Global production of natural gas increases
The GCC natural gas sector report from Global Investment House says that the world’s gas reserves increased at a compound annual growth rate (CAGR) of 1.9 per cent during between 1996 and 2007 according to British Petroleum. By the end of 2007, natural gas reserves of the world stood at 6,448.3trillion cubic feet (TCF), showing growth of 0.7 per cent over 2006 gas reserves. Going forward, Global said it expects gas reserves will increase at a CAGR of 0.7 per cent to 6,622.4TCF during the 2008 to 2011 period with the Middle-East region being dominant. In 2007 gas reserves in the Middle-East region stood at 2,628TCF followed by Europe.