Author Topic: Service Contract Area 4 (East Palawan Basin)  (Read 1875 times)

adroth

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Service Contract Area 4 (East Palawan Basin)
« on: October 18, 2018, 12:15:01 AM »
PH Inks Oil Exploration Deal with Israeli Firm

https://www.facebook.com/doe.gov.ph/posts/1556896737745253

MANILA – Department of Energy (DOE) Secretary Alfonso G. Cusi attended today the Ceremonial Signing of the Petroleum Service Contract (PSC) for Area 4 (East Palawan Basin) of the Fifth Philippine Energy Contracting Round (PECR5) at the Presidents' Hall of Malacanan Palace.

President Rodrigo R. Duterte signed the PSC on behalf of the Philippine government with Sec. Cusi as witness, while Mr. Itay Raphael Tabibzada, company President and CEO, signed for Israeli firm, Ratio Petroleum Ltd.

The Energy Chief noted that the event bodes well for Philippine-Israel economic relations, as well as the country’s upstream petroleum industry.

“The President has been very clear – our country needs to attain energy security and sustainability at the soonest possible time. We are currently experiencing how our dependence on importation has left us at the mercy of price movements in the global oil markets. We need to boost the exploration and development of our own energy resources and the awarding of the petroleum service contract to Ratio Petroleum is a step in the right direction,” he said.

The awarded PSC is part of PECR5, which was launched in May 2014. The PECR was established as a transparent and competitive system of awarding service or operating contracts for prospective petroleum or coal areas within the country.

Ratio Petroleum will now be able to explore Area 4, covering 416,000 hectares across the East Palawan Basin for potential oil and gas resources. Projected minimum total expenditure is valued at US$34,350,000 to be derived from studies, data gathering and drilling activities over the initial seven-year contract duration.

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 off-shore operations in the Republic of Malta and the Co-operative Republic of Guyana.

“This is the first petroleum service contract signed under the Duterte administration. In fact, the last service contract awarded was with PXP Energy Corporation. This was almost five years ago in 2013,” Sec. Cusi further emphasized.

PXP Energy Corporation is the operator of PSC No. 75 in North Western Palawan under the fourth PECR. Said service contract was signed on 27 December 2013.

Also present were Foreign Affairs Secretary Teodoro L. Locsin Jr., Undersecretary Donato D. Marcos, Assistant Secretary Caron Aicitel E. Lascano, Assistant Secretary Leonido J. Pulido III, Assistant Secretary Gerardo D. Erguiza Jr., Director Melita V. Obillo, Ms. Maria Teresa F. Mendoza, Atty. Ben Julius G. Gagni, Mr. Demujin F. Antiporda, Ms. Javerri T. Bullock, and Mr. Christian Luke C. Sevilla from the DOE, Israeli Ambassador to the Philippines Rafael Harpaz and his spouse, Mrs. Shulamit Harpaz, Deputy Chief of Mission Yulia Rachinsky-Spivakov, and Mr. Eitan Aizenberg, Chairman and Senior Vice President for Exploration and Production of Ratio Petroleum, Ltd.

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adroth

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Re: Service Contract Area 4 (East Palawan Basin)
« Reply #1 on: October 19, 2018, 02:36:09 PM »
« Last Edit: October 20, 2018, 01:25:58 PM by adroth »

adroth

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Philippines, Israel sign Palawan oil exploration deal
« Reply #2 on: May 25, 2019, 12:34:02 PM »
Philippines, Israel sign Palawan oil exploration deal
Danessa Rivera, Alexis Romero (The Philippine Star) - October 19, 2018 - 12:00am

MANILA, Philippines — Malacañang yesterday expressed hope the oil exploration deal between the Philippines and an Israeli firm would lessen Manila’s dependence on imports and its vulnerability to price shocks in the global market.

On Wednesday, President Duterte and Ratio Petroleum Ltd. president and chief executive officer Itay Raphael Tabibzada signed an oil exploration agreement covering East Palawan Basin or Area 4 of the fifth Philippine Energy Contracting Round.

The signing was ceremonial as the deal had already been inked during Duterte’s visit to Israel last month.

< Edited >

Read more at https://www.philstar.com/headlines/2018/10/19/1861385/philippines-israel-sign-palawan-oil-exploration-deal?fbclid=IwAR2J7C1h1NAg01yRfHlZeB018jAjekNDH9xq2UBNkarI5Kc4iymjv_Sf-fI#OAmhmpLAAtL6ec0d.99


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President Duterte signs a petroleum service contract for the east Palawan area between the Philippines and an Israeli firm during a ceremony at Malacañang the other day. Looking on (from left) are Energy Secretary Alfonso Cusi, Foreign Affairs Secretary Teodoro Locsin Jr. and Israeli Ambassador Rafael Harpaz and Ratio Petroleum owner Yigal Landau.

« Last Edit: May 25, 2019, 12:44:38 PM by adroth »

adroth

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Re: Service Contract Area 4 (East Palawan Basin)
« Reply #3 on: July 14, 2019, 04:15:12 AM »
SC 76 . . . SC 75?

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PNOC, Israel firm team up for exploration projects
Danessa Rivera (The Philippine Star) - July 13, 2019 - 12:00am

MANILA, Philippines — State-run Philippine National Oil Co. (PNOC) and Israel-based Ratio Petroleum Ltd. are teaming up to pursue possible joint oil and gas exploration projects in the country.

PNOC and Ratio Petroleum have 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 MOU signing between PNOC president and CEO Reuben Lista and Ratio Petroleum CEO Itay Raphael Tabibzada was witnessed by Department of Energy (DOE) Secretary Alfonso Cusi.

< Edited >

Earlier, Cusi said Ratio Petroleum has expressed its interest in the Philippine oil and gas sector.

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.

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

< Edited >


Read more at https://www.philstar.com/business/2019/07/13/1934188/pnoc-israel-firm-team-exploration-projects#ijFKw6vAPMUE5q2j.99

adroth

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Re: Service Contract Area 4 (East Palawan Basin)
« Reply #4 on: July 17, 2019, 09:18:14 AM »
PNOC, Ratio Petroleum Inks MOU on Oil and Gas Exploration

https://www.facebook.com/doe.gov.ph/photos/a.375022142599391/1938566939578229/?type=3&theater

TAGUIG CITY - Department of Energy (DOE) Secretary Alfonso G. Cusi (center) witnessed the signing of the Memorandum of Understanding (MOU) between the Philippine National Oil Company (PNOC) and Israeli firm Ratio Petroleum Ltd. held today at the PNOC office.

PNOC President and Chief Executive Officer (CEO), Admiral Reuben S Lista (ret) (center-right), and Ratio Petroleum Ltd. CEO, Mr. Itay Raphael Tabibzada (center-left), signed the MOU which seeks to establish cooperation between the two parties for the exploration and development of oil and gas resources in the Philippines, including the entrance of PNOC to Service Contract (SC) 76 based on terms to be mutually agreed upon.

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, starting with SC76.

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.

Its new partner, Ratio Petroleum, is part of the Ratio Group with an experience of more than three decades in the exploration & production (E&P) industry. The Israeli company is operating in six countries around the world and is credited for the Leviathan natural gas field – the largest natural gas field (22tcf) in the Mediterranean Sea.

PNOC Board Director, retired AFP Major General Romeo De Vera Poquiz (far right), and Ratio Petroleum Ltd. Senior Vice President for Engineering and Petroleum, Mr. Eitan Aizenberg (far left), were also present to witness the signing.