OPEC and natural gas

This paper reviews the involvement of OPEC Member Countries in the natural gas industry in the past, present and future. It notes a tenfold increase in marketed production and a fourfold rise in re-injection since 1970. Collectively, Members now hold 41 per cent of the world's proven gas reserves and account for 20 per cent of exports. Individually, four of these countries hold position 2-5 in the world gas reserve rankings. Within OPEC, however, there remains an emphasis of oil over gas, not least because of oil's favourable position with regard to revenue-generation and profitability. As global demand continues on its upward growth curve in a more environmentally aware world, OPEC's gas horizons will widen. OPEC's strong reserve base will give its Members an undeniable role to play on the future global gas stage. However, these countries will give priority to domestic usage, particularly re-injection schemes