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.
“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.
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