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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.

Original article link

Source: Reuters





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