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Monday, August 22, 2022

Natural Gas Proved Reserves -- Global -- August 22, 2022

Off Cyprus:

  • link here.
  • this was considered "breaking news" and breathlessly reported -- oh, give me a break.
    • but, yes, it's huge -- see Groningen below 
    • but so is the Permian 140 trillion cubic feet
  • TTE, Eni: Cronos-1 well
  • preliminary estimates indicate there are about 2.5 trillion cubic feet (TCF) of gas in place, “with significant additional upside”
  • that 2.5 trillion: put into perspective by numbers below
  • Groningen, which the Dutch closed down? 2.8 trillion cubic feet

US proved reserves of natural gas by top eight states, 2016 - 2022:

Staggering global riches of natural gas (the numbers keep increasing). From an earlier post:

Top five countries:
  • Russia: 6,000 trillion cubic feet
  • Iran: 1,000 trillion cubic feet
  • Qatar: 900 trillion cubic feet
  • Turkmenistan: 600 trillion cubic feet
  • US: 350 trillion cubic feet
  • #11: Australia: 152 trillion cubic feet (as of January, 2014). (See this post.)
Now, let's go back and re-run the numbers that were posted earlier:
Other recent stories on natural gas reserves
Comments regarding natural gas reserves
  • for me, it's hard enough getting my hands around billions of bbls of oil; it's almost impossible for me to get a feel for trillions of cubic feet of natural gas
  • proved reserves are based on price of recovery, confusing matters from year to year
  • estimates are just that, estimates (and often inflated for "certain" reasons)
  • watch for this gotcha: sometimes reported in trillion cubic feet; sometimes in trillion cubic meters (35 cubic feet = 1 cubic meter; not trivial)
  • for me it comes down to two things:
    • any discovery over 30 trillion cubic feet natural gas is staggering, worth reporting
    • "we" aren't going to run out of natural gas any time soon

4 comments:

  1. hard to grasp so i looked it up. global consumption is 4 TCM/yr or ~140TCF/yr.

    ReplyDelete
    Replies
    1. Thank you. Yes, I can never seem to grasp natural gas units: BTUs, TCMs, TCFs, BCFs -- a long time ago, an engineer mentioned the same thing to me. Obfuscation can help improve odds when negotiating deals. LOL.

      Delete
  2. if math correct then assume world reserves at ~15,000TCF we have 100yrs of natgas....not very much. but of course this will double with further efforts so maybe 200 yrs. as a geoscientist i have to say, this is a blip in timescale and we should be worried as a species. overall conservation and alt fuels will come into play but next time out at dinner and you see a fire pit just "flaring gas" it should give us all pause.

    ReplyDelete
    Replies
    1. Agree. I would certainly hope no fire pits in Italy "flaring gas," but it would not surprise me.

      Delete

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