BP expects global gas reserves to rise
By Gunay Camal
Global proved gas reserves in 2016 rose slightly by 1.2 trillion cubic meters (tcm) or 0.6 percent to 186.6 tcm, according to BP’s Statistical Review of World Energy 2017.
“As with oil, this is sufficient to meet more than 50 years of
current production (52.5 years),” BP said.
Myanmar (+0.7 tcm) and China (+0.6 tcm) were the main contributors
to growth.
By region, the Middle East holds the largest proved reserves (79.4 tcm, 42.5 percent of the global total), while by country, Iran is the largest reserve holder (33.5 tcm, 18 percent total).
Global gas production was essentially flat (0.3 percent, 21 bcm increase) in 2016, the weakest growth in gas output for 34 years, other than in the immediate aftermath of the financial crisis. Production hit almost 3.552 tcm in the reporting period. Declining production in North America (-21 bcm) partially offset strong growth from Australia (19 bcm) and Iran (13 bcm).
World natural gas consumption grew by 63 billion cubic metres (bcm) or 1.5 percent to almost 3.543 trillion cubic meters (tcm) in 2016, according to the report.
EU gas consumption increased sharply by 30 bcm, or 7.1 percent - the fastest growth since 2010. Russia saw the largest drop in consumption of any country (-12 bcm).
Gas trade grew by 4.8 percent, helped by 6.2 percent growth in LNG imports/exports. Most of the net growth in LNG exports came from Australia (19 bcm out of 21). US LNG exports rose from 0.7 bcm in 2015 to 4.4 bcm in 2016.
Global pipeline gas import hit 737.5 bcm in 2016 compared to 709 bcm in 2015. Global LNG import rose to 346.6 bcm in 2016 from 325.5 bcm in 2015.
Japan's LNG import CIF (cost+insurance+freight) price fell from $10.31 per million British thermal units (Btu) to $6.94 per million Btu. The average price of natural gas imported into Germany decreased from $6.72 per million Btu to $4.93 per million Btu.
UK Heren NBP Index natural gas prices decreased from $6.53 per million Btu in 2015 to $4.69 per million Btu in 2016. US Henry Hub natural gas price fell from $2.6 per million Btu in 2015 to $2.46 per million Btu in 2016. Canada (Alberta) natural gas prices decreased from $2.01 per million Btu in 2015 to $1.55 per million Btu in 2016.
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