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Manila Bulletin devider Business devider Value of PH fossil fuel reserves doubled

Value of PH fossil fuel reserves doubled

In 2022

Published Nov 24, 2023 05:12 am

At A Glance

  • The Philippine Statistics Authority (PSA) said that the value of the country's fossil fuel reserves increased by twofold to P594.22 billion in 2022, which contributed 0.44 percent to the economy last year.<br>Class A coal reserves increased by three-fold at P529.66 billion last year, higher compared to the P181.92 billion recorded in 2021.<br>Class A oil reserves saw an increase of 35.4 percent to P19.7 billion last year, while natural gas reserves plunged 12.9 percent to P22.67 billion.<br>Condensate reserves saw a 10.8 percent increase to P22.81 billion from P20.59 billion.

The value of the country’s coal, oil, natural gas, and condensate reserves increased by twofold to P594.22 billion last year even when its volumes plunged, the Philippine Statistics Authority (PSA) reported.

The numbers cover Class A coal as well as petroleum in the form of oil, natural gas, and condensate.

These reserves of so-called non-renewable energy contributed 0.44 percent to the economy last year, which amounted to P96.42 billion.

PSA data showed that the valuation of Class A reserves doubled last year compared to its value in 2021 at P242.61 billion.

Class A coal reserves were valued at P529.66 billion in 2022, which is an almost three-fold increase compared to the P181.92 billion recorded in 2021.

Class A oil reserves rose 35.4 percent to P19.7 billion last year, while natural gas reserves plunged 12.9 percent to P22.67 billion.

The attendant condensate from gas also showed a 10.8 percent increase to P22.81 billion from P20.59 billion.

In terms of volume, there was a 4,4 percent drop in Class A coal reserves, to 349.61 million metric tons from 365.71 million MT.

Top-class oil reserves dropped by 1.8 percent to 30.91 million barrels from 31.46 million barrels.

Gas reserves shrank by 52.8 percent to 100.21 billion standard cubic feet from 212.38 billion standard cubic feet while condensate lost 28.7 percent to 6.71 million barrels from 9.41 million barrels.

Related Tags

Philippine Statistics Authority fossil fuel
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