EconomyForex

PHL coal, oil, gas reserves valued at P241 billion in 2021

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FREEPIK

THE Philippines’ reserves of coal, oil, and natural gas and condensate were valued at P241.99 billion in 2021, up 68.4%, the Philippine Statistics Authority (PSA) said, reflecting the higher market prices for these resources even though volumes fell.

The Philippines classifies its reserves as Class A, commercially recoverable; class B, potentially commercial, and class C, non-commercial.

These reserves of so-called non-renewable energy are the equivalent of 0.2% of the economy.

Class A coal reserves were valued at P181.30 billion in 2021, more than double the 2020 level.

Class A oil reserves rose 51.4% to P14.08 billion in 2021, while natural gas reserves rose 16.2% to P26.02 billion.

Condensate reserves declined 23.1% to P20.59 billion in 2021.

By volume, the PSA said class A coal reserves fell to 365.71 million metric tons (MT) in 2021 from 381.47 MT a year earlier.

Oil reserves fell to 31.46 million barrels (bbl) in 2021 from 32.10 million bbl previously.  

Natural gas reserves declined to 212.38 billion standard cubic feet (scf) of gas from 333.47 billion scf in 2020, while condensate reserves fell to 9.41 million barrels from 29.38 million barrels. — Ashley Erika O. Jose

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