2014-02-10 02:55:02 - Philippines Oil and Gas Report Q2 2014 - a new market research report on companiesandmarkets.com
The Philippines´ oil and gas market is small but growing, marked by an expected short-term increase in both liquids and gas production, although it will still be insufficient to meet growing domestic demand. Longer-term growth will be dependent on results from ongoing and short-term exploration.
Consumption is also expected to rise on the back of economic growth, and the government´s promotion of gas use. However, we note that infrastructure and supply constraints could limit the country´s gas demand growth in the longer term. The need to build up its gas infrastructure considerably provides a market opportunity for the midstream.
The main trends and developments we highlight for the Philippines´ oil and gas sector are:
- Total liquids production is set to rise, with
new volumes brought online by the Phase II development of the Galoc field, redevelopment of the Cadlao field and sustained output from the Malampaya gas condensate field. These underlie our forecast for the Philippines´ crude oil production to rise from 23,000 barrels per day (b/d) in 2012 to hit a peak of 38,700b/d in 2019. Thereafter, without other new fields in commercial production, we expect output to fall slightly to around 34,700b/d by 2022 due to the natural rate of resource depletion. A final investment decision on the West Linapacan oil project poses a significant upside risk to our forecast.
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