Natural Gas Reserves

Natural gas is the most economical source of energy, which is highly desirable by home users and industries for their day-to-day activities. This fossil fuel is useful in generating electricity, cooking, heating and much more. Natural gas reserves are the lifeblood of the United States. North America's annual demand for this form of energy resource is 25 trillion cubic feet and most of this is used for local consumption. The country has huge reserves to meet the requirements of the industries and home users that there is no necessity for natural gas imports. It has been estimated that by 2010, the demand for natural gas would be somewhere around 34 trillion cubic feet.

Proven natural gas reserves are those that have been located where natural gas can be extracted in future with existing technology so that it is cost effective. The demand for natural gas is growing and it is believed to have doubled during the past twenty years. Huge natural gas reserves have been discovered in Alaska but the gas has not yet been extracted due to various political and social issues. It is believed that in future with the implementation of new projects more natural gas can be extracted. The unconventional natural gas can be extracted and produced based on the economic condition and advancement in technology, which will be helpful in meeting the growing demand for natural gas.

The total natural gas reserves in the world during the year 2000 accounted for 150.19 trillion cubic feet. In the year 2008, the estimates were around 2074 trillion cubic feet having increased from 1532 trillion cubic feet. In 2009, the natural gas reserves have increased by 35 percent. With the implementation of new drilling technologies natural gas is being extracted from the reserves. The natural gas is extracted from shale rocks with the help of a technique called hydraulic fracturing where water is injected at a high pressure so that the rocks get shattered and the trapped gas may be released. Shale gas accounts for 616 trillion cubic feet of natural gas reserves. New techniques have increased the possibility of even unconventional gas to be extracted.

Proven natural gas reserves are found in Russia, Unites States, Iran, Iraq, Malaysia and the list goes on. As per the statistics, nearly 181 countries have natural gas reserves. Some of these countries export natural gas in the form of Liquefied Natural Gas (LNG). Belgium, France, Greece, Spain, Portugal and other countries are major importers of Liquefied Natural Gas. According to the recent estimates it is believed that by 2030, the demand for natural gas will increase by approximately 13 percent. Upcoming industries will need natural gas and there will be a huge demand from the transportation industry with the launch of new vehicles as it is cost effective and efficient. Moreover natural gas does not pollute the environment to a greater extent. There can be no better choice other than natural gas for cooking in homes and hotels.