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Philippines: Israel's Ratio Oil signs Philippines exploration deal

05 Sep 2018

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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.

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Source: Reuters

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