Nigeria, ranked ninth globally, follows Russia, Iran and Qatar on the list of countries having the largest reserves of gas. Algeria is ranked 10th and Egypt 17th.

In addition, OPEC’s report has added that an investment of US$10 trillion over 26 years would be required to develop the world’s gas reserves. This investment would be required in order to meet the growing demand for gas, which is expected to increase by over 21 million barrels per day (mbpd) during the period, reaching 111.1mn bpd by 2040.

Oil-related investment requirements reach US$10 trillion between 2014 and 2040. Over the period, upstream investment requirements for additional capacity amount to US$7.3 trillion. Most of this investment will be made in non-OPEC countries, which are expected to invest over US$300bn each year.

The report added that OPEC would need to invest an average of about US$40bn annually for the rest of this decade, and over US$60bn annually in the longer term.

Source : OIL NEWS KENYA