Department of Energy (DOE) Secretary Alfonso G. Cusi witnessed the signing of the Memorandum of Understanding (MOU) between the Philippine National Oil Company (PNOC) and Israeli firm Ratio Petroleum Ltd. held today at the PNOC office.
PNOC President and Chief Executive Officer (CEO), Admiral Reuben S Lista (ret), and Ratio Petroleum Ltd. CEO, Mr. Itay Raphael Tabibzada, signed the MOU which seeks to establish cooperation between the two parties for the exploration and development of oil and gas resources in the Philippines, including the entrance of PNOC to Service Contract (SC) 76 based on terms to be mutually agreed upon.
The MOU provides for cooperation in the conduct of research and feasibility studies; the exchange of technical information, including coordination to facilitate necessary permits and clearances; and the sharing of technical resources and capabilities for project development, starting with SC76.
PNOC has been looking for technology partners to assist its energy activities, particularly in the exploration and development of new oil and gas fields to intensify its contribution to building the country’s energy security and self-sufficiency.
Its new partner, Ratio Petroleum, is part of the Ratio Group with an experience of more than three decades in the exploration & production (E&P) industry.
The Israeli company is operating in six countries around the world and is credited for the Leviathan natural gas field – the largest natural gas field (22tcf) in the Mediterranean Sea.
PNOC Board Director, retired AFP Major General Romeo De Vera Poquiz, and Ratio Petroleum Ltd. Senior Vice President for Engineering and Petroleum, Mr. Eitan Aizenberg, were also present to witness the signing. DOE