This brief article is a continuation of the detailed overview we did of natural gas-rich countries and the current market trends of the commodity. If you want more information on the natural gas market, read 25 Countries That Produce the Most Natural Gas.
5. Qatar
Average Annual Gas Production: 176.7 billion cubic meters
Qatar is investing heavily in a major expansion project in the North Field, aiming to increase its LNG capacity by 64% by 2027. This ambitious project will boost Qatar’s LNG production to 126 million tons annually, up from the current 77 million tons. Bloomberg reports that Qatar has recently revised its export strategy, decreasing LNG shipments to Europe in 2023 due to falling gas prices. Additionally, the country secured a significant LNG supply agreement with France this year, its largest and longest with a European country. This agreement involves supplying up to 3.5 million metric tons of LNG annually for 27 years.
4. China
Average Annual Gas Production: 208.3 billion cubic meters
China is advancing its natural gas sector as part of its strategic energy plan, aiming to increase annual natural gas output to over 230 billion cubic meters and boost storage capacity to 55-60 billion cubic meters by 2025. The latest estimates for 2023 indicate a 4.6% increase in domestic natural gas production compared to the previous year. Despite the easing global energy crisis, China continues its natural gas acquisition efforts, with state-owned buyers encouraged to sign long-term contracts and invest in export facilities.
3. Iran
Average Annual Gas Production: 255 billion cubic meters
Iran, home to the world’s second-largest natural gas reserves, has faced domestic supply issues, leading to disruptions like school and office closures due to gas shortages in winter 2023. To enhance its energy sector, Iran has signed a $40 billion memorandum of understanding with Russia’s Gazprom. This collaboration aims to expand gas production and export capabilities. Additionally, Iran is developing the South Pars gas field, the world’s largest, to increase production capacity.
2. Russia
Average Annual Gas Production: 653 billion cubic meters
Russia’s liquefied natural gas (LNG) production in 2023 is expected to reach approximately 30 million tons. The country is focusing on replacing Western technology and tripling its LNG exports by the end of the decade, leveraging its status as the holder of the world’s largest natural gas reserves. Moreover, Russia is experiencing growth in its natural gas reserves. In the first half of 2023, the Federal Agency for Subsurface Use reported a 305 billion cubic meter increase in these reserves. Key projects contributing to this growth include the Arctic LNG-2 project, supported by Russian President Vladimir Putin and led by Novatek, which is expected to significantly boost Russia’s LNG output and export capacity.
1. United States of America
Average Annual Gas Production: 946 billion cubic meters
The United States is on track to achieve record highs in natural gas production in 2023, with a forecasted increase to 100.4 billion cubic feet per day, a 2% rise from 2022. This growth builds on the significant increase seen in the first two months of 2023, when production rose to a record 5,984 billion cubic feet, almost 7% higher than the same period in 2022. US LNG exports have also surged, averaging a record 11.6 billion cubic feet per day in the first half of 2023, with a substantial portion destined for Europe. Concurrently, US LNG developers are progressing with three export projects capable of processing 5.1 billion cubic feet per day.
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