PH petroleum reserves continue to decline

Petroleum association appeals to gov’t over COA ruling, cites negative impacts

The Philippine Statistics Authority (PSA) reported a continued decline in the country’s petroleum reserves in 2022, caused by a double-digit contraction in the natural gas reserves.

Business Mirror reported that as per the Energy Accounts of the Philippines, natural gas reserves experienced the most substantial decline at 52.8%, followed by condensate reserves at 28.7%.

Furthermore, In 2022, natural gas reserves decreased to 100.21 billion standard cubic feet of gas (scf) from 212.38 billion scf in 2021. The condensate reserves also dipped to 6.71 million barrels in 2022 from 9.41 million barrels in the previous year.

The PSA also added that the decline in petroleum reserves, including oil, natural gas, and condensate, was due up to the recorded production of these reserves as oil reached 30.91 million barrels of oil (bbl oil) in 2022, reflecting a 1.8% decrease from 31.46 million bbl oil in 2021.

Coal reserves in 2022 were recorded at 349.61 million metric tons (MT), representing a 4.4% decline from 365.71 million MT in 2021. Despite this, coal production increased to 16.11 million MT in 2022 from 14.36 million MT in 2021.

Moreover, Coal, oil, natural gas, and condensate reserves were valued at Php 594.22 billion in 2022—more than twice as much as Php 242.61 billion in 2021.

The breakdown of monetary values includes coal reserves at Php 529.66 billion in 2022, nearly three times its value in 2021 at Php 181.92 billion. The monetary value of oil reserves in 2022 also saw an increase at Php 19.07 billion, reflecting a 35.4% increase from Php 14.08 billion in 2021.

In 2022, natural gas reserves were valued at Php 22.67 billion, indicating a 12.9% decrease from Php 26.02 billion in 2021. Condensate reserves amounted to Php 22.81 billion in 2022, a 10.8% increase from Php 20.59 billion in 2021.

The total resource rent of the four non-renewable energy resources contributed 0.44% to the GDP of the Philippines in 2022, amounting to Php 96.42 billion, according to the PSA.

The Energy Accounts of the Philippines provide information on the stocks and changes in stocks of four non-renewable energy resources: coal, oil, natural gas, and condensate, following the System of Environmental-Economic Accounting 2012 Central Framework (SEEA-CF). The compilation adheres to the SEEA-CF and SEEA Energy.