Natural gas reserve
Natural gas reserves refer to large deposits of natural gas which, based on geological surveys and engineering studies, are thought to exist to a very high degree of certainty. In addition to the knowledge of their existence, these reserves are also accessible and natural can be produced from them economically. Natural gas reserves are spread worldwide, however some countries have more natural gas than others. It is estimated that the total world reserves amount to around 6 quadrillion cubic feet.[1] Rough estimates suggest that this large reserve is equal to around 6000 exajoules of energy.[1]
Reserves/Production Ratio
One way to think about the size of reserves is known as the reserves/production ratio or R/P. This number represents the number of years that the reserves would last if production and use was continued at the current rate.[2]
Natural gas reserves (and R/P ratios) are smaller than coal reserves but are still have a larger R/P ratio than oil. Estimates suggest that at current use rates there is around 60 years' worth of natural gas remaining. However, this ratio needs to be interpreted carefully as this assumes current production levels. Production could increase in the coming years, or decrease as alternative fuels become more prominent. As well, this number doesn't take into account of changing prices or developments that allow fuel to be extracted from current resources.[2]
Natural Gas Around the World
Russia has the world's largest natural gas reserves, followed closely by Iran and Qatar.[1] Recently, natural gas has become more and more important as a fuel source as its reserves are so vast. In addition to reserves that exist currently, there is huge potential for more reserves to be found. As well, some natural gas resources are becoming reserves as drilling technologies advance. Recent advances in drilling technology allow natural gas to be extracted by hydraulic fracturing from shale formations. These technologies will aid in the higher production of natural gas, which will in turn diversify fuel sources, contribute to low carbon footprint, and provide a cost-effective fuel.[3] In North America, Encana Corporation is one of the largest natural gas producers working to ensure there will be at least an estimated 100 years of natural gas available with the current demand rates. Encana is also investing in 150 of its company fleet vehicles to operate on natural gas.[4]
Interactive Graph
Below is an interactive graph showing what regions have major natural gas reserves. Note that despite natural gas generally forming along with crude oil, Saudi Arabia has massive oil reserves but is comparable to the United States in its gas reserves. Press the play button on the bottom left to see how the reserves have changed over the past few decades.
References
- ↑ 1.0 1.1 1.2 Richard Wolfson. (June 29, 2015). Energy, Environment, and Climate, 2nd ed. New York, NY, U.S.A: 2012.
- ↑ 2.0 2.1 G.Boyle, B.Everett, S.Peake, J.Ramage. (June 29, 2015). Energy Systems and Sustainability: Power for a Sustainable Future, 2nd Ed. Oxford, UK: Oxford University Press, 2012
- ↑ Natural Gas Use in the Canadian Transportation Sector. (June 29, 2015). Deployment Roadmap [Online]. Available: http://oee.nrcan.gc.ca/transportation/alternative-fuels/resources/2888
- ↑ Canadian Natural Gas Vehicle Alliance. (June 29, 2015). Vehicles & Stations [Online]. Available: http://www.cngva.org/en/home/vehicles-stations.aspx