Ratio Petroleum Energy

What Ratio Petroleum Energy does

Ratio Petroleum Energy LP is an Israeli oil and gas exploration partnership founded in 2011 following the Leviathan gas field discovery, by geologist Eitan Aizenberg and the Landau and Rotlevy families. The company listed on the Tel Aviv Stock Exchange in 2017 (Oil & Gas Index) and pursues a frontier-basin exploration strategy — entering undeveloped basins before major petroleum discoveries are made, exemplified by its early identification of Guyana-Suriname Basin potential prior to ExxonMobil's major finds. It operates a portfolio of exploration interests across three basins: the Guyana-Suriname Basin (25% in Kaieteur Block, ~13,535 sq km), the Moroccan Atlantic Basin (70% in Dakhla Atlantique, ~109,000 sq km), and the Philippines East Palawan Basin (35% in SC76 at ~6,480 sq km as operator; 100% in SC87 signed October 2025). Total oil rights span approximately 130,000 sq km.

The technical core is advanced seismic processing and subsurface interpretation — applying pre-stack depth migration (PreSDM), direct hydrocarbon indicator mapping, AVO Fluid Factor analysis, and seismic diffraction analysis to identify hydrocarbon leads. The company's analytical capability is evidenced by the 2020 Tanager-1 discovery in Kaieteur Block, where independent NSAI estimates validated approximately 65 million barrels of oil. The Exploration Manager holds a PhD in Geophysics and engages in academic collaborations, while the SVP Exploration & Production (Aizenberg) provides decades of geological track record including locating Leviathan and the Alma field.

The business model is structured as a non-operator or co-venturer explorer that acquires exploration rights via government tenders and bid rounds, then farms down partial interests to major and mid-cap energy companies (historically ExxonMobil, Hess, Navitas Petroleum, Prime Oil and Gas, Cataleya Energy) to reduce capital exposure while retaining operatorship or co-venturer status. Revenue is generated through production sales (largely forward-dated), farm-down/divestment of partial interests, and joint venture arrangements under production-sharing or joint operating contracts. In June 2026, Ratio announced a £116.6-124.3 million cash acquisition of London-listed Pharos Energy plc, intended to add producing oil and gas assets in Egypt and Vietnam and expected to close in H1 2027, marking the company's strategic pivot toward production revenue alongside its exploration portfolio.

Name

Ratio Petroleum Energy

Legal name

Ratio Petroleum Energy LP (רציו פטרוליום אנרגיה – שותפות מוגבלת)

Website

https://ratiopetroleum.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Ratio Petroleum Energy LP is an Israeli oil and gas exploration partnership founded in 2011 that holds exploration interests across the Guyana-Suriname Basin, Moroccan Atlantic Basin, and Philippines East Palawan Basin, totaling approximately 130,000 square kilometers, and is pursuing a transformational acquisition of Pharos Energy plc to add producing assets in Egypt and Vietnam.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration

NAICS

Crude Petroleum Extraction (21112), Oil and Gas Extraction (211)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Mineral Rights, Leasing & Land Management (EUALAAAB)

akta.pro secondary industries

Development Management & Owner’s Engineering (Design Basis, Yield, Technical Due Diligence) (EUAMAAAG), Asset Management & Owner’s Engineering (Lifecycle Strategy, Budgeting, Technical Due Diligence) (EUAMAGAJ)

Keywords

• Oil and gas exploration
• Frontier basin exploration
• Offshore exploration blocks
• Upstream petroleum operations
• Hydrocarbon exploration rights

Headquarters

HQ city

Tel Aviv-yafo

HQ country

Israel

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Oil and Gas Production Revenue: Revenue generated from production assets when oil/gas is extracted and sold. The Pharos Energy acquisition specifically aims to add producing assets in Egypt and Vietnam to generate production revenue.
2. Asset Farm-Down and Divestment: Selling partial interests in exploration blocks to partners (farm-outs) to reduce capital exposure while maintaining exposure to upside. Examples include bringing in Navitas Petroleum and Prime Energy as partners in various blocks.
3. Joint Venture Partnerships: Entering into production sharing or joint operating arrangements with major energy companies (ExxonMobil, Hess, etc.) where costs and revenues are shared according to contractual terms.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Ratio Petroleum Energy LP is an oil and gas exploration, development, and production partnership that acquires exploration rights in frontier basins through government tenders and licenses, conducts geological and geophysical analysis to identify hydrocarbon prospects, and partners with major international energy companies via farm-downs and joint operating agreements while often retaining operatorship. The company currently holds working interests in exploration blocks in Guyana (Kaieteur Block, 25%), the Philippines (SC76 with 35% interest, SC87 with 100% interest), and Morocco (Dakhla Atlantique Block, 70% interest), and is pursuing the acquisition of Pharos Energy plc to add producing assets in Egypt and Vietnam.

Product overview

Ratio Petroleum Energy LP is an Israeli oil and gas exploration partnership established in 2011, focusing on exploration in undeveloped basins worldwide. The company operates a portfolio of exploration assets across three geographic regions: the Guyana-Suriname Basin (Kaieteur Block, 25% working interest), the Philippines (SC76 with 35% working interest and SC87 with 100% ownership), and Morocco (Dakhla Atlantique Block with 70% working interest). Total petroleum interests span approximately 130,000 square kilometers. The company listed on the Tel Aviv Stock Exchange in 2017 and is traded on the Oil & Gas Index. In 2026, Ratio Petroleum announced a recommended cash acquisition of Pharos Energy plc for approximately £116.6-124.3 million to gain production assets in Egypt and Vietnam.

Differentiator

Problem solved

Functional benefit

Products and services

• Kaieteur Block Exploration (Guyana)
• SC76 Exploration License (Philippines)
• SC87 Service Contract (Philippines)
• Dakhla Atlantique Block (Morocco)

Quantifiable outcome

• Discovery of approximately 65 million barrels of oil in Tanager-1 drilling in Guyana
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• ONHYM (Office National des Hydrocarbures et des Mines)coreStrategic or Co-development PartnerMoroccan national oil company as partner in Dakhla Atlantique block exploration. ONHYM collaboration established through a cooperation agreement for the offshore Dakhla Atlantique block along the Atlantic Ocean shores.
• Navitas PetroleumcoreStrategic or Co-development PartnerEntered as partner in SC76 exploration block in the Philippines (2022) and in Morocco Dakhla Atlantique block (2022). Major strategic partner for frontier exploration operations.
• Prime Oil and GasminorStrategic or Co-development PartnerPhilippine energy company that entered the SC76 license in 2024 as local partner, following government approval for the transfer of 35% of Ratio Petroleum's rights in the Philippines.
• ExxonMobilcoreStrategic or Co-development PartnerFormer operator and partner in Kaieteur Block, Guyana. Exited the license in 2023 per agreement terms due to scheduling constraints for additional drilling.
• Hess CorporationcoreStrategic or Co-development PartnerFormer partner in Kaieteur Block alongside ExxonMobil. Exited the license in 2023 along with ExxonMobil following inability to commit to additional drilling.
• Cataleya EnergyminorStrategic or Co-development PartnerExpected to hold 50% of rights in Kaieteur Block following Exxon and Hess exit, with Ratio Guyana assuming operatorship.

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Emerging players

• Africa Oil Corp: Canadian-listed E&P with deepwater frontier exploration in West and East Africa. Comparable as a small/mid-cap pure-play explorer with multi-country frontier portfolio and farm-out strategy.
• DNO ASA: Norwegian-listed small-mid cap E&P with Kurdistan and North Sea operations. Comparable as a small public E&P balancing production cash flow with frontier/development drilling, though with a more mature asset base.

Broad incumbents

• Tullow Oil plc: Mid-cap E&P with West Africa and South America production and exploration focus. Comparable as a small-to-mid cap frontier E&P listed in London, though Tullow is significantly larger and more diversified than Ratio.

Direct peers

• Eco (Atlantic) Oil & Gas: AIM-listed small-cap E&P focused on offshore frontier acreage, including Guyana (Orinduik Block) and South Africa. Highly comparable as a junior frontier explorer leveraging farm-down model to majors.
• Predator Oil & Gas Holdings: AIM-listed micro-cap E&P focused on frontier gas exploration in Morocco (Tendrara) and Trinidad. Comparable as a small UK-listed frontier explorer with Moroccan overlap.
• Gran Tierra Energy: Small-to-mid cap E&P focused on Colombia and Ecuador, with mix of production and exploration. Comparable as a small-cap public E&P with both frontier and producing assets.
• Parex Resources Inc: Canadian-listed small-mid cap E&P focused on onshore Colombia with a strong production and growth track record. Comparable as a small public E&P using farm-in/farm-out and capital-efficient development.
• Pharos Energy plc: London-listed small-cap E&P with producing assets in Egypt and Vietnam — the direct acquisition target of Ratio Petroleum. Highly comparable in scale, frontier/small-cap profile, and asset mix.
• Challenger Energy Group plc: AIM-listed small-cap E&P with frontier and development assets including Uruguay offshore. Comparable as a junior frontier-focused explorer pursuing farm-down model to fund drilling.

Regional players

• Energean plc: London-listed E&P focused on the Eastern Mediterranean (Israel Leviathan, Karish, Egypt offshore). Regionally relevant peer given Israel's hydrocarbon ecosystem and shared operating environment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ratio-petroleum

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ratio Petroleum Energy