Research and Markets: Saudi Arabia Oil and Gas Report Q1 2012 - Consumption is expected to rise

DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/b12019/saudi_arabia_oil_a) has announced the addition of the "Saudi Arabia Oil and Gas Report Q1 2012" report to their offering.

“Saudi Arabia Oil and Gas Report Q1 2012”

Business Monitor International's Saudi Arabia Oil and Gas Report provides industry professionals and strategists, corporate analysts, oil and gas associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Saudi Arabia's oil and gas industry.

BMI View: As OPEC's price enforcer and the holder of most of the cartel's spare oil production capacity, BMI expects Saudi Arabia to keep a tight rein on output over the next ten years, with no apparent movement on oft-stated plans to boost productive capacity to 14-15mn b/d from the current 12mn b/d. The Kingdom is boosting exploration work in areas including offshore, gas and unconventionals, and BMI sees continued expansion in the refining and petrochemicals segments, although gas price reform could deter foreign investment in the latter.

BMI highlights these trends and developments in Saudi Arabia's oil and gas sector:

• BMI expects Saudi oil production to cross 12mn barrels per day (b/d) by 2021, with the relatively slow increase explained by a desire to control prices and maintain relative market tightness.
• Oil consumption is expected to rise by about 1mn b/d over the period 2011-21, with much of the increase driven by the rising utilisation of crude oil for power generation.
• BMI expects Saudi Arabia to remain self-sufficient in natural gas, with production and consumption rising from an estimated 87bn cubic metres (bcm) in 2011 to 120bcm by 2021. Greater exploration in the Red Sea and the prospect of tight gas production could bode well for gas reserves.
• The advancement of refinery projects could turn Saudi Arabia into a gasoline exporter, while petrochemicals projects continue to take advantage of cheap feedstock (gas, naphtha).

Companies Mentioned:

• Saudi Aramco
• Shell Saudi Arabia
• ExxonMobil Saudi Arabia
• Chevron
• Total
• Eni
• ConocoPhillips
• BP
• Repsol YPF
• Lukoil
• Sinopec
• Sumitomo

For more information visit http://www.researchandmarkets.com/research/b12019/saudi_arabia_oil_a.