Overview:

Summary

This profile is the essential source for top-level energy industry data and information. The report provides an overview of each of the key sub-segments of the energy industry in Spain. It details the market structure, regulatory environment, infrastructure and provides historical and forecasted statistics relating to the supply/demand balance for each of the key sub-segments. It also provides information relating to the natural gas assets (gas fields, pipelines, LNG terminals and underground gas storage facilities) in Spain. The report compares the investment environment in Spain with other countries in the region. The profiles of the major companies operating in the natural gas sector in Spain together with the latest news and deals are also included in the report.

Scope

- Historic and forecast data relating to production, consumption, imports, exports and reserves are provided for each industry sub-segment for the period 2000-2020.
- Historical and forecast data and information for all the major gas fields, (Liquified Natural Gas) LNG Terminals, pipelines and underground gas storage facilities in Spain for the period 2000-2015.
- Operator and equity details for major natural gas assets in Spain.
- Key information relating to market regulations, key energy assets and the key companies operating in the Spain’s energy industry.
- Information on the top companies in the Spain including business description, strategic analysis, and financial information.
- Product and brand updates, strategy changes, R&D projects, corporate expansions and contractions and regulatory changes.
- Key mergers and acquisitions, partnerships, private equity and venture capital investments, and IPOs.

Reasons to buy

- Gain a strong understanding of the country’s energy market.
- Facilitate market analysis and forecasting of future industry trends.
- Facilitate decision making on the basis of strong historic and forecast production, reserves and capacity data.
- Assess your competitor’s major natural gas assets and their performance.
- Analyze the latest news and financial deals in the gas sector of each country.
- Develop strategies based on the latest operational, financial, and regulatory events.
- Do deals with an understanding of how competitors are financed, and the mergers and partnerships that have shaped the market.
- Identify and analyze the strengths and weaknesses of the leading companies in the country."

Companies Mentioned

Repsol YPF, S.A
Compania Espanola de Petroleos, S.A
Enagas S.A.

1 Table Of Contents 2
1.1 List of Tables 7
1.2 List of Figures 9
2 Spain Energy Sector 10
2.1 Spain Energy Sector, Market Overview 10
2.2 Spain Energy Sector, Natural Gas 11
2.2.1 Spain Natural Gas, Overview 11
2.2.2 Spain Natural Gas, Supply and Demand Balance 11
2.2.3 Spain Natural Gas, Regulatory Structure 17
2.2.4 Spain Natural Gas, Infrastructure 17
3 Spain Gas Upstream Investment Environment Benchmarking 19
3.1 Introduction 19
3.2 The Overall Ranking 19
3.3 Upstream Fiscal Attractiveness 20
3.3.1 Maximum Government Take Index 21
3.3.2 Maximum State Participation 21
3.4 Gas Sector Performance 22
3.4.1 Exploration Activity 24
3.4.2 Natural Gas Production 25
3.4.3 Natural Gas Reserves 25
3.4.4 Natural Gas Consumption 25
3.5 Economic Performance 26
3.5.1 GDP Growth Index 27
3.5.2 FDI Confidence Index 27
3.5.3 Balance of Trade Index 28
3.6 Socio-Political Performance 28
4 Spain Exploration And Production Sector 31
4.1 Spain Exploration and Production Sector, Country Snapshot 31
4.1.1 Spain Exploration and Production Sector, Key Data 31
4.1.2 Spain Natural Gas Sector, Assets Map 31
4.2 Spain Exploration and Production Sector, Marketed Natural Gas Production 32
4.2.1 Spain Exploration and Production Sector, Total Marketed Natural Gas-Historical Production 32
4.2.2 Spain Exploration and Production Sector, Marketed Natural Gas-Historical Production by Type 33
4.2.3 Spain Exploration and Production Sector, Marketed Natural Gas Production by Assets 34
4.2.4 Spain Exploration and Production Sector, Marketed Equity Weighted Natural Gas Production by Company 34
4.2.5 Spain Exploration and Production Sector, Market Share based on Marketed Natural Gas Production 35
4.3 Spain Exploration and Production Sector, Marketed Natural Gas Forecasts 36
4.3.1 Spain Exploration and Production Sector, Marketed Natural Gas Forecasted Production 36
4.4 Spain Exploration And Production Sector, Natural Gas Asset Details 37
4.4.1 Spain Exploration And Production Sector, Active Natural Gas Asset Details 37
4.5 Spain Exploration and Production Sector, Recent Discoveries 37
4.5.1 Jun 28, 2009: Repsol Announces Two New Oil Discoveries In Tarragona Region, Spain 37
4.6 Spain Exploration and Production Sector, Drilling and Production Updates 37
4.6.1 Aug 25, 2010: Leni Gas & Oil Spuds Hontomin Well In Spain 37
4.6.2 Aug 05, 2010: Leni Gas & Oil Announces Spain Hontomin Well Spud Date 38
4.6.3 Aug 04, 2010: Serica Energy Provides Q2 2010 Exploration Update 38
4.6.4 Jan 25, 2010: Leni Gas & Oil Provides December 2009 Production Update 40
4.6.5 Dec 22, 2009: Leni Gas & Oil Provides November 2009 Production Update 42
5 Spain Pipeline Gas Sector 44
5.1 Spain Pipeline  Gas Sector, Key Data 44
5.2 Spain Pipeline Gas Sector, An Overview 44
5.3 Spain Pipeline Gas Sector, Comparison of Key Natural Gas Pipeline Companies 44
5.4 Spain, Natural Gas Pipelines 46
6 Spain LNG Sector 49
6.1 Spain LNG Sector, Key Data 49
6.2 Spain LNG Sector, Regasification 49
6.2.1 Spain LNG Sector, Regasification, Total Regasification Capacity 49
6.2.2 Spain LNG Sector, Market Shares By Company 50
6.2.3 Spain LNG Sector, Regasification Capacity by Terminal 52
7 Spain Underground Gas Storage Sector 53
7.1 Spain Underground Gas Storage Sector, Key Data 53
7.2 Spain Underground Gas Storage Sector, An Overview 53
7.3 Spain Underground Gas Storage Sector, Market Share by Company 53
7.4 Spain Underground Gas Storage Sector, Storage Capacity by Area 54
7.5 Spain Underground Gas Storage Sector, Storage Capacity 55
7.5.1 Spain Underground Gas Storage Sector, Storage Capacity of Active Terminals 55
7.5.2 Spain Underground Gas Storage Sector, Storage Capacity of Planned Terminals 55
8 Profile of Repsol YPF, S.A 56
8.1 Repsol YPF, S.A, Key Information 56
8.2 Repsol YPF, S.A, Company Overview 56
8.3 Repsol YPF, S.A, Business Description 56
8.3.1 Business Overview 56
8.3.2 Downstream 57
8.3.3 Gas Natural SDG 58
8.3.4 LNG 59
8.3.5 Upstream 59
8.3.6 Upstream 60
8.3.7 YPF 61
8.4 Repsol YPF, S.A, SWOT Analysis 62
8.4.1 Overview 62
8.4.2 Repsol YPF, S.A. Strengths 63
8.4.3 Repsol YPF, S.A. Weaknesses 64
8.4.4 Repsol YPF, S.A. Opportunities 65
8.4.5 Repsol YPF, S.A. Threats 66
9 Profile of Compania Espanola de Petroleos, S.A 68
9.1 Compania Espanola de Petroleos, S.A, Key Information 68
9.2 Compania Espanola de Petroleos, S.A, Company Overview 68
9.3 Compania Espanola de Petroleos, S.A Business Description 68
9.3.1 Business Overview 68
9.3.2 Exploration and Production 69
9.3.3 Gas and Power 70
9.3.4 Petrochemicals 71
9.3.5 Refining & Marketing 71
9.4 Compania Espanola de Petroleos, S.A, SWOT Analysis 72
9.4.1 Overview 72
9.4.2 Compania Espanola de Petroleos, S.A. Strengths 73
9.4.3 Compania Espanola de Petroleos, S.A. Weaknesses 74
9.4.4 Compania Espanola de Petroleos, S.A. Opportunities 75
9.4.5 Compania Espanola de Petroleos, S.A. Threats 76
10 Profile of Enagas S.A. 77
10.1 Enagas S.A., Key Information 77
10.2 Enagas S.A., Company Overview 77
10.3 Enagas S.A., Business Description 77
10.3.1 Business Overview 77
11 Financial Deals Landscape 79
11.1 Detailed Deal Summary 79
11.1.1 Acquisition 79
11.1.2 Private Equity 87
11.1.3 Equity Offerings 88
11.1.4 Debt Offerings 91
11.1.5 Partnerships 97
11.1.6 Asset Transactions 98
12 Recent Developments 103
12.1 Strategy and Business Expansion 103
12.1.1 Feb 02, 2011: Iberdrola Allocates EUR130 Million To R&D Innovation In 2010 103
12.1.2 Oct 20, 2010: Eni, MIT Announce Two New Key Research Outcomes To Control Clean Up Oil Spills 104
12.1.3 Jun 18, 2009: Ecopetrol Transfers Assets From Its Subsidiary In Spain 105
12.1.4 Mar 03, 2009: Gazprom And Gas Natural Sign MoU 105
12.2 Other Significant Developments 105
12.2.1 Apr 13, 2011: Leni Gas & Oil Provides Spanish Operations Update 105
12.2.2 Apr 12, 2011: BNK Petroleum Announces Acreage In New Basin 106
12.2.3 Mar 17, 2011: Leni Gas & Oil Provides Operations In Northern Spain And Trinidad 106
12.2.4 Feb 09, 2011: Repsol To Delist ADSs From NYSE 108
12.2.5 Jan 27, 2011: Cairn Energy Provides 2010 Operations Update 109
12.2.6 Dec 27, 2010: EDP Announces Resignation Of Vasco Maria Guimaraes Jose de Mello From General And Supervisory Board 110
12.3 New Contracts Announcements 110
12.3.1 Apr 07, 2010: Spain's Castor UGS Project Selects UPO's Separex Technology 110
12.3.2 Apr 07, 2010: Honeywell Wins Contract For Spain's Castor Underground Natural Gas Storage Project 111
12.3.3 Feb 01, 2010: Hyperdynamics Extends Letter Of Intent With Repsol 112
12.3.4 Oct 07, 2009: Höegh LNG Signs Three-Year Time Charter With Repsol 112
13 Appendix 113
13.1 Abbreviations 113
13.2 Methodology 113
13.2.1 Coverage 113
13.2.2 Secondary Research 114
13.2.3 Primary Research 114
13.2.4 Expert Panel Validation 114
13.3 Contact Us 115
13.4 Disclaimer 115"

1.1 List of Tables
Table 1: Spain, Historical and Forecast Production and Consumption of Natural Gas, Billion Cubic Feet, 2000-2020 12
Table 2: Spain, Historical and Forecast Imports of Natural Gas, Billion Cubic Feet, 2000-2020 14
Table 3: Spain, Historical Reserves of Natural Gas, Billion Cubic Feet, 2000-2010 16
Table 4: Western Europe, Investment Benchmarking, Overall Country Rankings, May 2011 19
Table 5: Western Europe, Investment Benchmarking, Upstream Fiscal Attractiveness, May 2011 20
Table 6: Western Europe, Investment Benchmarking, Gas Sector Performance, May 2011 22
Table 7: Western Europe, Investment Benchmarking, Economic Performance, May 2011 26
Table 8: Western Europe, Country Standings, Economic Performance, May 2011 26
Table 9: Western Europe, Investment Benchmarking, Socio-Political Performance, May 2011 28
Table 10: Western Europe, Country Standings, Socio-Political Performance, May 2011 29
Table 11: Spain, Natural Gas Key Statistics, 2010 31
Table 12: Spain, Total Marketed Natural Gas Production (MMcf), 2003-2010 32
Table 13: Spain, Marketed Natural Gas Production by Type (MMcf), 2003-2010 33
Table 14: Spain, Marketed Natural Gas Production (MMcf), by Assets, 2003-2010 34
Table 15: Spain, Marketed Equity Weighted Natural Gas Production (MMcf) by Company, 2003-2010 34
Table 16: Spain, Market Share (%) of Key Companies based on Marketed Natural Gas Production, 2003-2010 35
Table 17: Spain, Marketed Natural Gas Production (MMcf), Forecast by Assets, 2011-2015 36
Table 18: Spain, Active Gas Field Asset Details 37
Table 19: Spain, Pipeline Key Statistics, May 2011 44
Table 20: Spain, Natural Gas Pipeline Length by Company (Km), May 2011 44
Table 21: Spain, Natural Gas Pipelines, May 2011 46
Table 22: Spain, Natural Gas Pipelines, May 2011 (Contd.1) 47
Table 23: Spain, Natural Gas Pipelines, May 2011 (Contd.2) 48
Table 24: Spain, LNG Key Statistics, May 2011 49
Table 25: Spain Regasification Capacity (Bcf), 2000-2015 49
Table 26: Spain, LNG Regasification Capacity (Bcf), 2000-2015 50
Table 27: Spain, LNG Regasification Capacity by Company (Bcf), 2000-2015 50
Table 28: Spain, Regasification Capacity by Terminal (Bcf), 2000-2015 52
Table 29:     Spain Underground Gas Storage Key Statistics, May 2011 53
Table 30: Spain, Underground Gas Storage Capacity by Company (MMcf), May 2011 53
Table 31: Spain, Underground Gas Storage Market Share by Company (%), May 2011 54
Table 32: Spain, Active Underground Gas Storage Capacity (MMcf), May 2011 55
Table 33: Spain, Planned Underground Gas Storage Capacity (MMcf), May 2011 55
Table 34: Repsol YPF, S.A., Key Facts 56
Table 35: Repsol YPF, S.A., SWOT Analysis 62
Table 36: Compania Espanola de Petroleos, S.A., Key Facts 68
Table 37: Compania Espanola de Petroleos, S.A., SWOT Analysis 73
Table 38:      Enagas S.A., Key Facts 77
Table 39: Bancaja To Sell 5% Stake In Enagas 79
Table 40: Total To Sell Its 48.83% Stake In CEPSA To IPIC 80
Table 41: GDF Suez Sells Its Stake In Gas Natural Fenosa 81
Table 42: Endesa Gas Acquires 35% Stake In Gas Aragon 82
Table 43: Endesa Acquires 50% Stake In Transportista Regional del Gas And Distribuidora Regional del Gas 83
Table 44: Oman Oil Acquires 5% Stake In Enagas 84
Table 45: Banco Santander And Union Fenosa Sold 37.5% Stake In Cepsa To International Petroleum Investment 85
Table 46: AXA Private Equity To Acquire 10% Stake In CLH From DISA 87
Table 47: Gas Natural SDG Completes Rights Offering Of $4,429 Million 88
Table 48: Gas Natural Fenosa Completes Private Placement Of 5.625% Bonds Due 2017 For $818.5 Million 91
Table 49: Iberdrola Issues 4.125% Bonds Due 2020 For $683 Million 92
Table 50: Gas Natural Completes Offering Of $1.24 Billion Of 4.5% Bonds Due 2020 93
Table 51: Gas Natural Completes Offering Of $1.03 Billion Of 4.125% Bonds Due 2018 94
Table 52: Gas Natural Completes Offering Of $951.9 Million Of 3.375% Bonds Due 2015 95
Table 53: Gas Natural Completes Offering Of $1.11 Billion Of 5.125% Bonds Due 2021 96
Table 54: Leni Gas & Oil Enters Into Joint Venture With Rohol-Aufsuchungs And Sorgenia 97
Table 55: Repsol Exploration To Farm-out Its Interest In Fulmar And Siroco Exploration Permits 98
Table 56: Dynamic Offshore Resources Acquires Additional Gulf of Mexico Shelf Properties 99
Table 57: Osaka Gas  To Acquire 20% Stake In LNG Terminal In Spain 100
Table 58: Endesa Plans To Sell Its Spanish Gas Network 101
Table 59: Enagas To Acquire 82% Interest In Gaviota Underground Natural Gas Storage Facility From Repsol 102"

1.2 List of Figures
Figure 1: Spain, Energy Consumption Break-Up (%), 2010 10
Figure 2: Spain, Historical and Forecast Production and Consumption of Natural Gas, Billion Cubic Feet, 2000-2020 13
Figure 3: Spain, Natural Gas Imports, Billion Cubic Feet, 2000-2020 15
Figure 4: Spain, Natural Gas Reserves, Billion Cubic Feet, 2000-2010 17
Figure 5: Western Europe, Country Standings, Upstream Fiscal Attractiveness, May 2011 21
Figure 6: Western Europe, Country Standings, Gas Sector Performance, by Reserves-Exploration & Production, May 2011 23
Figure 7: Western Europe, Country Standings, Gas Sector Performance, by Production & Consumption, May 2011 24
Figure 8: Western Europe, Country Standings, Number Of Exploration Blocks Awarded, May 2011 25
Figure 9: Western Europe, Country Standings, Economic Performance, May 2011 27
Figure 10: Western Europe, Country Standings, Socio-Political Performance, May 2011 29
Figure 11: Spain Natural Gas Assets Map, May 2011 31
Figure 12: Spain, Total Marketed Natural Gas Production (MMcf), 2003-2010 32
Figure 13: Spain, Marketed Natural Gas Production by Type (MMcf), 2003-2010 33
Figure 14: Spain, Marketed Equity Weighted Natural Gas Production (MMcf) by Key Companies, 2003-2010 35
Figure 15: Spain, Market Share (%) of Key Companies based on Marketed Natural Gas Production, 2010 36
Figure 16: Spain, Natural Gas Pipeline Length by Company (Km), May 2011 45
Figure 17: Spain, LNG Regasification Capacity by Company (Bcf), 2000-2015 51
Figure 18: Spain, Underground Gas Storage Capacity by Area (%), May 2011 54