Natural Gas Reserves
While the gas supply in some Middle East and North African countries is being depleted, the overall amount of proven gas supplies in other areas of MENA is estimated to sustain the region in gas for the next thirty years, and beyond.
According to the Saudi-based Arab Petroleum Investment Corp (APICORP) there are 26.6 trillion cubic meters (tcm) of undiscoverable gas deposits in the region, and 88 trillion tcm of proven natural gas deposits, enough to last over 30 years at current production rate growths. APICORP is an affiliate of the 10-nation Organization of Arab petroleum Exporting Countries (OAPEC.)
The majority of the proven gas reserves are in the UAE, Iran Qatar, Saudi Arabia and Algeria, representing about 42 percent of the world’s total gas supply.
"For a production growth of 6.9 per cent a year, which corresponds to the last 10-year average, future volumes from remaining reserves would last 33 years….this is just above the conventional 30-year time horizon for strategic planning in the field of exploration and development (E&D)," APICORP's senior consultant Ali Aissaoui wrote in a five-page study.
"Our findings confirm and extend our previous results showing that on aggregate MENA proved reserves are substantial and their combined dynamic life is a little beyond the traditional 30-year strategic planning horizon for E&D."
Chief Executive Director General of the Arab Company for Petroleum Investments APICORP, Ahmed Al-Naimi, the company will contribute to financing projects in new and renewable energy that are performed in the UAE, and in Abu Dhabi in particular.