In this piece, we will take a look at the five countries with the largest natural gas reserves in 2023. To learn more about the natural gas industry, check out 20 Countries With The Largest Natural Gas Reserves in 2023.
5. Turkmenistan
Natural Gas Reserves In Cubic Kilometers in 2021: 10,000
Turkmenistan is a landlocked Central Asian country. It has some of the biggest natural gas fields in the world, with gas production being entrusted to the state owned company Turkmengaz. Turkmenistan provides billions of cubic feet of gas to China, and it also aims to provide gas to India, Pakistan, and Afghanistan – all regional countries, through a new pipeline. However, Turkmenistan’s natural gas industry is also quite controversial, with one leak having been thought to have released billions of dollars of the fuel into the atmosphere.
4. United States of America
Natural Gas Reserves In Cubic Kilometers in 2021: 17,710
The United States is the world’s largest economy in nominal terms, the world’s only superpower, and also the world’s largest oil producer. The U.S. also has the world’s biggest privately run oil companies, such as Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM). More than a fifth of America’s natural gas reserves are in Texas, with Pennsylvania and Louisiana also having significant reserves. America’s energy mix is also reliant on natural gas due to the fuel’s clean burning properties.
3. State of Qatar
Natural Gas Reserves In Cubic Kilometers in 2021: 23,900
Qatar is a Middle Eastern nation that is one of the most prosperous countries in the world. It has the fifth highest GDP per capita in the world at $51,968. The Russian invasion of Ukraine gave Qatar’s natural gas industry a sizeable boost as supplies to Europe accelerated due to sanctions on Russian fuels. Gas exports from Qatar’s North Field have enabled it to vastly improve its standard of living, demonstrating the crucial role of the fuel in the country’s development.
2. Islamic Republic of Iran
Natural Gas Reserves In Cubic Kilometers in 2021: 34,000
Iran is another Asian country with vast amounts of petroleum reserves. Just like Venezuela, the country cannot sell its fuel on the international market due to financial sanctions. However, Iran nevertheless supplies copious amounts of oil to China through a vast global network of cargo ships. Yet, fuel subsidies in Iran are often a pain for budget managers, and the country is also investing billions of dollars to bring its LNG capacity up to global standards.
1. Russian Federation
Natural Gas Reserves In Cubic Kilometers in 2021: 47,800
Russia is the largest country in the world in terms of landmass. It is also a crucial player in the global natural gas industry, with the state owned firm Gazprom responsible for supplying Russian gas through massive land pipelines. These days though Russia is eager to find alternative markets for its gas after supplies have dropped to Europe. To this end, it plans to build a new natural gas pipeline to supply China.
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