Proven natural gas reserves in the Balkans region total approximately 2.7 trillion cubic feet (Tcf). Serbia and Montenegro, with 1.7 Tcf, holds roughly 60 percent of the region's total, while Croatia contains a further 1.0 Tcf and Albania has just 0.03 Tcf. In 2003, Croatia produced 70 Bcf of natural gas, while Serbia and Montenegro's (ex-Yugoslavia's) natural gas output was 20 Bcf. Albania, the only other natural gas producing country in the region, produced about 1 Bcf in 2003 to fulfill its domestic demand. Most of the region's natural gas imports come from Russia.

In April 2003, representatives from all of the Balkan Countries signed an agreement indicating their support for a proposed natural gas pipeline from Greece, through the Balkans and into Austria. The pipeline would be extension of an interconnection being considered between Turkey and Greece.