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New Market Study Published: Taiwan Oil & Gas Report Q1 2014

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2013-12-06 14:24:06 - New Energy research report from Business Monitor International is now available from Fast Market Research

Plans are presently under way to begin deepwater exploration off Taiwan's south-western coast and near the Itu Aba island, the largest island in the disputed and potentially oil-rich Spratly islands in the South China Sea. Despite the fact that the government has allotted a monthly budget of approximately NT $17mn per month towards exploration activities, Taiwan is set to remain almost entirely dependent on energy imports for the foreseeable future. Meanwhile, a growing appetite for imported gas has created a need for fresh liquefied natural gas (LNG) purchase schemes, with Australian and Qatari volumes on the rise and Papua New Guinea set to become a new source of supply. However, we note that the country's current LNG import capacity could

temporarily limit the growth of LNG imports, and therefore of gas consumption. The construction of a planned LNG terminal in 2018 could relieve some of the pressure. We therefore expect gas consumption to grow slowly until 2018, and to increase at a faster pace after 2018.

Full Report Details at

The main trends and developments we highlight in the Taiwanese oil and gas sector are:

* In December 2012, state-owned CPC Corporation and Husky Energy reached an agreement to cooperate on deepwater exploration projects off the south-western coast of Taiwan. Any discoveries would serve as a significant boost to Taiwan's bleak upstream outlook. Successes would also confirm the resource potential of the eastern South China Sea, where China - led by CNOOC - is actively stepping up its exploration efforts.
* Exploration efforts are also centred around Itu Aba Island, which may prove to be a source of political tension between Taiwan and other South China Sea territorial claimants. This is particularly true for China, which has itself devoted considerable resources towards the exploration and development of oil and gas fields in both the South and East China Seas. The location for a third liquefied natural gas (LNG) terminal has been finalised and is set to be constructed near Taipei. Operations are expected to commence in 2018. Industry is the backbone of Taiwan's industry, and the large industrial demand is inherent in the country's energy equation. Consumption of oil is therefore expected to move broadly in line with GDP trend. However, oil consumption growth could be slightly subdued with governmental plans to increase gas-fired power generation capacity, renewables and various policies aiming at increasing energy efficiency. Our forecast for crude oil consumption is for an increase from a planned 1.09mn b/d in 2013, to around 1.21mn b/d in 2017 and to 1.37mn b/d by 2022.
* In terms of gas consumption, Minister of Economic Affairs Shih Yen-shiang in October 2011 highlighted the central role of gas in the country's future energy mix, planning for Taiwan's gas-fired power generation capacity to increase 67% by 2030. We expect gas consumption to rise slowly until 2018, and to increase at a faster pace after 2018 when the planned Taipei LNG import terminal comes online. Taiwanese consumption should be around 17.3bcm in 2013. We forecast for gas consumption to increase from an estimated 17.6bcm in 2013 to 18.4bcm in 2017, and to 21.5bcm by 2022.
* For 2013, we forecast Taiwan's oil and gas import bill at US$50.46bn, assuming an OPEC basket oil price of US$105.00/bbl. By 2017, and assuming an oil price of US$97.00/bbl, combined oil and gas costs are put at US$51.3bn, rising to US$58.3bn by 2022, when the oil price assumption is US$96.00/bbl.

Partial Table of Contents:

BMI Industry View
Industry Forecast
- Table: Taiwan Proven Oil & Gas Reserves And Total Petroleum Data, 2011-2016
- Table: Taiwan Proven Oil & Gas Reserves And Total Petroleum Data, 2017-2022
- Table: Taiwan Oil Production, Consumption And Net Exports, 2011-2016
- Table: Taiwan Oil Production, Consumption And Net Exports, 2017-2022
- Table: Taiwan Gas Production, Consumption And Net Exports, 2011-2016
- Table: Taiwan Gas Production, Consumption And Net Exports, 2017-2022
- Table: Taiwan Refining - Production And Consumption, 2011-2016
- Table: Taiwan Refining - Production And Consumption, 2017-2022
- Oil And Gas Reserves
- Oil Supply And Demand
- Gas Supply And Demand
- Refining And Oil Products Trade
- Revenues/Import Costs
- Key Risks To BMI's Forecast Scenario
Industry Risk Reward Ratings
- Asia - Risk/Reward Ratings
- Table: Asia's Oil & Gas Risk/Rewards Ratings
- The Upstream Leaders
- Resource-Rich Countries Hit By Country Structure
- Table: Asia Upstream Sector Risk/Reward Ratings
- Downstream Support
- Table: Asia O&G Downstream Risk/Reward Ratings
- Taiwan - Risk/Reward Ratings
- Taiwan Upstream Rating - Overview
- Taiwan Upstream Rating - Rewards
- Taiwan Upstream Rating - Risks
- Taiwan Downstream Rating - Overview
Market Overview
- Taiwan Energy Market Overview
- Oil And Gas Infrastructure
- Oil Refineries
- Table: Refineries In Taiwan
- Service Stations
- Oil Storage
- LNG Terminals
- Gas Pipelines
Competitive Landscape
- Table: Key Players - Taiwan Oil & Gas Sector
- Table: Key Upstream Player
- Table: Key Downstream Players
Company Profile
- Chinese Petroleum Corporation (CPC)
- Formosa Petrochemical Corporation
- Other Summaries
Regional Overview
- Asia Overview
- Energy Shifts
- Pacific Leads Liquefaction Boom, With Challenges
- Table: Expansion Of Liquefaction Capacity In Australia & PNG
- LNG Demand Stays Buoyant
- Unconventional Rescue
- Refining Woes
Global Industry Overview
- Asia - Regional Appendix
- Table: Oil Consumption - Historical Data & Forecasts, 2011-2018 ('000b/d)

Full Table of Contents is available at:

About Business Monitor International

Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at or call us at 1.800.844.8156.

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