- President Duterte and Energy Secretary Alfonso Cusi signed an exploration deal with Ratio Petroleum Limited
- The projected expenditure for the exploration is $34,350,000
- The petroleum service contract is up to seven years
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Recently, Duterte administration has sealed an exploration deal with Israeli firm—Ratio Petroleum Limited on October 17 (Wednesday) in Malacañan Palace.
KAMI has learned that the Petroleum Service Contract (PSC) signed by President Rodrigo Duterte and Energy Secretary Alfonso Cusi along with Ratio’s President and CEO Itay Raphael Tabibzada is a seven-year-long deal.
The aforementioned deal is the first ever PSC signed by the current administration. It allows Ratio to explore Area 4 or East Palawan Basin for possible oil and/or gas sources as reported by GMA News.
The main concern is; what difference does the deal will make for the Filipino people?
The administration firmly believes that the exploration deal will ease the country’s crisis in terms of oil and gas. The country will no longer have to rely on importation that has caused the soaring prices of energy sources. In this case, prices of goods will also roll down.
“The President has been very clear – our country needs to attain energy security and sustainability at the soonest possible time. We are currently experiencing how our dependence on importation has left us at the mercy of price movements in the global oil markets,” Cusi stated.
“We need to boost the exploration and development of our own energy resources and the awarding of the petroleum service contract to Ratio Petroleum is a step in the right direction,” he added.
And, who knows? If the exploration would turn out great, maybe time will come that Philippines could compete in the world market.
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The estimated minimum expenditure for the deal is $34,350,00. It covers the studies, information gathering and other activities. The contract is part of Fifth Philippine Energy Contracting Round (PECR5) that was released in May 2014.
President Duterte was supposed to seal the deal during his visit in Israel, as mentioned by former Presidential Spokesperson Harry Roque.
Ratio was established in 1992 and as reported by Rappler, it owns deep-water petroleum rights across Israel which includes Levant Basin in Eastern Mediterranean Sea. Ratio also has operations in Malta and Guyana.
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