Top 15 Countries with the Largest Natural Gas Reserves in the World

Saudi Arabia has 49 oil fields, two of which are considered the largest in the world: (i) The Ghawar field, located in the Eastern Province, is the largest oil field globally, producing 50–70% of Saudi Arabia's total crude oil output, which represents 6.4% of the world's total. (ii) The Safaniyah field, located 200 km north of Dhahran, is the world's largest offshore oil field and Saudi Arabia's second-largest, producing over 1 million barrels of crude oil daily, with reserves of 37 billion barrels. Both oil fields are owned and operated by Saudi Aramco, the national oil company of Saudi Arabia.

Saudi Arabia is the largest oil exporter globally. According to the International Energy Agency (IEA) data from December 2018, oil production from Saudi Arabia, the US, and Russia accounted for 40% of global oil production, playing a crucial role in stabilizing market trends and crude oil fluctuations. Saudi Arabia's average crude oil production from January 2002 to October 2021 was 9,423,500 barrels per day, with the highest ever production recorded at 11,642,000 barrels per day in April 2020 and the lowest at 7,121,000 barrels per day in February 2002.

Natural Gas Reserves: 15.91 trillion cubic meters

Natural gas production in the United States had been declining until the shale gas revolution took place. From 2005 to 2020, U.S. natural gas production surged by 86%, propelling the U.S. back to the top of the global natural gas producers.

The U.S. dominated global natural gas production until the 1980s when it ceded the lead to Russia. Over the past 50 years, Middle Eastern countries have rapidly developed their natural gas reserves and are on track to become global leaders. Oil and gas analyst Robert Rapier recently published an article based on BP's 2021 Statistical Review of World Energy, focusing on the production and consumption of natural gas in the U.S. U.S. natural gas output has increased dramatically since the shale revolution, regaining its position as one of the largest producers in the world.

Natural gas consumption in the United States has grown rapidly, especially as coal-fired power plants transitioned to natural gas and backup power was secured for renewable energy sources. The surge in natural gas supplies and the shift in fuel use in power plants have made natural gas the fastest-growing fossil fuel. Over the past decade, global natural gas consumption has increased at an average annual rate of 2.9%, compared to 1.5% for oil and 0.9% for coal.

Natural Gas Reserves: 13.17 trillion cubic meters

The major natural gas fields of Turkmenistan were discovered in the central and eastern regions in the 1940s and 1950s. By the 1980s, Turkmenistan had become the second-largest natural gas producer in the Soviet Union, after the Russian Soviet Federative Socialist Republic. During the Soviet era, natural gas was primarily exported to other Soviet republics, with Turkmenistan's production steadily increasing from around 9.2 million m³ in 1940 to approximately 234 million m³ in 1960, and about 51 billion m³ in 1975. This export was centrally controlled, with most of the export revenues contributing to the Soviet central budget.

Production and exports peaked in 2008 but declined sharply in 2009 due to an explosion in the Central Asia-Center gas pipeline in April 2009, which Turkmenistan blamed on Gazprom. Since then, Russia has limited its imports from Turkmenistan to about 10 billion cubic meters. However, production and exports began to rise again from 2010 onwards with the opening of the Central Asia-China gas pipeline.

Natural Gas Reserves: 11.33 trillion cubic meters

China's natural gas production has exceeded 100 billion cubic meters per year in the past five years, according to statistics from the China National Petroleum Corporation (CNPC), as reported by Thepaper.cn. CNPC experts attribute this growth to technological advancements and efforts to accelerate natural gas development in line with the country's environmental goals. However, this production still falls short of meeting the enormous domestic demand. To address this, China has established natural gas production facilities in the northwest regions of Qinghai and the Tarim Basin in Xinjiang.

The growth in China's natural gas production has primarily come from efforts by major energy companies like CNPC, which has increased the share of natural gas in China's energy mix from 4.8% in 2012 to 9.1% in 2021. In a recent shareholders meeting, CNPC also announced plans to expand into low-carbon hydrogen energy. The company reported that in 2021, it sold over 200 billion cubic meters of natural gas, replacing 273 million tons of standard coal and reducing carbon dioxide emissions by 274 million tons.

Natural Gas Reserves: 6.65 trillion cubic meters

The United Arab Emirates (UAE) is among the top 10 largest oil producers globally. It is a member of OPEC, OAPEC, and the Gas Exporting Countries Forum (GECF). Established in 1971, the UAE is a federation of seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah (RAK), Sharjah, and Umm Al Quwain. Abu Dhabi holds the majority of the country's oil and natural gas reserves, accounting for 95% of the UAE's oil reserves and hosting some of the largest natural gas fields in the world. Other emirates such as Dubai, Sharjah, and RAK hold smaller natural gas reserves. Each emirate is responsible for regulating its oil and gas activities.

Oil and gas revenues contribute to 30% of the UAE's GDP. In October 2021, UAE's crude oil production reached 2.828 million barrels per day, an increase from 2.790 million barrels per day in September 2021. UAE's average oil production from January 2002 to October 2021 was 2.578 million barrels per day, with the highest recorded output of 3.841 million barrels per day in April 2020, and a record low of 1.934 million barrels per day in February 2002.

Despite having significant natural gas reserves, Nigeria largely relies on other sources to meet its energy needs, even though natural gas could be a key solution to the country's energy shortage. Nigeria is committed to achieving carbon neutrality by 2060, as outlined at COP26. According to officials, this goal will require an investment of up to $400 billion.

Bloomberg reports that $310 billion of this amount would be allocated to infrastructure development for production, transmission, and distribution of electricity, while $75 billion would go toward improving energy efficiency in high-rise buildings. These goals could be achievable "if the country receives financial support, technology transfer, and capacity building from the most successful and advanced nations," said President Buhari. According to USAID, Nigeria accounted for just 1.01% of global greenhouse gas emissions in 2014. To reach net-zero emissions by 2060, the country aims for a green future. Currently, Nigeria is relying on developed countries' commitments to developing and emerging nations, as seen at COP21. These commitments focus on climate-respectful investments, particularly in clean energy, green infrastructure, and technological innovation.

Natural Gas Reserves: 5.748 trillion cubic meters

Venezuela is a country with abundant oil reserves but is facing significant sanctions that hinder its extraction efforts. Despite these challenges, Venezuela once produced nearly 3 million barrels of oil per day before the harsh sanctions were imposed, reducing its output. According to Jorge Pinon, an expert at the University of Texas, the country's oil production infrastructure has deteriorated over the years, with machinery and equipment rusting due to lack of maintenance. The Wall Street Journal reports that although Venezuela's refineries have become more 'dynamic' in the past two years, they have not been able to reach the output levels of the 1990s. For example, the Amuay refinery processed around 168,000 barrels of crude oil daily in 2021, but in 1998, it could handle up to 570,000 barrels.

According to data from the Organization of the Petroleum Exporting Countries (OPEC), Venezuela currently produces 688,000 barrels of oil per day. Most of this oil is exported to China, with smaller amounts sent to Russia and Iran. Around 60,000 barrels are sent to Cuba and other destinations like India. This output is still considered modest, representing less than 1% of the global daily oil production, which totals 100 million barrels. In March, U.S. President Joe Biden announced that the U.S. and its allies would release 60 million barrels from strategic reserves. However, this amount is only equivalent to three days of U.S. oil consumption, making the move largely symbolic.

Natural Gas Reserves: 5.663 trillion cubic meters

Algeria, the largest exporter of natural gas in Africa and the 7th largest in the world as of 2020, boasts proven gas reserves of at least 4.5 trillion cubic meters. The country has an extensive network of gas pipelines extending from vast fields in its central and southern regions, delivering fuel to Iberia and southern Italy. Algeria also operates two major liquefied natural gas (LNG) plants in Arzew and Skikda along the Mediterranean coast, making it easy to transport LNG by tanker to multiple destinations across Europe.

However, as noted by Rai Al Youm, much of Algeria's energy infrastructure is aging, and domestic demand is on the rise. These two factors are hindering efforts to increase production. Several European energy companies – including Italy’s Eni, France’s Total, Norway’s Equinor, and Germany’s Wintershall – have been active in this gas-rich country, partnering with Algeria’s state-owned energy giant Sonatrach on various projects.

Italy alone imported approximately 21 billion cubic meters of gas from Algeria in 2021. The country has also signed agreements to import an additional 9 billion cubic meters from 2023 to 2024, equivalent to around 12% of Rome's annual gas consumption. Meanwhile, Wintershall has signed a contract with Algeria to produce 2.8 billion cubic meters of gas annually until 2041.

Natural Gas Reserves: 4.502 trillion cubic meters

With confirmed oil reserves of 143.1 billion barrels (2.275×10^10 m³), Iraq ranks second in the world, after Saudi Arabia, for oil reserves. Its production reached 3.4 million barrels per day in December 2012, with plans to increase to 5 million barrels per day by 2014. Iraq has drilled around 2,000 oil wells, compared to approximately 1 million in Texas alone. Iraq is one of the founding members of OPEC.

By 2010, despite improving security and billions in oil revenues, Iraq was still generating about half of its electricity needs, leading to protests during the hot summer months. On March 14, 2014, the International Energy Agency reported that Iraq's oil output had risen by half a million barrels per day, reaching an average of 3.6 million barrels per day. This was the highest level of production since 1979, when Saddam Hussein came to power.

The Iraqi economy heavily relies on oil revenues, with the sector contributing around 95% of the country's foreign exchange earnings. The lack of development in other industries has led to an unemployment rate of 18%–30%, and a per capita GDP of just $4,000. Nearly 60% of full-time workers were employed in the public sector in 2011. The oil export industry generates very few jobs, and women's participation in the workforce remains modest, with an estimated 22% of women employed in 2011. By 2016, Iraq's GDP was $156.323 billion, ranking 56th globally, 20th in Asia, and 6th in the Middle East.

Natural Gas Reserves: 3.738 trillion cubic meters

Australia is rich in a variety of natural resources, including minerals, oil, gas, and timber. Natural gas is produced extensively throughout the country, with gas fields located in several regions. The majority of Australia's natural gas is used for domestic purposes. Reports indicate that every state in Australia hosts at least one commercial natural gas field.

Pipelines connect these gas fields to major cities. Natural gas production in Australia began in 1969, growing more than 14 times within the first three years. The country is believed to have substantial natural gas reserves, with thousands of billions of tons estimated to be stored in its sedimentary layers. Oil reserves, which are among the country’s most valuable resources, are primarily found in Western Australia. Australia’s natural gas reserves are estimated to total 3,921 trillion cubic meters. By 2016, Australia’s proven oil reserves were recorded at 1,193,000,000 barrels, ranking 38th globally, with a total of 1.65 trillion barrels of oil.

Natural Gas Reserves: 3.228 trillion cubic meters

Mozambique has begun exporting its first liquefied natural gas (LNG) shipment. This export from the African nation could help alleviate Europe's energy crisis, especially as Russia tightens its supply. For Mozambique, one of the poorest countries in the world, this marks the end of a decade-long wait to profit from one of Africa's largest offshore gas fields. President Filipe Nyusi made the announcement of the first LNG shipment on November 13th.

The project has a capacity of 3.4 million tons of LNG per year, which is approximately one-third of the LNG imported by the UK last year. Last month, Mozambique's oil and gas regulator revealed that the first LNG cargo would be sent to Europe. The International Energy Agency (IEA) has warned that European LNG markets are bracing for an unprecedented winter with uncertain supply, exacerbated by sanctions following Russia’s conflict with Ukraine. The IEA noted that the possibility of gas pipelines to the European Union being completely shut down cannot be ruled out, making Mozambique’s resources even more crucial, despite delays in the country’s largest projects.

Natural Gas Reserves: 2.832 trillion cubic meters

Although Canada is expected to be a key alternative source for Europe’s oil and gas needs, experts believe it will be challenging for Canada to ease the continent’s ongoing energy crisis. Currently, Canada’s oil production is primarily concentrated in the oil sands of Alberta. The vast reserves of this region have made Canada the fourth-largest oil producer globally and the largest outside of OPEC.

However, according to expert Tu Nguyen, in the past five years, oil extraction projects have faced significant opposition from the public and investors, with many arguing that economic development needs to shift away from fossil fuels to create “a better future.” Johnston believes that governments and businesses in the industry have recognized “the importance of decarbonizing the economy” and are adopting emission targets and policies to accelerate the transition to renewable energy, as well as developing green technologies like electric vehicles. Despite these efforts, replacing fossil fuels will be extremely challenging, particularly in sectors like transportation, especially long-distance transportation such as aviation.

Natural Gas Reserves: 2.067 trillion cubic meters

Russia's vast natural gas fields around the Yamal Peninsula are expected to play a crucial role in the country's future energy landscape. Speaking at the International Business Conference on August 31, the CEO of Russia’s Gazprom stated that the country possesses enormous natural gas reserves that could last for over a century.

“Our consumers, the citizens of Russia, will have access to this reliable and affordable energy source. It’s especially important to note that they can be optimistic about the country’s future gas supply. Why? Because we have reserves that will last for the next 100 years,” said Miller, as reported by RT. He further mentioned that some of Gazprom’s fields would continue to produce gas well into the year 2120. The CEO expressed confidence in the development of the vast resources in the Yamal Peninsula, located in northern Russia. Miller also revealed that Gazprom is preparing to open the Kharasavey gas field and has already begun developing deeper sections of the Bovanenkovo field.

Natural Gas Reserves: 47.798 trillion cubic meters

Iran holds 16% of the world's natural gas reserves, valued at $11.2 trillion. The country also possesses the third-largest oil reserves globally, with 136.2 billion barrels, accounting for more than 10% of global reserves. However, due to its controversial nuclear program, Iran faces challenges in exporting these resources. As part of a plan to attract $125 billion in investments, both domestic and foreign, for its oil and gas sector over the next four to eight years, Iran's head of the Planning and Budget Organization, Masoud Mirkazemi, announced that the government has signed agreements with domestic companies to invest $29 billion in oil and gas projects.

Iran is currently the second-largest holder of natural gas reserves in the world, after Russia, but U.S. sanctions have hindered its access to technology and slowed the development of its oil and gas export sector. There are hopes that Iran may increase its oil exports thanks to progress in the JCPOA negotiations, which have impacted the global oil market. Senior market analyst Phil Flynn from PRICE Futures Group noted that some oil traders are optimistic about a potential deal between Iran and the West, which could allow Tehran to boost its oil exports to the global market. Analyst Vivek Dhar from Westpac Banking Corporation suggested that Iran could increase its oil exports by between 1 and 1.5 million barrels per day within six months, and that the revival of the JCPOA could help ease global oil prices.

Natural Gas Reserves: 33.980 trillion cubic meters

Qatar is home to North Field, the largest offshore natural gas field in the world, which it shares with Iran. This field accounts for about 10% of the known global natural gas reserves. The country's citizens benefit greatly from its vast natural gas reserves, enjoying generous benefits and subsidies. Oil and gas have made Qatar, a country just around 50 years old, wealthy and influential. Over the past few decades, around 300,000 Qataris have left behind their traditional livelihoods in fishing and pearl diving.

Today, Qatar is a global hub, with Doha International Airport, the national airline Qatar Airways, and the influential Al Jazeera media network. By leveraging its natural resources and diversifying its economy, Qatar has become the wealthiest country in the Middle East and boasts the highest per capita GDP in the world. While many oil-rich nations exist globally, not all have managed their resources as effectively as Qatar. Countries like Iraq, Libya, and Nigeria, for example, have struggled economically due to the so-called 'resource curse', which hinders growth and stability. In contrast, Qatar has successfully reinvested its oil wealth to diversify its economy.

Natural Gas Reserves: 23.871 trillion cubic meters