TEHRAN - The former secretary general of the Gas Exporting Countries Forum (GECF) said according to the latest estimates Iran, China, the U.S. and Russia will be the world’s top four suppliers of natural gas by 2040.

Mohammad Hossein Adeli made the remarks during the 6th Iran International Drilling Congress and Exhibition (Iran Drilling 2019) in Tehran, IRIB reported.

Pointing to the increase in the urban population in the future, the official noted that energy demand [and particularly demand for natural gas] will significantly increase in the near future.

“By 2040, the demand for natural gas in the world will increase by about 50 percent (by 1,718 billion cubic meters) and will reach 5,427 billion cubic meters”, he said.

As one of the most important events in the field of energy and the largest event of Iranian upstream industry, Iran Drilling Congress attracts more than 1200 local and foreign participants from more than 100 companies, government officials, national and international companies (NOCs & IOCs), oil and gas industry managers and decision makers of private companies, every year.

The 6th edition of the event included 30 specialist panels, five workshops and over 100 presentations and lectures on the dimensions and requirements of the industry for enhancing and maintaining oil production from technical, financial, legal, contractual, insurance and risk management viewpoints.

According to the BP Statistical Review of World Energy, Iran ranks first in the world in terms of natural gas reserves and the country holds around 18 percent of total proven natural gas reserves globally.

According to the International Energy Agency (IEA), natural gas currently supplies 22 percent of the world’s energy needs, and accounts for nearly a quarter of electricity generation worldwide, it is used and transported in various forms including Liquefied Natural Gas (LNG), Compressed Natural Gas (CNG), and Liquefied Petroleum Gas (LPG) as well as through pipelines.

In recent years the demand for gas as a clearer fuel has increased drastically and natural gas market has become more globalized.

EF/MA