According to BP’s (NYSE:BP,LSE:BP) Statistical Review of World Energy released this week, Iran holds the world’s largest natural gas reserves, Asharq Al-Awsat reported. The country has 33.8 trillion cubic metres of gas, making up 18.2 percent of the world’s proven reserves. However, BP also noted that Iran only accounts for 0.5 percent of global natural gas production.
As quoted in the publication:
Years of crippling sanctions have stymied Iran’s oil and gas industries, leaving infrastructure and fields underdeveloped due to lack of investment and expertise. Energy subsidies coupled with a growing population have also created excess demand which the country’s gas industry has not been able to meet, making it today a net importer of natural gas, despite more than doubling production between 2002 and 2012.