Turkmenistan takes the third place in the world on gas inventories, - "The Oil and gas Vertical"

The Russian trade magazine "The Oil and Gas Vertical", summing up the world results in the field of investigation, production and a gas consumption in 2016, once again paid special attention for a significant role of Turkmenistan in modern and future structure of global power. 

As it is noted in the article "Through Gas — in the Net Future" published in the issue of February, 2017 of "The Oil and gas Vertical", "in a subsoil of three countries — Russia, Iran and Qatar — 53% of the world proved gas reserves lie. Together with Turkmenistan and the USA they form the leading five of the countries which controls more than 66% of world gas. Here options as estimates of inventories of gas of Turkmenistan vary in the range of 7-27 trillion cubic meters are possible".

As the edition notes, more than 53% of world gas are extracted in these five countries. At the same time the magazine underlines that the structure of five leading countries on inventories and on production not completely matches. So, the edition writes, Turkmenistan, extracts 70–80 billion cubic meters a year, it is less than Norway, Algeria and several other countries that corresponds to the tenth line item in the world.

At the same time "The Oil and Gas Vertical" fairly emphasizes that growth of production is contained by lack of the markets for additional deliveries of gas in Turkmenistan. On the contrary, Canada, having the extensive market of gas sale in the USA, in case of much smaller inventories enters the five of the largest gas countries.

"The Oil and Gas Vertical" notes that "according to the audit booked by the independent British company Gafney, Cline & Associates in Turkmenistan reserves of field Galkynysh in total with the field Yashlar today are estimated at 26,2 trillion cubic meters, and taking into account inventories of the newly opened accompanying field Garakel entering this block, they reached 27,4 trillion cubic meters".

"If to adhere to this assessment, then Turkmenistan takes the third place in the world on gas inventories. The auditor calls them "the opening proved inventories", - writes the Russian magazine. Providing in article more reserved assessment – "Oil and Gas Journal since 2010 holds inventories of Turkmenistan on a mark of 7,5 trillion cubic meters", "The Oil and Gas Vertical" specifies that "BP which in the annual statistical overview adhered to the same assessment in 2011 raised inventories of Turkmenistan to 17,5 trillion cubic meters and holds them at this level".

As the magazine notes, the assumption that assessment of the auditor includes not only the proved inventories, but also resources, partly is confirmed by the report of Research prospecting institute of Turkmenistan provided in April, 2015 at the conference in Geneva in which initial natural gas resources were estimated at 51,5 trillion cubic meters which major part (45,4 trillion cubic meters) is on the land and 6,1 trillion cubic meters — are in the sea.

Based on data of International association of gas information (CEDIGAZ), International Energy Agency, the BP company and other leading analyst companies, the magazine reports that for the beginning of 2017 world gas reserves are estimated at 205 trillion cubic meters that is 0,7% lower, than a year ago. About 75% of the proved inventories are concentrated in the Middle East and in the former Soviet Union. About 8% of world gas are in the region of Asia and Australia, on 6% — in North America and Africa, 5% — in Latin America and only 2% — in Europe.

In 2016, in the conditions of reduced activity and reducing capital investments, in the world less than 4 trillion cubic meters of new resources of gas were open.  

The world gas consumption grew by 1,7%, when reducing demand in Organization for Economic Cooperation and Development (OECD) on 1% and growth in the rest of the world for 4%.

The annual average price of gas in Europe in 2016 averaged 162,86$/one thousand cubic meters, is 37% lower, than in 2015. The LNG price in Japan was reduced from 371,43$/one thousand cubic meters in 2015 to 246,43$/one thousand cubic meters in the 2016th.

According to the basic scenario of the Energy forecast-2017 of the BP company, with a growth of world energy demand by 2035 for 1% a year the annual gas consumption will increase by 1,6%, advancing the slowing-down demand for liquid and coal fuel. The gas share in a world energy balance respectively will rise from 21% in 2015 to 24% in the 2035th.

China, the Middle East and the USA will become the main centers of demand. In an industry section the greatest contribution to increase in demand for gas will be made by industrial and electrical power sectors of economy, notes the edition.

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