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30% to 60%* of the world’s natural gas (6,186 TCF) is classified as “stranded”, meaning that it cannot be used locally or transported economically to other markets. In addition, there are still large amounts of undiscovered gas that could be produced by using GTL technology. According to the US Geological Survey, worldwide undiscovered natural gas is estimated at 4,133 TCF.
Demand for products derived from stranded gas will grow at a rate of 5% per year and that in an environment of high oil prices, consumption could accelerate even by 10% per year.The majority of the world’s stranded gas are located in the Middle East and the CIS**
The emergence of new technologies will continue to expand the uses and markets for natural gas and gas derived products. New methods to convert natural gas to liquids will enable producers to transport gas more easily and economically from previously inaccessible areas. GTL technology is also likely to be a significant player as it currently provides the only alternative to bulk-gas conversion.
The Gas2 technology could have significant implications for the economic viability of stranded gas and unlock value for operators globally: 98% by number and 38% by volume of the world’s stranded gas fields cannot be monetised or developed using current large footprint GTL systems. Gas2 technology is directed at selected targets within this market.
*Science Daily **IHS Energy