Recently Released Market Study: Germany Oil & Gas Report Q3 2012

New Energy research report from Business Monitor International is now available from Fast Market Research

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Boston, MA -- (SBWire) -- 08/03/2012 --BMI View: For a country keen to wean itself off of fossil fuels, the decision to phase out nuclear energy represents a fresh and unwelcome challenge. Gas consumption seems certain to grow more quickly than expected as demand for power rises - until the energy void can be filled through the expansion of renewable sources.

The main trends and developments we highlight in Germany's Oil and Gas sector are:

- A group led by Macquarie Group in May 2012 agreed to pay EUR3.2bn to German utility EON for a network of natural-gas pipelines in Germany. The price for Open Grid Europe, Germany's biggest gas transmission system, includes adjustments for pensions and other assets, EON said in a statement. The buyers include German reinsurer Munich Re, the Abu Dhabi Investment Authority and British Columbia Investment Management, EON said.
- US oil major ExxonMobil is to press ahead with the search for shale gas in Germany, and will also continue to launch conventional gas production initiatives, according to the company's head of Central European operations, Gernot Kalkoffen. Germany holds estimated gas resources of 827bn cubic metres (bcm), 80% of which is thought to comprise unconventional deposits, the company said in the week-ended January 21 2012, citing official German figures.
- Royal Dutch Shell is shortly to close its Harburg refinery following a fruitless search for a buyer. It will convert the main part of the facility into a fuels terminal. The base oil plant at the site will, however, be disassociated and sold to Nynas under a deal agreed in December 2011. Shell intended to continue operations at Harburg until the end of Q212, after which it will begin converting the plant.
- Gas consumption now represents 23% of primary energy demand (PED), accounting for 11% of power generation. Its share of the power market is rising fast and gas demand should rise. Our forecast is for demand to rise from an estimated 99.7bcm in 2011 to 116.4bcm by 2016, reaching almost 141bcm by 2021. Germany's gas production is forecast to fall from 12.5bcm in 2011 to around 9.0bcm over the period, resulting in imports by 2021 of almost 132bcm.
- The recent decision to eliminate nuclear power generation raises questions with regard to medium-term hydrocarbons use, with both oil and gas likely to have a larger-than-expected share of overall energy demand and power generation. BMI is assuming that oil consumption of 2.52mn b/d in 2011 will rise to 2.70mn b/d in 2016 and to 2.90mn b/d by 2021, requiring net imports of 2.80mn b/d by the end of the forecast period.

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