Reception Hall, Malacañan Palace
October 17, 2018
President Rodrigo Roa Duterte signed the Petroleum Service Contract (PSC) for Area 4 (East Palawan Basin) of the 5th Philippine Energy Contracting Round (PECR5) in a ceremony in Malacañan Palace.
The inked deal authorizes Israeli firm Ratio Petroleum Ltd. to conduct oil exploration activities in the Area 4 of the East Palawan Basin, which covers approximately 4,160 square kilometers and water depths ranging between 900 and 1,700 meters for possible oil and gas resources.
Established in 1992, Ratio Petroleum is a leading energy company in Israel, with majority of its operations located in the Eastern Mediterranean Sea.
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