Ratio Energy

What Ratio Energy does

Ratio Energies (1992) Limited Partnership (TASE: RATI-L) is a publicly traded Israeli energy partnership founded in 1992 that specializes in the exploration, development, and production of natural gas and oil in the Eastern Mediterranean. The company holds a 15% working interest in the Leviathan gas field — the largest natural gas discovery in the Eastern Mediterranean, with approximately 21.8 TCF of reserves located 130 km offshore Israel — alongside operator Chevron (~39.66%) and NewMed Energy (~45.34%). Commercial production from Leviathan commenced in December 2019 following a $3.8 billion development investment.

The core business is the extraction and sale of natural gas and condensate from the Leviathan reservoir, produced through five subsea wells tied to an offshore processing platform and transmitted via subsea pipelines. Production capacity has been progressively scaled from 12 BCM/y to ~14 BCM/y via a third transmission pipeline, with a $2.36 billion Stage 1 expansion approved in January 2026 targeting 21 BCM/y by H2 2029. Ratio sells its share of gas under long-term contracts to Israeli power stations and industrial facilities via the national grid, to the Government of Jordan via the Arab Gas Pipeline (since January 2020), and to the Government of Egypt under a 15-year, approximately $35 billion supply agreement; condensate is sold exclusively to the Ashdod oil refinery (since 2024). The company also holds a 20% minority stake in Ratio Petroleum Energy Partnership for international exploration outside Israel and participates in the ENI/Dana Petroleum consortium awarded new exploration licenses in Israel's 4th Offshore Bid Round (2023).

Revenue is generated through volume-based, contract-priced natural gas and condensate sales to a small set of enterprise and government offtakers. GTM is enterprise field sales via long-term supply agreements; the company markets itself primarily through TASE investor relations disclosures, quarterly presentations, and annual ESG reports. The partnership structure is funded by equity capital and over NIS 1.9 billion in public bond issuances through wholly-owned Ratio Energies (Finance) Ltd.

Name

Ratio Energy

Legal name

Ratio Energies – Limited Partnership (רציו אנרגיות – שותפות מוגבלת)

Website

https://ratioenergies.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

Ratio Energies (TASE: RATI-L) is an Israeli publicly traded energy partnership that holds a 15% working interest in the Leviathan offshore gas field and produces and sells natural gas and condensate to Israeli, Jordanian, and Egyptian customers under long-term supply contracts.

Ownership category

akta.pro rank

Product category

Offshore Natural Gas Production

NAICS

Natural Gas Extraction (211130), Natural Gas Extraction (21113)

SIC

Crude Petroleum & Natural Gas (1311), Natural Gas Transmission (4922)

akta.pro primary industry

Natural Gas Retail Supplier (Competitive) Marketing & Sales (EUAAADAB)

akta.pro secondary industry

Commercial & Industrial (C&I) Natural Gas Sales (EUAAADAC)

Keywords

• Offshore gas production
• Natural gas exploration
• Oil and gas extraction
• Hydrocarbon development
• Energy infrastructure

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

Infrastructure, Operations, Technology or R&D, Supply Chain, Personnel, Marketing or Sales

Revenue model

1. Natural Gas Sales: Sale of natural gas produced from the Leviathan offshore field to domestic Israeli customers (industrial facilities, power plants, private consumers) and export customers in Jordan and Egypt via pipeline infrastructure. Long-term supply agreements include a landmark 15-year, $35 billion deal with Egypt and contracts with Israeli power stations. Revenue is derived from volume-based gas sales at contracted prices.
2. Condensate Sales: Sale of condensate (light oil) extracted alongside natural gas from the Leviathan reservoir, delivered to the Ashdod oil refinery in Israel since 2024.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

Ratio Energies explores, develops, and produces offshore natural gas and condensate from the Leviathan field in the Eastern Mediterranean, holding a 15% working interest in the partnership operated by Chevron. The company sells natural gas to Israeli power stations and industrial facilities, and exports gas to Jordan and Egypt through pipeline infrastructure under long-term supply contracts. It also markets condensate (light oil) produced alongside gas to the Ashdod oil refinery in Israel.

Product overview

Ratio Energies is a publicly traded Israeli energy partnership (TASE: RATI-L) founded in 1992, specializing in the exploration, development, and production of natural gas and oil. The company's core asset is the Leviathan Gas Field — the largest natural gas discovery in the Eastern Mediterranean — which produces and exports natural gas to Israel, Jordan, and Egypt. The company also holds a 20% stake in Ratio Petroleum Energy, an international exploration subsidiary. Operations are conducted in partnership with Chevron (operator) and NewMed Energy. The portfolio consists of the Leviathan production operations and the international exploration activities through its subsidiary.

Differentiator

Problem solved

Functional benefit

Products and services

• Leviathan Natural Gas Natural gas produced from the Leviathan offshore field (reserves of approximately 21.8 TCF) via five subsea wells connected to an offshore processing platform, supplied under long-term contracts to Israeli power stations, industrial facilities, and export customers in Jordan and Egypt.
• Leviathan Condensate (Light Oil) Condensate (light oil) extracted alongside natural gas from the Leviathan reservoir, sold to the Ashdod oil refinery in Israel as a byproduct of gas production.
• Natural Gas and Oil Exploration Services Exploration activities in the Eastern Mediterranean basin, including securing exploration licenses, evaluating prospects, and developing strategic partnerships for new hydrocarbon discoveries.

Quantifiable outcome

• Combined Leviathan and Tamar output expected to exceed 3 bcf/d for the first time in 2026
• +2 more outcomes

Named customers4 records

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

Five partnerships are on record, tiered minor and core.

• ENI (Italian energy company)minorStrategic or Co-development Partner · 1 January 2023Ratio and its partners (ENI of Italy and Dana Petroleum of the UK) were awarded new offshore exploration licenses in Israel's 4th Offshore Bid Round in 2023, expanding Ratio's exploration footprint in the Eastern Mediterranean.
• Dana Petroleum (UK)minorStrategic or Co-development Partner · 1 January 2023Ratio and its partners (ENI of Italy and Dana Petroleum of the UK) were awarded new offshore exploration licenses in Israel's 4th Offshore Bid Round in 2023, expanding Ratio's exploration footprint in the Eastern Mediterranean.
• Chevron (formerly Noble Energy)coreStrategic or Co-development PartnerChevron (formerly Noble Energy) is the operator of the Leviathan gas field with approximately 39.66% working interest. Chevron made the final investment decision for the $2.36 billion Leviathan Stage 1 expansion in January 2026. Chevron and partners are expanding production capacity from 12 bcm/y to 21 bcm/y with first gas expected H2 2029.
• NewMed Energy (formerly Delek Drilling, Newmed)coreStrategic or Co-development PartnerNewMed Energy holds approximately 45.34% working interest in the Leviathan partnership, making it the largest partner. The partnership discovered Leviathan in 2010 and has jointly developed and operated the field since commercial production began in December 2019.
• Ratio Petroleum Energy PartnershipminorStrategic or Co-development PartnerRatio Energies holds approximately 20% stake in Ratio Petroleum Energy, a separate partnership focused on international oil and gas exploration activities outside of Israel. Founded in 2013 by the Landau and Rotlevy families together with Eitan Eisenberg.

Scale indicators11 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Chevron Corporation: Chevron is the operator of the Leviathan field with ~39.66% working interest and a global supermajor. It overlaps Ratio's business in natural gas exploration and production and sets the strategic and technical agenda for the asset, but operates globally across many other geographies and products.
• Eni S.p.A. Eni is a global integrated energy major with major Eastern Mediterranean positions (e.g., Zohr in Egypt, Cyprus Block licenses), and is also a Ratio partner in Israel's 4th Offshore Bid Round. It is comparable as a regional gas E&P player shaping Mediterranean supply dynamics.

Others

• Delek Group: Delek Group is the controlling shareholder of NewMed Energy and historically the parent of the Delek/Delek Drilling energy operations behind Leviathan. It is thematically linked as a major shareholder in Israel's Leviathan consortium, though it operates as a holding rather than a direct producer.
• Dana Petroleum: Dana Petroleum is a UK-based upstream company, a wholly owned subsidiary of the Korea National Oil Corporation, partnered with Ratio and Eni in Israel's 4th Offshore Bid Round. It is an adjacent peer as an E&P operator active in the same offshore Israel exploration arena.

Direct peers

• Energean: Energean is a London-listed E&P company that operates the Karish and Tamar area fields offshore Israel and sells gas into the Israeli domestic market. It is directly comparable as a regional deepwater gas producer serving the same Israeli power and industrial customer base.
• NewMed Energy: NewMed Energy (formerly Delek Drilling) is the largest partner in the Leviathan field with ~45.34% working interest and is the most directly comparable Israeli gas exploration and production partnership. It shares the same asset base, same Mediterranean geography, and same Israeli/regional offtake contracts as Ratio Energies.
• Isramco Negev 2: Isramco is an Israeli oil and gas exploration and production company with offshore Israel license interests, including a stake in the Tamar field. It is comparable as a smaller Israeli gas E&P pursuing exploration in the same Eastern Mediterranean basin.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/ratio-energies

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Ratio Energy