The Middle East holds 43.2 per cent of world’s natural gas reserve

gas-meThe total natural gas consumption across the globe grew by 1.4 per cent. (Image source: Paul Lowry/Flickr)The Middle East, with 80.3 trillion cu/m, is home to 43.2 per cent of the total natural gas deposit in the world, according to a new report

A BP Statistical Review of World Energy June 2014 report stated that Qatar currently contains the highest deposit of natural gas with 24.7 trillion cu/m with Saudi Arabia next in line containing 8.2 trillion cu/m in the region.

Bob Dudley, group chief executive of BP, said, “The data in this review shows a flexible global energy system adapting to a changing world. It demonstrates how the world’s quest for secure and fairly-priced energy can be met through competitive industries driving innovation and smart government policies that amplify the creative energy.”

The proven natural gas reserves by the end of 2013 stood at 185.7 trillion cu/m, 0.2 per cent higher than the previous year, the BP data added.

The International Energy Agency (IEA) has, however, stated that the demand for natural gas will exceed its production from Middle East countries by the year 2019.

The available figures indicate an increase in demand from 426bn cu/m in 2002 to around 535bn cu/m in 2019, thus recording a 109bn cu/m increase or 26 per cent rise.

Estimates also indicate that gas production will increase from 582bn cu/m in 2013 to only around 658bn cu/m through the end of this decade.

An Al-Monitor report shows that the main reasons behind the increase in the use of gas in the energy sector stem from economic factors such as the price of gas being lower than that of oil and environmental factors such as less pollution.

The report also added that the regional power consumption is increasing rapidly — the rise is estimated at five per cent to six per cent yearly in some countries in the region compared with two per cent to four per cent in other countries.

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