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SUPPLY
Onshore oil production in Spain has all but ceased with
only very small amounts still being produced from the Ayoluengo field.
Offshore output, primarily from the Ebro Delta region in the
Mediterranean, has declined but is now expected to remain flat. Spain
has few other oil prospects.
Gas production is also very limited or has ceased from onshore and
offshore regions, including from the Guadalquivir basin in the southwest
and the Bay of Biscay. Some gas will continue to be produced but at very
low levels.
DEMAND
Spanish
oil consumption rose through to 2005 as its economy exhibited above
average growth but has now dipped and is expected to remain flat
constrained by the recession and ultimately higher prices for imported
oil.
Gas consumption has increased rapidly, albeit slowing in 2008 and 2009,
and imports of piped gas are building up from Algeria, to add to gas
from Norway, and as LNG from a number of countries but in particular
Algeria and Nigeria.
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