Israeli firm eyeing to explore gas hydrates potential of PH Rise.
By Myrna M. Velasco
Ahead of President Rodrigo Duterte's visit to Israel next week, Ratio Oil Exploration Ltd. has already advanced its interest via the Department of Energy (DOE) on exploring methane gas hydrates potential at the Philippine Rise.
This was disclosed by Energy Undersecretary Donato D. Marcos, who will be joining the delegation in the Philippine Chief Executive's travel to that Middle Eastern country on the Mediterranean Sea, 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 has indicated.
Exploration for gas hydrates prospects at the Philippine Rise is on an "open invitation scheme" to interested investors in the Philippine Conventional Energy Contracting Program (PCECP) for the upstream oil and gas sector.
It is part of the "unsolicited proposals" tendering that the Department of Energy (DoE) had cast in the newly modified contracting round in the upstream petroleum investment terrain.
Methane hydrates - also known as gas hydrates or methane clathrate, could take the petroleum sector's next bet on the success of "unconventionals" once viable technology application underpins its commercial development viability.
Such resources could follow the development footprint set by shale gas revolution, which had remarkably changed the landscape of the gas industry globally.
At this stage though, many countries - including Japan and Canada, are still experimenting on how best methane hydrates can be viably extracted and processed and align it as part of the world's energy future.
Department of Energy (DOE) logo (MANILA BULLETIN)
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|Title Annotation:||Business News|
|Date:||Aug 28, 2018|
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