The Philippine National Oil Company (PNOC) on July 12 inked a deal with Israeli firm ration Petroleum to “establish cooperation” for the exploration and development of oil and gas resources in the country, the Energy Department said.
According to a report on CNN, the memorandum of understanding (MOU) with Ratio Petroleum Ltd. was signed by PNOC President and Chief Executive Officer Admiral Reuben Lista, and the Israeli company CEO Itay Raphael Tabibzada, the department said in its statement.
The MOU provides for cooperation in the conduct of research and feasibility studies, exchange of technical information (including coordination to facilitate necessary permits and clearances), as well as the sharing of technical resources and capabilities for project development.
The CNN report said it also covers the Petroleum Service Contract (PSC) 76, which was signed by the two parties in October. The agreement allows the two companies to explore waters east of Palawan for oil and gas resources.
“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,” the department said.
Ratio Petroleum Ltd is currently moving to the production stage of the Leviathan gas field in deep waters off Israel. It also holds petroleum rights in Ireland, Malta and the Philippines. In Guyana, Ratio is a partner in the Kaieteur Block offshore Guyana along with Cataleya Energy, Hess and operator ExxonMobil.