PNOC, Israel firm team up for gas & oil exploration projects

A joint venture between Israel and the Philippines on its own is already a good news, but to hear both countries are teaming up for gas and oil exploration projects in the country is like a partnership made in heaven.

State-run Philippine National Oil Corporation (PNOC) and Israel-based Ratio Petroleum Ltd. Have just 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 signing of the MOU between the two parties was witnessed by Department of Energy (DOE) Secretary Alfonso Cusi.

Malampaya Deep Water Gas-to-Power Project
(photo credit to owner)

“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.

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.

Ratio Petroleum is focused on expanding its existing contracts and is also looking at another prospect with government through the Philippine Conventional Energy Contracting Program (PCECP).

The Philippines through 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.

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.

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