Natural Gas Exploring and Investing in Cleaner Energy Future

Anurag Sharma
Anurag Sharma

Updated · Oct 18, 2023

SHARE:

At Market.us Media, we strive to bring you the most accurate and up-to-date information by utilizing a variety of resources, including paid and free sources, primary research, and phone interviews. Learn more.
close
Advertiser Disclosure

At Market.us Media, we strive to bring you the most accurate and up-to-date information by utilizing a variety of resources, including paid and free sources, primary research, and phone interviews. Our data is available to the public free of charge, and we encourage you to use it to inform your personal or business decisions. If you choose to republish our data on your own website, we simply ask that you provide a proper citation or link back to the respective page on Market.us Media. We appreciate your support and look forward to continuing to provide valuable insights for our audience.

According to Natural Gas Statistics, Natural gas is a fossil fuel composed primarily of methane (CH4), along with smaller amounts of other hydrocarbons such as ethane, propane, and butane.

It is a versatile and abundant energy source that is used for various purposes, including heating, electricity generation, industrial processes, and transportation.

Editor’ Choice

  • The Natural Gas Generator market was valued at USD 7.29 Billion in 2021. This growth rate will be 8.2% in the forecast period.
  • EIA forecast that natural gas production will average around 103 Bcf/d in the second half of 2023 and 2024, staying quite close to record levels for much of the remainder of the forecast period.
  • As of 2021, the world’s proven natural gas reserves were estimated at approximately 196.7 trillion cubic meters.
  • In 2020, the world produced around 4,116 billion cubic meters (bcm) of natural gas.
  • The United States was the largest natural gas producer in the world in 2020, with a production of 948 bcm.
  • The United States was the largest natural gas consumer globally in 2020, with a consumption of 846 bcm.
  • In 2020, Russia was the largest exporter of gas, exporting approximately 200 bcm.
  • In 2020, Japan was the largest natural gas importer, importing around 103 bcm
  • The average global natural gas price in 2020 was $2.45 per million British thermal units (MMBtu).
  • Natural gas accounted for about 23.7% of global electricity generation in 2020
  • Natural gas emits around 50-60% less carbon dioxide (CO2) compared to coal when used for electricity generation.

Natural Gas Key Statistics 2023

  • The average monthly spot gas price at the U.S. benchmark Henry Hub fell 34%, or $1.12/MMBtu, from January to June 2023, reaching an average of $2.18/MMBtu in June.
  • Prices averaged below $2.50/MMBtu from February to June, the lowest average monthly Henry Hub price since June 2020.
  • Natural gas prices for the first half of 2023 are down 62%, or $3.96/MMBtu, compared to the first half of 2022 (when adjusted for inflation).
  • Warmer-than-average temperatures in the Lower 48 states resulted in fewer population-weighted heating degree days (HDDs) in January and February 2023 compared to the five-year average.
  • Lower HDDs led to lower gas consumption for space heating and lower storage inventory withdrawals.
  • Overall U.S. gas consumption averaged 103.0 Bcf/d between January and March 2023, a decrease of 1.9 Bcf/d compared to the same period in 2022.
  • Dry natural gas production in the first six months of 2023 increased by an estimated 6.2 Bcf/d compared to the previous year.
  • Storage inventories in the Lower 48 states at the end of the withdrawal season (October 31–March 31) were 19% (294 Bcf) above the five-year average (Source: EIA’s Weekly Gas Storage Report).
  • Storage inventories have remained well above the five-year average during the summer injection season (April 1–October 31), due to mild temperatures and high levels of dry natural gas production.

Global Natural Gas Reserves Statistics

  • As of 2021, the world’s total proven natural gas reserves were estimated to be approximately 196.7 trillion cubic meters (TCM).  
  • Russia: Russia has the largest proven gas reserves in the world, estimated at around 38.3 Tcm.
  • Iran: Iran holds the second-largest gas reserves globally, with approximately 32.6 Tcm.
  • Qatar: Qatar ranks third in terms of gas reserves, with around 24.7 Tcm.
  • United States: The United States holds significant natural gas reserves, estimated at approximately 12.9 Tcm.
  • Saudi Arabia: Saudi Arabia has substantial gas reserves, estimated at around 10.6 Tcm.
  • As of 2022, global natural gas reserves amounted to approximately 202 trillion cubic meters.
  • Conventional gas reserves accounted for the majority, representing 94% of the total volume.
  • Within the unconventional reserves, shale gas accounted for 86% of the total unconventional volume.
Natural Gas

Global Natural Gas Production Statistics

  • Global gas production increased by 4.3% in 2021 but remained stable in 2022 due to lower gas demand.
  • Russia experienced a significant decline in gas production, with a decrease of 12% in 2022, primarily driven by lower exports to Europe.
  • However, the decline in Russia’s production was offset by higher gas output in other regions, including North America, the Middle East, China, and Australia.
  • North America witnessed growth in gas production by 4.8% in 2022, with the United States contributing to a 4.3% increase and Canada to a 7.3% increase.
  • China experienced a 6% increase in gas production, while Australia saw a notable rise of 7.3%.
  • Gas production in the Middle East also showed positive growth, with a 3.2% increase.
  • In Latin America, gas production grew by 3.7%, primarily driven by the development of the Vaca Muerta field in Argentina and growth in Mexico.
  • However, Brazil experienced a nearly 7% drop in gas production due to a significant decline in gas consumption.
  • In Europe, the Netherlands observed a continuous decrease in gas production with a decline of 15% in 2022, contributing to a 7.6% drop in EU gas production.
  • On the other hand, Norway and the United Kingdom offset part of the decline in the EU with higher gas output.
  • Gas production in Africa also declined by 4.8%, with lower output in Algeria, Egypt, and Nigeria.)

Top Natural Gas Exporting Countries

Russia

  • Gas Exports: Approximately 220 billion cubic meters (bcm) per year.
  • Major Export Markets: Europe, particularly Germany, Turkey, Italy, and the United Kingdom.

Qatar

  • Gas Exports: Approximately 110 bcm per year.
  • Major Export Markets: Asia, particularly Japan, South Korea, China, and India.

United States

  • Gas Exports: Approximately 90 bcm per year.
  • Major Export Markets: Mexico, Canada, Japan, South Korea, and several European countries.

Australia

  • Gas Exports: Approximately 70 bcm per year.
  • Major Export Markets: Japan, China, South Korea, and various Southeast Asian countries.

Norway

  • Gas Exports: Approximately 120 bcm per year.
  • Major Export Markets: Europe, particularly the United Kingdom, Germany, France, and Belgium.

Canada

  • Gas Exports: Approximately 40 bcm per year.
  • Major Export Markets: The United States, particularly for pipeline exports.

Netherlands

  • Gas Exports: Approximately 40 bcm per year.
  • Major Export Markets: European countries, particularly Germany, Belgium, and France.

Turkmenistan

  • Gas Exports: Approximately 40 bcm per year.
  • Major Export Markets: China, Iran, and Russia.

Algeria

  • Gas Exports: Approximately 50 bcm per year.
  • Major Export Markets: Europe, particularly Italy, Spain, and France.

Malaysia

  • Gas Exports: Approximately 25 bcm per year.
  • Major Export Markets: Japan, South Korea, and various Southeast Asian countries.

Largest LNG Exporters Worldwide (July 2022)

  • Australian liquefied natural gas export terminals had a combined capacity of 87.6 million metric tons per year in 2022.
  • The combined capacity of Qatar’s liquefied gas export terminals reached 77.4 million metric tons per year as of 2022.
  • In 2022, the United States had liquefied gas export terminals with a combined capacity of 73.9 million metric tons per year.
  • Malaysia’s liquefied natural gas export terminals had a combined capacity of 21.5 million metric tons per year as of 2022.
  • As of 2022, Algeria’s liquefied gas export terminals had a combined capacity of 29.3 million metric tons per year.
  • Russia’s liquefied gas export terminals had a combined capacity of 28.9 million metric tons per year as of 2022.
  • The combined capacity of Nigeria’s liquefied natural gas export terminals amounted to 23 million metric tons per year in 2022.
SHARE:
Anurag Sharma

Anurag Sharma

He has been helping in business of varied scales, with key strategic decisions. He is a specialist in healthcare, medical devices, and life-science, and has accurately predicted the trends in the market. Anurag is a fervent traveller, and is passionate in exploring untouched places and locations. In his free time, he loves to introspect and plan ahead.