Non-Renewable Energy Stocks Are Shrinking The Manila Times

The country’s commercially viable non-renewable energy stocks – notably coal, oil, natural gas and condensate – declined last year but were still mostly growing in value terms, the Philippine Statistics Authority (PSA) said on Thursday.

According to the PSA statement, the reserves of coal, oil, natural gas and Class A condensate in 2021 are estimated at 241.99 billion pesos, up 68.4% compared to 143.67 billion pesos in the previous year. He did not explain the reason for the significant increase.

The resource rent, or cost “attributable to the producer or user of the asset, calculated after all costs and normal returns have been taken into account” of these four energy resources, was 0.22 percent of gross domestic product last year, up from 0. 13 percent. percent in 2020.

The PSA defines Class A reserves as “commercially recoverable mineral resources whose economic viability has been demonstrated by a specific development project or operation.”

At the same time, class B reserves are those that are ‚Äúpotentially commercially recoverable‚ÄĚ, while class C includes non-commercial and other known deposits.

Get the latest news

delivered to your mailbox

Subscribe to The Manila Times daily newsletters

By registering with an email address, I acknowledge that I have read and agree to Terms of Service as well as Privacy Policy.

The PSA explains that energy resources are classified according to three criteria that affect the likelihood of their recovery: economic and social feasibility, the status of the field project and its feasibility, and geological knowledge.

The monetary value of coal reserves increased to 181.3 billion pesos, more than double the 85.17 billion pesos in 2020. Oil inventories increased to 14.08 billion pesos from 9.30 billion pesos, while natural gas reserves rose to 26.02 billion pesos from 22.39 billion pesos.

However, the value of the condensate reserves fell to 20.59 billion pesos from 26.79 billion pesos.

In physical terms, Grade A coal stocks declined to 365.71 million metric tons