Israel’s Ratio Oil Exploration has signed a long-awaited deal to search for oil and gas in the Philippines, a spokesman for Philippines President Rodrigo Duterte said on Tuesday.
Ratio was among a number of foreign companies to be awarded an exploration deal in 2015. Ratio won the so-called East Palawan block, a 416,000 hectare oil and gas prospect off Palawan, a southeastern province near the South China Sea, but the award was delayed by legal issues involving a previous exploration contract covering that block.
Duterte is visiting Israel this week. During his visit Israel and the Philippines signed an agreement promoting foreign investments between the two countries.