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Czech Republic Oil & Gas Report Q2 2014 - New Study Released

Recently published research from Business Monitor International, "Czech Republic Oil & Gas Report Q2 2014", is now available at Fast Market Research

 

Boston, MA -- (ReleaseWire) -- 03/28/2014 -- With a moratorium on shale gas exploration, the Czech Republic will remain highly dependent on imported fuel, as conventional hydrocarbons potential is limited. Demand trends are not strong, but refinery disruptions and the closure of the Pardubice refinery show that the domestic fuels market is in a precarious state of balance. This, in turn, has prompted the government to investigate ownership options for the national refining segment, with Shell having sold its 16.33% stake in Ceska Rafinerska to Unipetrol in January 2014.

The main trends and developments we highlight for the Czech Republic's oil and gas sector are:

- Plans to freeze shale gas exploration for two years to allow the government to draft and implement new legislation have found plenty of support, meaning that drilling activity is unlikely until post-2014. In May 2013, Czech Prime Minister Petr Necas reiterated that shale mining was not on the agenda and that the moratorium on shale gas exploration would be maintained, stressing that the adoption of relevant legislation would be a precondition of shale gas prospecting and mining. Before the shale gas moratorium was put in place, several domestic and foreign companies had applied for shale gas exploration permits, including Cuadrilla Resources and Basgas Energia Czech, according to the Czech Ministry of Environment.
- Natural gas production is negligible, standing at a mere estimated 0.2bcm production level in 2013. We do not expect to see domestic gas production rise above 0.2bcm over the medium term. We rather expect a decline in production to an estimated 0.14bcm in 2023.
- Consumption of natural gas fell during 2012, dampened by a decline in manufacturing and warm weather. With increasing use of gas in the residential/commercial sector, and with a possible replacement of declining nuclear power generation by gas-fired power plants over the long term. We therefore expect a slow ramp up in gas consumption, which will accelerate towards the end of our forecast period. We expect overall gas consumption will rise from an estimated 8.1bcm in 2013 to around 9.5bcm by 2023.
- Domestic crude oil, NGPL and other liquids production was just an estimated 6,200 barrels per day (b/d) in 2012 and 7,000b/d for the first three quarters of 2013. The Czech Republic's small oil production is expected to decline over our forecast period, from an estimated crude oil, NGL and other liquids output of 7,000b/d in 2013 to 5,470b/d in 2023.

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