Israel's Ratio Oil Expected Signs Philippines Exploration Deal



Reuters

TEL AVIV, Sept 5 (Reuters) - Israel's Ratio Oil Exploration signed a long-awaited deal on Tuesday to search for oil and gas in the Philippines, a spokesman for Philippines President Rodrigo Duterte said.

Ratio was among a number of foreign companies to be awarded an exploration deal in 2015. Ratio won the so-called East Palawan block, a 416,000 hectare oil and gas prospect off Palawan, a southeastern province near the South China Sea, but the award was delayed by legal issues involving a previous exploration contract covering that block.

Ratio did not immediately respond to a request for comment.

Duterte is visiting Israel this week. During his visit Israel and the Philippines signed an agreement promoting foreign investments between the two countries.

(Reporting by Manuel Mogato, Steven Scheer and Tova Cohen Editing by Jason Neely and David Goodman)



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