outbrain
Close  

PH, Israel’s Ratio Petroleum to sign oil exploration deal — Palace

By: - Reporter / @NCorralesINQ
/ 01:39 PM September 04, 2018

Jerusalem – The Philippines and Israel Israeli-owned company Ratio Petroleum are set to sign an oil exploration deal, Presidential Spokesperson Harry Roque said on Tuesday.

Roque said the oil exploration will be in Area 5, an offshore block situated in the north flank of the East Palawan.

ADVERTISEMENT

“We expect the signing of an agreement on exploration between the Philippines and a company here in Israel. This is with Ratio Petroleum Ltd., and this is in connection with Round no. 5PECR5 with an area for East of Palawan base,” Roque said in a press briefing here.

The Department of Energy, on its website, said the PECR5 offers 11 areas for petroleum exploration mostly in Luzon, and 15 areas for coal exploration, largely concentrated in Mindanao.

FEATURED STORIES

Roque said the deal would be signed on Tuesday and this has kept Energy Secretary Al Cusi for the past two days here in Israel,” he said.

“Well, it’s another foreign investor helping us explore for energy, in an effort to provide energy security,” Roque said.

The Palace official did not provide further details on the said agreement but the government and the Israel-based company would sign the deal during a business forum attended by President Rodrigo Duterte.

/vvp

Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: gas, Israel, oil, Philippine news updates
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.