HomeWorldMiddle EastIsrael firm Ratio Petroleum Ltd pushes adequate energy sources for Filipinos

Israel firm Ratio Petroleum Ltd pushes adequate energy sources for Filipinos

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Israel: A delegation from the Israeli company Ratio Petroleum Ltd. recently visited the Philippines to discuss with relevant departments and agencies ways forward on their oil and gas exploration activities in the nation to support the Philippines’ energy independence, according to the update shared by the Israel Embassy to Philippines earlier this week.

As per the update, after winning an international tender in 2016, Ratio Petroleum was awarded an extensive exploration area east of Palawan Island called SC76. Currently, the company is vying to double its area of gas and oil exploration in the Philippines. Ratio Petroleum is the company that explored and found the biggest gas field in the Mediterranean called Leviathan Natural Gas Field that supplies the needs of Israel and already exports to Egypt, Jordan, and soon, to Europe.

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“Israel supports the efforts of the Philippines to achieve energy independence. The Embassy is closely working with the Philippine government and private companies, serving as the bridge between Israel and the Philippines,” Ambassador Ilan Fluss said.

The post furthermore informed that the Israeli Ambassador accompanied the delegation during the meetings with the Secretary of Energy (DOE) and the Environment and Natural Resources Department (DENR) along with the Climate Change Commission. They also met with the private sector to discuss possible collaborations.

“We highly believe in the potential of the Philippines to hold commercial quantities of hydrocarbons. Therefore, we took a strategic decision to expedite our activity here. During our visit, we felt great support from the DOE headed by Secretary Raphael PM Lotilla and his team. We encourage the local business community to join us in bringing energy independence to the Filipino people,” CEO Itay Raphael said. “We found in the Philippines very friendly and professional counterparts, and we look forward to working together,” he added.

Global strategic issues of energy, energy security, the role of natural gas in the energy sector, and sustainability strategies and programs of collaboration between Israel and the Philippines were also among the topics brought up during the meetings, as per the shared post.

Besides this, the embassy stated that Ambassador Fluss highlighted during the discussions that the most important goal of the Embassy is to assist in establishing partnerships and collaborations between Israeli and Philippine companies to enhance economic and trade relations, especially in strategic issues such as energy, water, and agriculture.

It also informed that the delegation from Ratio Petroleum Ltd. visited the Philippines from February 9 to 10, 2023.

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