Natural gas: The top ten countries with the largest reserves

Natural gas plays an essential role in the global energy transition, thanks to its lower cost and lower pollution than oil. Russia has the largest reserves, followed by Iran and Qatar, while the USA is increasing its share thanks to shale gas exploitation, with Venezuela, Nigeria and China having smaller reserves.

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Natural gas, used to generate electricity and heat, is an important fuel for the world’s energy transition. Oil is less expensive and less polluting than petroleum. Particularly if coupled with carbon capture and storage technologies, which reduce combustion-related emissions. It also enables powers to generate national income from exports, while strengthening their own energy security.

Growing global demand for natural gas

Gas, found in deep underground rock formations, accounts for around 23% of the world’s primary energy demand, according to the International Energy Agency(IEA). The crisis of 2008 and the exploitation of shale in the United States have also played a major role in the development of this resource, made up of a mixture of gaseous hydrocarbons. In 2019, this will represent four trillion cubic meters.

Russia as world leader

According to BP’s World Energy Statistics 2020, Russia has 38 trillion cubic meters of natural gas. This makes Moscow the power with the largest natural gas reserves, with 19% of the world’s reserves. Most of the sites are located in Siberia, in the Yamburg, Urengoy and Medvezh’ye fields.

An industry run by the Russian government

State-owned Gazprom currently manages and operates 70% of the country’s reserves. The French state is therefore the group’s majority shareholder and closely controls natural gas production.

global natural gas reserves
Lunskoye offshore platform, with a production capacity of almost 50 million m3 of gas per day © Gazprom.

Iran leads the way in the Middle East

The Middle East region is rich in natural gas sites. It accounts for 38.4% of the world’s reserves. In addition, production and exploration activities have increased significantly in this area. Iran leads the way with 32 trillion cubic meters, or 16% of the world’s resources. The North Pars and Kish sites in the Persian Gulf are the main operations. Iran also shares the world’s largest gas field with its neighbor Qatar: South Pars/ North Dome.

Production hampered by Western sanctions

Economic sanctions imposed by the United States in response to geopolitical tensions and Iran’s nuclear development program, however, have slowed exports. The National Iranian Oil Company (NIOC) and its subsidiaries, the National Iranian South Oil Company (NISOC) and the Pars Oil & Gas Company (POGC), manage the development and production of the country’s natural gas resources. The company is state-owned and currently belongs to the Iranian Ministry of Oil.

Qatar becomes the world’s leading producer of liquefied gas

In third place, Qatar has natural gas reserves of 24.7 trillion cubic meters, or 12% of the world total. The majority of these reserves are located in the North Field offshore in the Persian Gulf. The latter are controlled by state-owned Qatar Petroleum, headed by the country’s Minister of Energy.

The emergence of an American power

With the exploitation of shale gas, the country has seen its reserves increase to 12.9 trillion cubic meters, or 6.5% of the world’s reserves. This fourth power houses its reserves in the Texas and Pennsylvania regions, where it has installed horizontal boreholes in the earth.

Saudi Arabia ranks fifth in terms of natural gas reserves

The country currently holds 4.38% of the world’s reserves. More than half of its gas reserves are contained in the onshore Ghawar field and the offshore Safaniya and Zuluf fields. Production, intended for domestic consumption, is managed by the state-owned Saudi Aramco, whose main shareholder is the Saudi government.

Turkmenistan and the United Arab Emirates keen to develop their gas resources

Despite a lack of investment in the field, Turkmenistan has gas reserves of 19.5 trillion cubic meters. It is located in large deposits in the Amou-Daria basin in the southeast, the Murgab basin in the south and the southern Caspian Sea basin in the west of the country. The United Arab Emirates’ gas reserves are located in Abu Dhabi, Dubai, Sharjah and Ras al-Khaimah. These sites, which are constantly growing, represent 3% of the world’s reserves.

Once again, the Saudi government is relying on its national companies, Saudi Aramco and the Abu Dhabi National Petroleum Company, to ensure the production and exploitation of natural gas.

global natural gas reserves
The “Gates of Hell”, a natural gas field in Turkmenistan that has been burning for 50 years.

Venezuela, Nigeria and China are at the bottom of the rankings

With 201,343,000, 186,610,000 and 184,419,000 MMcf of natural gas reserves respectively, these three countries are neck and neck. In fact, each of them holds around 2% of the world’s reserves. Gas production in these countries is mainly managed by national companies: Petróleos, PetroChina Southwest Oil and Gasfield Company and Nigerian National Petroleum Company.

US natural gas production and consumption are expected to reach record highs in 2025, before slightly declining the following year, according to the latest forecasts from the US Energy Information Administration.
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VMOS signs a USD 2 billion loan to finance the construction of the Vaca Muerta South pipeline, aiming to boost Argentina's energy production while reducing costly natural gas imports.
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Côte d'Ivoire and the Italian group Eni assess progress on the Baleine energy project, whose third phase plans a daily production of 150,000 barrels of oil and 200 million cubic feet of gas for the Ivorian domestic market.
The extreme heatwave in China has led to a dramatic rise in electricity consumption, while Asia records a significant drop in liquefied natural gas imports amid a tight global energy context.
E.ON, together with MM Neuss, commissions Europe’s first fully automated cogeneration plant, capable of achieving a 91 % fuel-use rate and cutting CO₂ emissions by 22 000 t a year.
Facing the lowest temperatures recorded in 30 years, the Argentine government announces reductions in natural gas supply to industries to meet the exceptional rise in residential energy demand across the country.
Solar power generation increased sharply in the United States in June, significantly reducing natural gas consumption in the power sector, despite relatively stable overall electricity demand.
Golden Pass LNG, jointly owned by Exxon Mobil and QatarEnergy, has asked US authorities for permission to re-export liquefied natural gas starting October 1, anticipating the imminent launch of its operations in Texas.
Delfin Midstream reserves gas turbine manufacturing capacity with Siemens Energy and initiates an early works programme with Samsung Heavy Industries, ahead of its anticipated final investment decision in the autumn.
Norwegian group DNO ASA signs gas offtake contract with ENGIE and secures USD 500 million financing from a major US bank to guarantee future revenues from its Norwegian gas production.
Golar LNG Limited has completed a private placement of $575mn in convertible bonds due in 2030, using part of the proceeds to repurchase and cancel 2.5 million of its own common shares, thus reducing its share capital.
Shell Canada Energy announces shipment of the first liquefied natural gas cargo from its LNG Canada complex, located in Kitimat, British Columbia, primarily targeting fast-growing Asian economic and energy markets.
The Australian government is considering the establishment of an east coast gas reservation as part of a sweeping review of market rules to ensure supply, with risks of shortages signalled by 2028.
The increase in oil drilling, deepwater exploration, and chemical advances are expected to raise the global drilling fluids market to $10.7bn by 2032, according to Meticulous Research.
Enbridge Gas Ohio is assessing its legal options following the Ohio regulator's decision to cut its revenues, citing potential threats to investment and future customer costs.
The small-scale liquefied natural gas market is forecast to grow at an annual rate of 7.5%, reaching an estimated total value of $31.78bn by 2030, driven particularly by maritime and heavy-duty road transport sectors.