Reserves

Global proved reserves of natural gas total roughly 6,000 trillion cubic feet ("Tcf"). This is approximately equivalent to world oil reserves -- even though there has been little exploration targeted at natural gas outside North America.

Russia has most reserves with over 1,600 Tcf of largely non-associated natural gas. This is equivalent to nearly 300 billion barrels of oil reserves, more than the 260 billion barrels of proved oil reserves claimed by Saudi Arabia. Russia is also number 1 in gas production, with 55 billion cubic feet per day, implying that reserves could cover nearly 100 years of production.

Qatar and Iran are number 2 and 3 in reserves. Both have roughly 1,000 Tcf of reserves, just over 60% of Russia. Qatar is an up and coming LNG, and potentially GTL, exporter and is also a gas supplier to the region, including the UAE and perhaps Kuwait. Iran trying to develop outlets for gas from other side of super giant North/South Pars field, but still mostly for reinjection.

Despite its relatively modest reserves, the US is number 2 in natural gas production, with some 53 billion cubic feet per day -- nearly as large as Russia's. Reserves of not quite 185 Tcf are around 11% of Russia's, and the contrast is even greater if levels of exploration, non-counting of associated gas and other factors are taken into account. Even with Canada's 60 Tcf thrown in, reserves for North America as a whole do not cover much more than 10 years of production.