By Lenie Lectura - July 16, 2019
THE Philippine National Oil Co.
(PNOC) and Ratio Petroleum Ltd. of Israel have signed a memorandum of
understanding (MOU) for them to explore and develop oil and gas resources
in the Philippines.
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 Service Contract (SC) 76.
SC 76 is the first petroleum service
contract signed under the current administration. Ratio Petroleum was awarded
SC 76, covering Eastern Palawan. The MOU allows PNOC to participate in SC 76, based
on terms to be mutually agreed upon.
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.
Ratio Petroleum is part of the Ratio
Group, with an experience of more than three decades in the exploration and
production (E&P) industry. The Israeli company operates in six countries
around the world and is credited with developing the Leviathan natural gas
field—the largest natural gas field (22 tcf) in the Mediterranean Sea.
PNOC President and Chief Executive
Officer Admiral Reuben S. Lista and Ratio Petroleum Ltd. CEO Itay Raphael
Tabibzada signed the MOU.
Witnessing the signing were: PNOC
board director, retired AFP Maj. General Romeo de Vera Poquiz; and Ratio
Petroleum Ltd. Senior Vice President for Engineering and Petroleum Eitan
Aizenberg.
The signing was also witnessed by
Energy Secretary Alfonso G. Cusi, PNOC ex-officio chairman.
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