The Philippines has large reserves of many natural resources; chief among these are oil, natural gas and coal. Other sources of energy that can be harnessed include geothermal energy and hydroelectricity. The country's slow rate of exploitation of these natural resources ensures that they will be available for generations to come.
The Philippines' proven oil deposits currently stand at 138 million barrels. The country's rate of extraction is 25,000 barrels a day, which is far below the consumption. Recent discovery of deep-water oil resources has encouraged greater production of oil, but it is still not enough to meet the country's petroleum needs without imports.
Natural gas deposits in the Philippines are located offshore, above the country's deep-sea oil reserves. The Philippines possesses 3.9 trillion cubic feet of natural gas reserves. Although extraction only began in 2000, production has been able to meet demand every year without imports. Even larger natural gas deposits may be held in another offshore location.
The Philippines holds 260 million short tons of usable coal reserves. While it has recently increased extraction, consumption still far outpaces production, forcing the country to rely on imports to meet demand.
Because of its position as an island chain in the Pacific Ocean, the Philippines is located in a relatively active seismic area. Geothermal energy allows the country to use this to its advantage. Currently, the Philippines is the second highest producer of geothermal energy. The government has set a goal to surpass the United States as the highest producer in the world.
Hydroelectricity centers in the Philippines generate 2,900 megawatts of electricity, which is 19 percent of the country's total electricity consumption. The rate of production has remained constant for decades, but there are plans to introduce more hydroelectric centers.
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