Asset Accounts for Energy Resources
Coal. The amount of coal reserves in the Philippines increased from
In the 17-year period, the extraction of coal in the country increased by almost ninefold from
Following the recommendations of the SEEA 2012 Central Framework, the asset accounts for oil, natural gas and condensate resources of the country also classifies the reserves into three classes: Class A or “Commercially Recoverable”, Class B or “Potentially Recoverable”, or Class C “Non-commercially recoverable and other known deposits”.
Oil. As of 2017, only four percent of the total oil reserves of the Philippines were under Class A. Stocks of the Class A oil reserves amounted to
Natural Gas. During the period, the country’s total natural gas reserves constantly decreased, in consistent with the increase in extractions. Natural gas reserves were mostly categorized as Class A for most of the accounting period, however in 2017,
Condensate. The total condensate reserves also decreased during the 17-year period. About
Based on the guidelines of the United Nations System of Environmental-Economic Accounting (SEEA) 2012 Central Framework, the Asset Accounts for Energy Resources of the Philippines were built to provide information on the stocks and changes in stocks of reserves. Furthermore, the accounts provide a way to monitor the sustainability of the extraction of these depletable resources.
FOR THE NATIONAL STATISTICIAN:
JOSIE B. PEREZ
Deputy National Statistician