Oil and Gas wealth concentrated in ME

Mar 25, 1997 01:00 AM

Mar. 4, 1997 Iran and its two Gulf Arab neighbours Qatar and the UAE together control more than a quarter of the world's proven gas reserves, a UAE study showed. The three countries had around 1,196 trillion cubic feet (36 trillion cubic metres) of natural gas at the end of 1996 out of a world total of 4,533 tcf (136 tcm), the Abu Dhabi National Oil Company (ADNOC) said in a paper. The paper, quoting BP figures, showed Iran was the second biggest gas power in the world after Russia, with proven reserves of 741.6 tcf (22.2 tcm). Qatar possesses nearly 250 tcf (7.5 tcm) and the UAE around 204.6 tcf (6.1 tcm).
Russia sits atop nearly 37 % of the world's gas, with reserves of 1,700 tcf (51 tcm).
The UAE already has a large gas liquefaction plant and has embarked on multi-billion-dollar projects to develop its fields to take advantage of a rapid growth in world demand for the cleaner source of energy. Qatar is investing up to $ 15 bn into liquefaction ventures to tap its North Field.
The ADNOC study showed Saudi Arabia remained by far the biggest oil power in the world, with its 261.2 billion barrels representing more than one quarter of global recoverable crude reserves of around 1 trillion barrels. Iraq has the second largest oil reserves of more than 100 bnb, while the UAE has 98.1 bnb, Kuwait 96.5 bnb and Iran 88.2 bnb.
This means the combined resources of the five Gulf states of 644 bnb accounts for nearly 65 % of the world's total oil wealth.

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