Danessa Rivera (The Philippine Star)
- July 13, 2019 - 12:00am
MANILA, Philippines — State-run
Philippine National Oil Co. (PNOC) and Israel-based Ratio Petroleum Ltd. are
teaming up to pursue possible joint oil and gas exploration projects in the
country.
PNOC and Ratio Petroleum have signed
a memorandum of understanding (MOU) which seeks to establish cooperation
between the two parties for the exploration and development of oil and gas
resources in the Philippines.
The MOU signing between PNOC
president and CEO Reuben Lista and Ratio Petroleum CEO Itay Raphael Tabibzada
was witnessed by Department of Energy (DOE) Secretary Alfonso Cusi.
“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,” the DOE said on its Facebook page.
Earlier, Cusi said Ratio Petroleum
has expressed its interest in the Philippine oil and gas sector.
Ratio Petroleum is the operator of
Service Contract (SC) 76, which was the first contract signed by President
Duterte in October last year. It holds 100 percent of the rights in the block.
Their interest is focused on
expanding its existing contract and is also looking at another prospect with
government through the Philippine Conventional Energy Contracting Program
(PCECP).
The DOE has been pushing for oil and
gas exploration and development in the country and launched the PCECP in November
last year as part of an intensified thrust to develop the petroleum exploration
industry for global competitiveness.
The PCECP offers 14 pre-determined
areas, and the option for investors to propose their own exploration area,
making oil and gas exploration a dynamic investment prospect for players in the
energy sector.
Presently, there are only 23 active
Petroleum Service Contracts (PSC) in the country, with the Malampaya Deep Water
Gas-to-Power Project as the most successful PSC stemming from the previous
Philippine Energy Contracting Round.
Operating since 2001, the Malampaya
project supplies fuel to around 40 percent of gas-fired plants in Luzon namely
the Ilijan, Sta. Rita plant, San Lorenzo, San Gabriel and Avion plants – which
supply 3,211 megawatts to the Luzon grid.
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