APLA '11: World has 59 years of natgas reserves – consultant

07 November 2011 14:44  [Source: ICIS news]

BUENOS AIRES (ICIS)--The world has 59 years of proven natural gas reserves, more than half of which is concentrated in Russia, Iran and Qatar, a consultant said on Monday.

Currently the US leads the world in natural gas production, accounting for nearly 20% of global output, said Robert Brandt, a natural gas consultant in Argentina.

Natural gas ranks third in the world as a source of energy behind coal and crude oil, Brandt said during a presentation at the 31st Latin American Petrochemical Association (APLA) annual meeting in Buenos Aires.

Natural gas now meets 24% of the world’s energy needs, he added.

Latin America has nearly 37 years of proven natural gas supplies, with Venezuela leading the region with 70% of these reserves, according to Brandt. Mexico, Trinidad & Tobago, Argentina and Venezuela account for 80% of the region’s production.

Trinidad & Tobago is the country most dependent on natural gas, while Ecuador is the least, he added.

In 2010, natural gas met less than 10% of the energy needs of Brazil – Latin America’s largest country. The rate for Argentina was 51%.

Natural gas is a key energy source for the petrochemical industry, as well as a source of various feedstocks.

The 2011 APLA conference ends on Tuesday.

By: William Lemos
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