Guyana, which is located in South America between Suriname and Venezuela and is part of the prolific Guyana-Suriname Basin, has in recent years become one of the most prominent spots for exploration and production for the oil and gas industry. As part of the accelerated activities in recent years, oil field with volumes of more than 10 billion barrels of recoverable oil were discovered in more than 20 different discoveries in the Basin. These discoveries and remaining potential in Guyana’s EEZ have led many energy companies to invest large sums of capital in the exploration and development of these resources. Currently, the world’s top-tier energy companies are operating in the country, including ExxonMobil, Total, Shell, Repsol, Hess, Tullow, and more.
As part of the strategy of developing virgin basins, the Partnership’s head geologist Eitan Aizenberg identified the immense potential in Guyana, which led Ratio in as early as 2012 to apply for a license in the Kaieteur Block, which extends over an area of approx. 15,535 sq km. The license was awarded in 2015. In the years following, the Partnership added leading global companies to the license such as ExxonMobil, which is the operator of the Block, Hess, and Cataleya. The Partnership currently holds 25% of the interests in the Block.
In 2020, the partners of the Block drilled Tanager-1, the first exploration well in the Kaieteur Block which was performed in ultra-deep water. Upon the completion of the drilling operations, the Partnership announced a discovery with estimated reserves of approx. 65 million barrels of oil, according to independent assessments by NSAI. While the license partners continue to analyze the extensive datasets which were collected during the operations, in February 2021 the Partnership released an updated resources report for the Block, evaluating 11 prospects located in three different clusters, with the potential for over 2 billion barrels of oil. Towards the end of the first quarter of 2022, ExxonMobil is committed to notify whether it intends to proceed with a second drilling campaign in the block area and in which prospect. If a decision is made in relation to a second well, it is expected that the campaign will begin in late 2022-early 2023.
As part of Ratio Petroleum’s strategy of entering undeveloped basins, the Partnership decided to bid in a government tender for exploration areas east of Palawan Island. After winning the tender in 2016, Ratio Petroleum was awarded a large exploration area in 2018. In 2019, based on initial leads mapping, the Partnership received the approval of the Philippine government for the expansion of the SC76 exploration area by around 50% in order to efficiently covers the exploration potential of the area. The Partnership, which also serves as the operator of the block, currently holds 100% of the block, which extends over an area of approx. 6,480 sq km, at water depths ranging 900-1,700 meters.
Following the interpretation and analysis of the seismic data and a mapping of a number of promising leads, the Partnership reached a decision to proceed to a 3D seismic survey which is supposed to take place in the upcoming year, for the purpose of making a future decision on the location of the first exploration well. Concurrently with the work being conducted in the Block area, the Partnership is considering various offers for partners to the SC76 license.
Similar to Guyana and the Philippines and as part of Ratio Petroleum’s strategy to enter undeveloped basins, in October 2021 the Partnership engaged in an agreement with the Government of Morocco for the exclusive rights to study and research the Dakhla Atlantique Block. The Block, which extends over a significant area of approx. 109,000 sq km, is located in the Atlantic Ocean, at water depths ranging between the shoreline and a depth of more than 3,000 meters. The Partnership will hold 100% of the interests in the Block during the research agreement.
In the research period, in the first two years (with an option to be extended), the Partnership is expected to reprocess existing seismic data and to conduct an initial interpretation in order to map significant leads and prospects for potential future exploration well/s. Under the agreement, at the end of the research period the Partnership can request an exploration and production license in the Block area.
An attorney serving as the General Counsel of the Partnership, with over ten years of legal experience in securities law, the capital market, corporate law, and commercial law. Holds an LL.M from Haifa University. Before entering the position, worked as an attorney at the law offices of Agmon & Co. Rosenberg Hacohen & Co.
CPA who holds a B.A. in Accounting and Information systems from “Lev Academic Center” and an M.B.A. from the College of Management. Prior to this position, worked as CFO in a Medical Devises Hi-tech company
a geophysicist and geologist with over ten years of experience in the areas of geological and geophysical research and in the oil and gas industry. As part of his experience, engaged in operating geophysical surveys, interpretation, and assessment of seismic data including advanced geophysical analyses. Gal is also involved in academic research and collaborations with universities in Israel and worldwide. He works extensively in formulating and implementing the decisions in Ratio Petroleum regarding exploration. Holds a PhD degree in Geophysics from Tel Aviv University.
Co-founder of Ratio Petroleum, SVP Exploration & Production. An entrepreneur and manager, with decades of geological and technical experience in exploration, development and production of oil and gas. Among other things, located the Leviathan gas field in the Mediterranean and the Alma field in the Gulf of Suez initiated the establishment and operations of Ratio Petroleum. In addition, in 2011 Mr. Aizenberg analyzed and identified the potential of the Guyana-Suriname Basin, prior to the significant oil discoveries which were later made by ExxonMobil, and he worked to acquire Ratio Petroleum’s interests in Guyana (Kaieteur Block). Holds an MSc in Geology from The Hebrew University of Jerusalem, focusing on minerology-petrography and chemistry.
one of the entrepreneurs of Ratio Petroleum’s operations, with over ten years of business, commercial and legal experience in the area of oil and gas exploration. Works vis-à-vis various international entities in the oil and gas industry, including business and commercial bodies and government entities. Holds an LL.B and a B.A. in Business Management from the Interdisciplinary Center Herzliya.
Has held the office of outside director since 2017. In recent years, worked as a manager of mergers and acquisitions and as a manager of investment operations in leading corporations in the Israeli market in the energy, natural resources, security, real estate, and finance industries. Holds a B.A. in Political Science, Sociology and Anthropology from Haifa University, and an M.B.A. from Tel Aviv University.
Has held the office of external director since 2017. Serves as a director in a number of public companies. In recent years, held the offices of Chairman of the Board of Migdal Insurance Ltd. and Migdal Holdings Ltd., director of Bank Leumi, outside director of Hot Telecommunication Systems Ltd. and in a number of private companies. Holds a B.A. in Economics and International Relations from The Hebrew University of Jerusalem, and M.B.A. in Finance from Columbia University, New York, and undertook PhD studies in Finance and Banking at Columbia University, New York.
Has held the office of independent director since 2017. Held the office of Chairman of the National Road Safety Authority until 2019, and CEO of the Civil Aviation Authority until 2014. After retiring from the IDF with the rank of Major General, he held the office of CEO of the Ministry of National Infrastructure, and afterwards of CEO of the Jewish Agency. Holds a B.A. in Economics from Bar Ilan University and an M.B.A. from UCLA University.
Has held the office of director since the establishment of the Partnership. Serves as a director in Rotex (1980) Ltd., CEO of Lodzia-Rotex Investment Ltd. and also as a mediator attorney in court cases. Holds an LL.B from the Interdisciplinary Center, a B.A in Psychology and History from Tel Aviv University, and an M.B.A from Columbia University, New York.
Co-founder of Ratio Petroleum, has held the office of director since the establishment of the Partnership. Also holds the office of director in Ratio Oil Exploration-LP, Ratio Oil Exploration (Finance) Ltd., and in several other public and private companies.
Co-founder of Ratio Petroleum, has held the office of director since the establishment of the Partnership. Also holds the offices of CEO and director in Ratio Oil Exploration-LP and of director in Ratio Oil Exploration (Finance) Ltd. and in a number of other public and private companies.
Co-founder of Ratio Petroleum, has held the office of director since the establishment of the Partnership. Also holds the office of director in Ratio Oil Exploration-LP and in Ratio Oil Exploration (Finance) Ltd., and of director in several other public and private companies.
Co-founder of Ratio Petroleum, has held the office of director and Chairman of the Board since the establishment of the Partnership. Also holds the office of Chairman of the Board of Ratio Oil Exploration (Finance) Ltd., and of director in a number of other private and public companies.