PNOC, Ratio Petroleum Sign MoU

State-run Philippine National Oil Company (PNOC) and Israeli Ratio Petroleum have signed a memorandum of understanding to explore for oil and gas in the Philippines, country’s energy department said July 15.

The energy department said the MoU includes the entry of PNOC to Service Contract (SC) 76 based on terms to be mutually agreed upon by the parties. The MoU provides for co-operation in the conduct of research and feasibility studies; the exchange of technical information, including co-ordination to facilitate necessary permits and clearances; and the sharing of technical resources and capabilities for project development, starting with SC76, the energy department added.

The energy department said that 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.