Pres. Duterte Signs Israeli Firm Contract to Explore Palawan for Possible Energy Resources

The tough-talking President of the Republic signs Petroleum Service Contract No. 76 covering Area 4 in Eastern Palawan under the Fifth Philippine Energy Contracting Round. The contract signing was held at the President's Hall of Malacanang Palace and attended by prominent personalities.



Pres. Duterte signs the contract with the presence of DOE Secretary Alfonso G. Cusi, Foreign Affairs Secretary Teodoro L. Locsin Jr., H.E. Rafael Harpaz, Israeli Ambassador to the Philippines, Mr. Yigal Landau, owner and Member of the Board of Ratio Petroleum Ltd., and Mr. Itay Raphael Tabibzada, Ratio Petroleum Ltd.'s CEO and President.

The first petroleum service contract signed under the Duterte administration, Ratio Petroleum Ltd. would be able to conduct exploration activities in the East Palawan Basin for potential energy resources.



Based upon the information released by the DOE to the media, the contract signed by Pres. Duterte is the first petroleum service contract signed under the administration of the former Mayor of Davao City, with the Israeli firm Ratio Petroleum Ltd., the DOE revealed. The contract between the Philippine government and the Israeli firm was granted so the Israeli firm could conduct exploration activities in the East Palawan Basin, covering 416,000 hectares, for potential energy resources.

DOE said 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.

Area 4-East Palawan has an estimated resource potential of 1,230 million barrels of oil, and 2,062.75 billion cubic feet of gas.



Source: DOE FB Page

Pres. Duterte Signs Israeli Firm Contract to Explore Palawan for Possible Energy Resources Pres. Duterte Signs Israeli Firm Contract to Explore Palawan for Possible Energy Resources Reviewed by Phil Newsome on October 18, 2018 Rating: 5
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