According to the “2050 Outlook” report by the Gas Exporting Countries Forum (GECF), the Middle East became the largest holder of natural gas reserves in the global market with 83 trillion cubic meters.
To meet the increasing demand for gas in global markets, production is expected to increase by 1.3 trillion cubic meters compared to 2022, reaching 5.3 trillion cubic meters by 2050.
According to the GECF report, global natural gas production is projected to increase by 32% by 2050 compared to 2022.
Annual growth in natural gas production is expected to be 1.4% by 2030, decreasing to 1.1% in the 2030s and 0.5% in the 2040s.
To meet the increasing demand for gas in global markets, production is forecasted to increase by 1.3 trillion cubic meters compared to 2022, reaching 5.3 trillion cubic meters by 2050.
While global gas production was estimated at 4 trillion cubic meters in 2022, changes in regional production were noted. While the Middle East and North America increased their gas production capacities, Asia Pacific and Europe experienced relatively modest growth.
While Latin America’s production remained stable, there was a slight decrease in gas production in Africa, and significant declines were recorded in Eurasian gas production levels.
Gas production in the Middle East increased by 2.2% to 685 billion cubic meters in 2022, led by Iran and Saudi Arabia. The Middle East contributed 17% to global natural gas production in 2022.
Similarly, North America recorded a 6% increase in gas production, rising from 1.16 trillion cubic meters to 1.23 trillion cubic meters. This growth was mainly attributed to shale gas extraction in the United States.
North America became the largest contributor to global gas production with a 30.6% share
Gas production in the Asia Pacific region increased by approximately 12 billion cubic meters, reaching 650 billion cubic meters in 2022, reflecting an annual growth rate of 1.8%. China led this increase and contributed an additional 11 billion cubic meters.
Europe’s production also reached 213 billion cubic meters with a 3.8% increase, accounting for 5.3% of global gas production. The increase in production in Europe was attributed to the significant increases in production in Norway and the United Kingdom, compensating for the notable decrease observed in the Netherlands.
Eurasia recorded the largest decrease in natural gas production, reaching 90 billion cubic meters, equivalent to a 9.7% decrease. During this period, a total of 835 billion cubic meters of natural gas was produced in the region. This decline was mainly explained by the decrease in Russian gas production. Eurasia accounted for 20.7% of global natural gas production in 2022.
Most reserves are in the Middle East
According to GECF data, the total proven natural gas reserves were calculated to be 205 trillion cubic meters.
Accordingly, the Middle East became the largest holder of natural gas reserves in the global market with 83 trillion cubic meters. This was followed by Eurasia with 66 trillion cubic meters. These two regions together accounted for 73% of the world’s gas reserves.
There was a steady increase in natural gas reserves from 1980 to 2011, with steady progress until 2022.
During this period, the increase in reserves was attributed to investments in exploration and production, facilitated by technological advancements that allowed the exploitation of previously inaccessible gas fields, especially in challenging environments like deepwater areas.
Additionally, the development of more precise exploration technologies significantly contributed to the accurate delineation of gas fields.
When considering unconventional sources as well, it was noted that the total volume discovered between 2010 and 2022 reached 36 trillion cubic meters, surpassing the cumulative global natural gas production between 2010 and 2019. However, only 18 trillion cubic meters of this natural gas volume were developed and put into production.
source: aa.com.tr/ prepared by Melisa Beğiç