Evolution of conventional natural gas reserves

Proven reserves are the quantities of known conventional natural gas deposits (see the Glossary), which, according to geological data and current technological progress, have a high probability of being exploitable in the future under existing technical and economic conditions.

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Source: BP Statistical Review 2021

Analysis

Conventional gas reserves are large, with estimates continuing to change as new exploration or extraction techniques are developed. Resources are relatively well distributed across the world. Today, Russia, Qatar and Iran share close to 50% of the proven reserves. Figures have been stable since 2011, with new discoveries in North America and Asia offsetting global consumption of older reserves. A number of analysts believes that a major share of conventional natural gas is still to be discovered.