PH petroleum exports up by 40%

The country’s export of petroleum products had been up 40.4-percent in the first half to 5.414 million barrels from the year-ago level of 3.855 million barrels, according to a Department of Energy (DOE) report.

The department added that condensate had so far been the country’s major top export product for the period but it logged a volume decline, while naphtha has been snatching a place to become a significant petro-dollar earner.

The DOE report has emphasized that “condensate exports, the top exported product for the period, dropped by 19.2-percent vis-à-vis first half of 2014.”

It added though that naphtha exports had climbed 15.3-percent from January to June this year, and the overall export growth in volumes had been logged as well in other products.

On export mix basis, the breakdown would be as follows: condensate with 31.3-percent share; naphtha 24.1-percent share; and pygas with 10.1-percent block in the pie.

The others are propylene cornering a fraction of 10-percent; mixed xylene with 7.4-percent; gasoline with 7.1percent; fuel oil at 3.7-percent; toluene at 3.3-percent; and benzene with 2.0percent share.

“The oil refiners’ exports accounted for 58.6-percent of the total export mix while the remaining 41.4-percent was accounted to exports of other players,” the energy department stressed.

On crude oil, exports from production via the country’s Galoc oil field had similarly been on decline, at 24.8percent scale in the first six months.

The energy department noted that the volume of offshore shipments from the Galoc field’s output had been down to 1.376 million barrels from last year’s 1.829 million barrels.

On net assessment, the country remains relatively dependent on imports when it comes to its overall petroleum consumption. Its recurrent offers of blocks under contracting round for upstream oil and gas development have been intending to reverse that – but it would still be a long way to go for the Philippines.