BP classes Iran as world’s number one gas reserves holder

The UK-based energy giant, BP, has slashed its global natural gas reserves estimate for the first time in decades, sharply dropping Russia’s classified holdings and placing Iran at the top of the world’s gas-rich countries.

In its Statistical Review of World Energy released on Wednesday, the BP classed Iran as the world’s top gas reserves holder with 33.6 trillion cubic meters.
The company downgraded Russia’s reserves estimate to 32.9 trillion cubic meters from 44.6 trillion cubic meters in last year’s report, putting global proven gas reserves at 187.3 trillion cubic meters as of the end of 2012.
Christof Ruhl, BP’s chief economist, said in this regard that the firm decided this year to adjust its gas reserves estimates for the former Soviet Union, including Russia, where data on reserves is classified.
The annual report also cut the estimate of gas reserves in the United States.
Meanwhile, BP also upgraded oil reserves for both Iran and Iraq by several billion barrels, estimating global proven reserves at 1,669 billion barrels at the end of last year, up slightly from 1,654 billion at the end of 2011.
Iran has been trying to boost its gas production by attracting foreign and domestic investments, especially in South Pars gas field.