New market study, "United Arab Emirates Oil & Gas Report Q3 2016", has been published

The UAE's oil and gas production is set for a sustained, albeit unimpressive growth over the next five years. The consumption outlook for both oil and gas is strong, although ongoing subsidy reform will somewhat temper growth. The UAE will grow increasingly dependent on imports of pipeline gas and LNG across the forecast period. However, it is set to become a net exporter of fuels from 2016 due to the expansion at Ruwais facility.

Latest Updates & Structural Trends

Driven by field expansion and enhanced oil recovery (EOR) techniques, crude oil and condensates production is set to rise by 0.8% per annum during 2016-2022, peaking at 3.98mn bbl. The output is set for minor declines towards the end of our forecast period.

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Supported by additional volumes from Zora and Shah gas fields, the UAE's 2016 gas production is projected to rise by 12.1% to 71.6bcm. Bab gas project is expected to boost the total gas output to a peak 75.1bcm in 2021, followed by gradual declines due to maturing fields.

Following a significant capacity expansion at Ruwais facility, the UAE will substantially increase its refined products output over the next few years. While there is a number of projects aimed at further expansion the country's refining capacity, we remain cautious on their prospects due to financing constraints and increasingly saturated global products market.

Crude exports are expected to decline marginally over our forecast period, from an estimated 3.2mn bbl in 2015 to around 3.0mn bbl in 2025.

The expanded refining capacity will turn the Emirates into a net exporter of refined products in 2016. Exports will peak at around 144,000b/d in 2018, before declining back to 22,000b/d in 2025, pressured by surging domestic demand.

According to Bloomberg reports in May 2016, EmiratesLNG has indefinitely delayed the construction of an onshore LNG import terminal at Fujairah port, Abu Dhabi.

Abu Dhabi National Oil Company (ADNOC) plans to cut 5,000 jobs or around 10% of its total workforce until the end of 2016.

The United Arab Emirates Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for United Arab Emirates including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's United Arab Emirates Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Emirati oil and gas industry.

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