THE nation’s commercially viable non-renewable power reserves — coal, oil, pure gasoline and condensate specifically — shrank final 12 months however nonetheless principally grew when it comes to worth, the Philippine Statistics Authority (PSA) mentioned on Thursday.
Class A coal, oil, pure gasoline and condensate reserves have been mentioned to be price P241.99 billion in 2021, up 68.4 p.c from the earlier 12 months’s P143.67 billion, the PSA mentioned in an announcement. It didn’t clarify the rationale for the substantial enhance.
The useful resource lease, or the worth “accruing to the extractor or consumer of an asset calculated in any case prices and regular returns have been taken under consideration,” of those 4 power sources, contributed 0.22 p.c to gross home product final 12 months, enhancing from 0.13 p.c in 2020.
The PSA outlined Class A reserves as “commercially recoverable mineral sources that are confirmed to be economically viable by an outlined growth mission or operation.”
Class B reserves, in the meantime, are these which are “probably commercially recoverable” whereas Class C includes non-commercial and different recognized deposits.
The PSA defined that power sources are categorized in keeping with three standards affecting their chance of extraction: financial and social viability, subject mission standing and feasibility, and geological data.
The financial worth of coal reserves elevated to P181.3 billion, greater than double 2020’s P85.17 billion. Oil reserves elevated to P14.08 billion from P9.30 billion whereas pure gasoline reserves rose to P26.02 billion from P22.39 billion.
The worth of condensate reserves, nevertheless, went right down to P20.59 billion from P26.79 billion.
In bodily phrases, Class A coal reserves decreased to 365.71 million metric tons (MT) in 2021 from 381.47 million MT a 12 months earlier. Oil reserves additionally declined to 31.46 million barrels from 32.10 million barrels, pure gasoline reserves went right down to 212.38 billion normal cubic ft from 333.47 billion, and condensate reserves decreased to 9.41 million barrels from 29.38 million.