The Philippines generated P21.85 billion in petroleum and coal revenues in the second half of 2022, the Department of Energy said in its report.
It said the active petroleum service contracts in the country produced 170,000 barrels of oil, 34.41 billion cubic feet of gas and 820,000 barrels of associated condensate from July to October last year.
The country has 17 petroleum service contracts and 28 coal operating contracts being supervised and monitored by the department.
The DOE said 5.3 million metric tons of coal were produced from July to November, primarily from Semirara Mining and Power Corp.
“The country has also benefitted from these resources in terms of revenue as petroleum contributed P14.04 billion, while coal added P 7.85 billion from July to December 2022,” the DOE said.
The DOE awarded 41 renewable energy service contracts with total potential capacity of 9.2 gigawatts (9,000 megawatts) from July to December.
Around 67 percent or 6.2 GW of equivalent capacity will come from offshore wind service contracts.
“This aligns withthe government’s effort in pursuing cleaner energy from OSW,” the agency said.
It said the continued promotion on the use of renewable energy would ensure energy supply security.
The DOE issued several policies on RE last year including the increase in the annual percentage of renewable portfolio standards to 2.62 percent from 1.0 percent beginning 2023.