Value of PH fossil fuel reserves plunged in 2020

The Philippines’ reserves of top-class fossil fuel were valued at a total of P378.25 billion in 2020, decreasing for the second year in a row and was the lowest in 13 years, data from the Philippine Statistics Authority (PSA) show.

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

Following international practice, the Philippine government’s resource classification considers as “Class A” those resources that have been discovered and proven as well as recoverable, developed and actually producing.

“[These] four nonrenewable energy resources contributed 0.3 percent to the gross domestic product of the Philippines in 2020,” National Statistician Dennis Mapa said in a statement.

PSA data show that the valuation of Class A reserves fell by 39 percent from P616.9 billion in 2019.

In the 21-year period starting 2000 when the value was placed at P19.4 billion, the value of top-class reserves peaked at P698.6 billion in 2018.

The value recorded in 2020 was the lowest since the P372 billion booked in 2007.

For Class A coal alone, the monetary value dropped 32 percent to P125.62 billion.

Class A oil reserves fell by 39 percent to P145.54 billion from P238.34 billion.

For natural gas—which is basically Malampaya gas—the decrease was 45 percent to P63.52 billion from P115.87 billion. The attendant condensate from gas also showed a 39-percent plunge to P84 billion from P137.07 billion.

In terms of volume, there was a 3-percent decrease in Class A coal reserves, to 381.47 million metric tons from 394.41 million MT.

Top-class oil reserves eased by 2 percent to 32.1 million barrels from 32.8 million barrels. Gas reserves shrank by 14 percent to 840.47 billion standard cubic feet from 982.2 billion scf while condensate lost 11 percent to 29.38 million barrel from 32.88 million barrels.