Ratio Petroleum Ltd. of Israel has expressed interest to join oil and gas exploration in the Philippines through the government’s Philippine Conventional Energy Contracting Program.
Energy Secretary Alfonso Cusi said Ratio officials were in the Philippines since last week to firm up investment plans, which also include farming into service contract 37 owned by PNOC Exploration Corp.
“They have a serious interest, they are working,” Cusi said.
Established in 1992, Ratio Petroleum has a number of large-scale operations at the Levant Basin in the Eastern Mediterranean Sea, off the coast of Israel, as well as offshore operations in the Republic of Malta and Guyana.
Cusi said Ratio was also looking at expanding the coverage of recently-awarded service contract 76.
Ratio obtained a service contract to explore and develop Area 4, covering 416,000 hectares across the East Palawan Basin for potential oil and gas resources.