PNOC, Israeli firm ink cooperation deal on oil and gas exploration

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Metro Manila (CNN Philippines, July 12) — The Philippine National Oil Company (PNOC) on Friday inked a deal with an Israeli firm to “establish cooperation” for the exploration and development of oil and gas resources in the country, the Energy Department said.

The memorandum of understanding (MOU) with Ratio Petroleum Ltd. was signed by PNOC President and Chief Executive Officer Admiral Reuben Lista, and the Israeli company CEO Itay Raphael Tabibzada, the department said in its statement.

The MOU provides for cooperation in the conduct of research and feasibility studies, exchange of technical information (including coordination to facilitate necessary permits and clearances), as well as the sharing of technical resources and capabilities for project development.

It also covers the Petroleum Service Contract (PSC) 76, which was signed by the two parties in October. The agreement allows the two companies to explore waters east of Palawan for oil and gas resources.

READ: PH inks deal with Israeli firm on oil exploration east of Palawan

“PNOC has been looking for technology partners to assist its energy activities, particularly in the exploration and development of new oil and gas fields to intensify its contribution to building the country's energy security and self-sufficiency,” the department said.