Israel oil firm Ratio Oil Exploration Ltd. has shown interest in exploring methane gas hydrates potential of the Philippine Rise through the Department of Energy (DOE).
The department’s Undersecretary revealed Ratio Oil’s interest before joining President Rodrigo Duterte’s visit to Israel, along with Energy Secretary Alfonso G. Cusi and other energy officials.
“Ratio Oil is looking at the methane gas hydrates prospects at the Philippine Rise,” the energy official said.
The Philippine Rise is open for interested investors in the Philippine Conventional Energy Contracting Program (PCEP) for the oil and gas sector.
It is part of the DOE’s “unsolicited proposals” presented in the newly altered contracting round in the upstream petroleum investment terrain.
Methane or gas hydrates is a potential success of “unconventionals” in the petroleum sector, once viable technology application underpins its commercial development viability.
Developments in the methane hydrates sector could follow the success set by the shale gas revolution, another innovation that changed the framework of the gas industry worldwide.
Many countries such as Japan and Canada are still testing how gas hydrates can be part of the world’s energy future.