

BMI View: Despite being the fifth largest energy consumer in Europe, Spain has limited domestic production of oil and gas and is forced to import around 99% of all hydrocarbons consumed. This has translated into a heavy import bill (an estimated US$68.1bn in 2012) and helped to fuel a trade deficit in the country, with growth weak as it struggles to recover from the financial crisis. The country is a key conduit for gas pipelines from Algeria and is a major receiver of liquefied natural gas - an area where further capacity expansion is possible once the economic outlook improves. Although exploration for shale gas is in its early stages, should it prove commercial, it could help to a make sizeable dent in Spain's import needs, but is unlikely to revolutionise the energy outlook. Meanwhile, Repsol ...

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