* Ikrami Abdullah from Riyadh
Official data showed that Saudi Arabia ranks fifth in the world among the largest proven gas reserves with 325.1 trillion standard cubic feet, with a 4.6 per cent share of the global reserve of 7042 trillion cubic feet by the end of 2017.
According to the analysis of the report unit in the newspaper "AlEqtisadiah" that based on the statement of the Ministry of Energy, Industry and Mineral Resources, Saudi Arabia advanced to fifth place after surpassing the United States, which has gas reserves of 320.2 trillion cubic feet.
Saudi Arabia has doubled its gas reserves six times in 57 years (from 1960 until the end of 2017), where it was 46 trillion cubic feet standard in 1960, with an increase of 607 per cent during that period, with an average annual increase of 10.6 per cent.
Saudi Arabia came in fifth place after Russia, Iran, Qatar and Turkmenistan, with reserves of 1,877.5 trillion cubic feet (25.4 per cent of the world) for Russia, 1194 trillion standard cubic feet (17 per cent) for Iran, 842.6 trillion standard cubic feet (12 per cent) for Qatar, and 347.4 trillion cubic feet (4.9 per cent) of Turkmenistan.
The United States, behind Saudi Arabia, has proven gas reserves of 320.2 trillion cubic feet (4.5 per cent of the world), followed by the UAE with 2.05.1 trillion cubic feet (3.1 percent), and Venezuela with 201.5 trillion cubic feet (2.9 per cent).
In ninth place, Nigeria recovered a reserve of 198.7 trillion cubic feet (2.8 per cent of the world), and Algeria had a record of 159.9 trillion cubic feet (2.3 per cent).
The report was based on the announcement of the Ministry of Energy, Industry and Minerals in Saudi Arabia, it announced on Wednesday that its gas reserves following an independent review by consulting firm "D'Geller & McKinnon" in addition to the data of OPEC and the International Energy Agency.
On the development of reserves during the period of analysis, Saudi Arabia's gas reserves have increased to 56.4 trillion cubic feet, up by 23 per cent (10.4 trillion standard cubic feet) in 1970, compared to 1960 (over 10 years).
While it is increasing by 99 per cent (56.1 trillion cubic feet) in 1980 to reach 112.4 trillion cubic feet and followed by 64 per cent (72 trillion standard cubic feet) to 184.4 trillion cubic feet in 1990.
In 2000, Saudi Arabia's installed gas reserves stood at 222.5 trillion cubic feet, up by 21 per cent (38.1 trillion cubic feet) from 1990 levels.
Reserves in 2010 increased to 283.1 trillion cubic feet, up by 27 per cent (60.6 trillion cubic feet) from their levels in 2000.
Saudi Arabia's installed gas reserves stood at 325.1 trillion cubic feet, according to an independent review, up by 15 per cent (42 trillion cubic feet) from 2010 levels.
Last Wednesday, the Ministry of Energy, Industry and Mineral Resources confirmed the increase of the fixed reserves of gas in the Kingdom, after Saudi Aramco's oil and gas reserves are subject to the independent certification process conducted by the leading consulting firm D'Geller & McKinnon.
The Kingdom had previously announced that by the end of 2017 gas reserves were amounted to 307.9 trillion cubic feet, of which 302.3 trillion cubic feet
Standard of gas represents estimates of fixed oil and gas reserves in the Saudi Aramco concession area.
Following the ratification, the reserves of the Saudi Aramco concession area increased by the end of 2017, by 17 trillion cubic feet, which is rising to 319.5 trillion cubic feet.
In addition to the reserves of the Saudi Aramco concession, the Kingdom also owns half of the oil reserves in the divided region jointly owned by Saudi Arabia and Kuwait. The Kingdom's share of gas reserves in the divided region (both land and sea) is 5.6 trillion cubic feet.
Therefore, the inclusion of the review by D'Geller & McKinnon for oil reserves in the Saudi Aramco concession area would raise the total fixed gas reserves to 325.1 trillion cubic feet.
* Economic Reports Unit
