Non-renewable energy resources valuation falls 13.2% to P285.73B

THE Philippine Statistics Authority said the value of the country’s non-renewable energy resources fell 13.2% to P285.73 billion in 2024 due to dwindling reserves of coal, oil, natural gas, and condensate.

Non-renewable energy resources accounted for only 0.16% of gross domestic product in 2024, it added.

The value of oil reserves fell 84.8% to P1.3 billion, it said. Oil reserves dropped 88.9% by volume to 415 thousand barrels.

Natural gas reserves fell 35.7% by value to P19.53 billion after a 29.1% drop in volume to 232 billion standard cubic feet.

The value of condensate reserves dropped 24.2% to P17.29 billion, while volume fell 25% to 6 million barrels.

The valuation of coal reserves fell 7.4% to P247.61 billion, while the estimate for reserve volume fell 4.4% to 387.12 million metric tons. — Andre Christopher H. Alampay