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From left to right: Ratio Petroleum CEO, Itay Raphael Tabibzada, Energy Department Secretary in the Philippines, Alfonso Cusi, and PNOC President and CEO, Admiral Reuben S Lista (retired), sign a memorandum of understanding in Taguig.
(photo credit: PHILIPPINES ENERGY DEPARTMENT)
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Ratio Petroleum, a Tel Aviv-based energy company, has partnered with the Philippine Filipino Public Corporation (PNOC) to explore and develop oil and gas resources in the Philippines.
High-level representatives of the two companies signed a memorandum of understanding on Friday in Taguig authorizing the PNOC to sign Service Contract 76, a potentially lucrative segment of 4,160 kilometers off the Philippine continental shelf operated by Ratio.
The agreement also provides for cooperation in the areas of research and feasibility studies, as well as the exchange of technical information.
"PNOC is seeking technology partners to support its energy activities, including the exploration and development of new oil and gas deposits to further its contribution to building energy security and energy efficiency." self-sufficiency of the country, "said the Department of Energy of the Philippines in a statement. declaration.
In 2015, Ratio won a call for tenders issued by the Department of Energy to explore the deep water block off the northeastern coast of the Philippine province of Palawan.
The offer, approved by Philippine President Rodrigo Duterte in October 2018, allows Ratio to access an area potentially capable of producing 1.2 billion barrels of oil and 2.1 billion barrels. cubic feet of gas.
In November 2018, the Philippine Ministry of Energy launched its Philippine Conventional Energy Contract Program (PCECP), a government program encouraging businesses to invest, explore, develop and produce local energy resources.
Investors have until next month to bid for 14 predetermined onshore and offshore areas by the Ministry of Energy, which measure a total of 72,800 sq. Km.
In addition to the Ratio rights in the Philippine block, the company also holds rights to exploration blocks in Ireland, Malta, Guyana and Suriname, totaling approximately 30,000 km 2 of territory.
In 2010, Ratio discovered Leviathan's deep-water natural gas reservoir, about 130 km away. west of the Israeli port city of Haifa, in the north of the country, and now holds a 15% stake in this area.
Leviathan, Israel's largest energy project to date, promises to strengthen domestic energy supplies and serve as an outlet for exports from Israeli neighbors, including Egypt and Jordan.
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