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.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.By volume, the PSA said class A coal reserves fell to 365.71 million metric tons in 2021 from 381.47 MT a year earlier.Natural gas reserves declined to 212.38 billion standard cubic feet of gas from 333.47 billion scf in 2020, while condensate reserves fell to 9.41 million barrels from 29.38 million barrels.
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