Many Contracts; but Is There Enough Natural Gas?

In 2005, world gas production has been 2763 bcm(billion cubic meters). The proved reserves of natural gas are 179.83 tcm (trillion cubic meters) according to BP Statistical Review. With 2005 consumption amounts, the natural gas reserves are enough for the next 65 years.

There is more good news; the proven reserves are expected to increase as explorations are extended. So, there will be plenty of reserves around. However, the problem lies somewhere else.
Although the gas reserves of the world are enough for at least half a century, there are certain factors that dim this positive outlook. Natural gas usage in electricity generation is expected to double in amount by 2030(30 Quadrillion BTU in 2003 to 65 Quadrillion BTU in 2030) and increase its share from 18% to 22% in the total electricity generation by fuel type.

Growing electricity consumption and increasing share of gas powered power plants in electricity generation, subsidies and inefficient use of natural resources in the natural gas exporting countries, over ambitious agreements to play gas politics and investment problems are all contributing to foggy outlook to the future.

Turkish Weekly