Ratio Energies Limited Partnership

Ratio Energies is a leading Israeli public Limited Partnership (TASE: RATI-L), founded in 1992 with a mission to explore, develop and produce oil and natural gas.

The partnership was founded by the Landau and Rotlevy families, together with Mr. Zvi Tsafriri and Mr. Eitan Aizenberg, the Prospect generator of the Leviathan discovery, who has served as Ratio’s SVP E&P since its founding.

In 2010, Ratio and its partners discovered Leviathan – one of the largest deep-water natural gas discoveries in the world, whose total reserves and contingent resources are estimated at c.21.8 TCF of natural gas (c.619 BCM) and c. 48 million barrels of condensate.

At the end of December 2019, less than three years after the final investment decision (FID), on schedule and with a total final investment of c. USD 3.7 billion, production commenced from the Leviathan field and supply of natural gas began to customers in the Israeli market, and from January 2020 to customers in Jordan & Egypt.

Since production began from the Leviathan reservoir, it has been a significant component of the energy security of the State of Israel while lowering electricity prices and increasing revenues for the state. It allows the electricity sector and industry to enjoy low and stable gas prices in the long term.

Ratio Exploration holds 20% of Ratio Petroleum Energy, which engages in oil & gas exploration around the world.

Main milestones

1992

Ratio Energies is established through the visionary partnership of the Landau and Rotlevy families, together with Mr. Zvi Tzafriri and Eitan Aizenberg, who continues to serve as our Chief Geologist.

1999

We take our first step into offshore exploration, securing our initial license in the Levant Basin.

2007

Awarded 100% rights to the “Ratio Yam” early permit—an area that would later become the “Amit,” “Rachel,” “Eran,” “David,” and “Hannah” licenses, and home to the significant Leviathan discovery. This strategic location spans 110-140 km west of Israel’s coastline.

2007-2008

Form crucial partnerships with industry leaders Noble Energy (operator), Delek Drilling, and Avner partnerships for the “Ratio Yam” permit.

2010

  • Complete comprehensive seismic survey analysis, leading to the decision to drill Leviathan-1 in the Amit license area

  • Secure 100% rights to the “Gal” early permit

2013

Transform the “Gal” early permit into two new exploration licenses: “Neta” and “Royee.” Partner with Italian energy leader Edison (operator) and Israeli partnership Israel Opportunity – Energy Resources.

2017

Together with our Leviathan partners, commit to a transformative $3.75 billion investment in the Leviathan project, targeting gas production by end-2019.

2019

  • Secure eight new exploration licenses across two clusters in partnership with Cairn Energy and Pharos Energy
  • December: Successfully launch Leviathan production, delivering gas to domestic customers

2020

  • January: Begin exports to Jordan and Egypt

  • Update Leviathan reserves to approximately 22.8 TCF of gas and 41 million barrels of condensate (2P2C)

  • Achieve total sales of 7.25 BCM from the Leviathan reservoir

2021

Reach milestone sales of approximately 10.7 BCM from the Leviathan reservoir.

2022

  • Increase gas export volumes to Egypt through the Pan-Arab pipeline

  • Achieve total sales of 11.4 BCM from Leviathan

2023

  • Initiate construction of a third pipeline from Leviathan to the platform, expanding production capacity to approximately 14 BCM annually
  • Win new exploration rights in Israel’s fourth competitive licensing round, partnering with Italy’s ENI and the UK’s Dana Petroleum

2024

  • Launch condensate sales from the Leviathan project

  • Secure agreement to supply gas to the Eshkol power plant

2025

  • With the completion a 3rd gathering line, we anticipate reaching a production capacity of approximately 1.4 bcf per day from Leviathan

Phase 1B (2028-2029): Strategic Expansion

  • Our comprehensive development plan includes:

    • Expanding production capacity to approximately 21 BCM per year (about 2.1 bcf per day)
    • Strengthening our position as a reliable natural gas supplier to Israeli, regional, and global markets
    • Developing and expanding regional transmission infrastructure
    • Implementing advanced technical and engineering improvements to platform and subsea operations
    • Establishing new commercial partnerships through strategic gas marketing agreements

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Ronit Rinder - independent External Director

Serves as an independent External Director since September 2022. Member of audit and finance and compensation committees. Served as deputy to the internal auditor at Bank Leumi and as the internal auditor of the bank’s subsidiaries. Between 2015-2020, she served as the head of Bank Leumi’s assets, construction, procurement and logistics. As of 2019, she serves as the chairman of “Ezerat Ahim”, a public benefit company. She has a B.A in economics and accounting from Bar Ilan University.

Galia Maor – External Director

Ms. Maor has served as an External Director since June 2021. She is a member of the Audit And Finance Committees, As well As The Compensation, Investments And Donations Committees. Galia Maor served as president and CEO of The Leumi Group between 1995-2012, after serving as Deputy CEO between 1991-1995. Between 1963 -1989, she worked at The Bank Of Israel, where she served In management roles, Including the role of Bank Supervisor. Ms. Maor Serves as a board member of the Strauss-Group, and as a council member of the Open University Of Israel, as well as several other NPOs. Galia Maor holds a B.A In Economics and Statistics and an MBA from The Hebrew University.

Yekutiel Gavish – Director

Since 2005, Mr. Gavish Has Served As A Director And As A Member Of The Investments, Audit, Compensation And Finance Committees. He Also Serves As A Director In Several Other Private And Public Companies, Including REIT 1 Ltd., Tafnit Discount Investment Portfolio Management And More. His Previous Positions Include Chairman Of The Board Of Directors Of Tamir Fishman Underwriting Ltd., Co-CEO And Member Of The Board Of Directors Of Quality Capital Markets Ltd., Deputy CEO Of Poalim Capital Markets Ltd., And A Director At Bank Yahav And Halman Aldubi Provident And Pension Funds Ltd. Yekutiel Holds A B.A In Agricultural Economics From The Hebrew University Of Jerusalem.

Tamar Ciehanover – External Director

Since 2015, Ms. Ciehanover Has Served As An External Director And As A Member Of The Audit, Compensation And Finance Committees. She Is The CEO Of A Consulting Firm Advising Multinational Companies And Start-Ups And A Director At Discount Capital Markets Ltd. Tamar Holds An LL.B. From Bar -Ilan University And An MBA From Columbia University In The Unites States.

Yuval Landau – Director

One Of The Founders Of Ratio, Yuval Landau Has Served As A Director Since 2008. He Also Serves As A Director In Ratio Finance And Ratio Petroleum Energy Limited Partnership And As A Director Of Several Other Private And Public Companies, Including ProSeed Venture Capital Fund Ltd. And As Investment Manager At Hiram-Landau Ltd. Yuval Holds A B.A In Economics And Management From The Technion And An MBA From The Ono Academic College.

Yigal Landau – CEO and one of the Founders of Ratio

One Of The Founders Of Ratio, Yigal Landau Has Served As A Director Since 1992. He Is The CEO Of The General Partner – Ratio Oil Exploration Ltd. He Also Serves As director in Ratio Petroleum Energy Limited Partnership and Several Other Private And Public Companies

Private And Public Companies, Including ProSeed Venture Capital Fund Ltd. And Inbal Natural Gas And Fertilizer Industries Ltd. He Is The CEO Of Hiram-Landau Ltd., And A Member Of The Board Of Trustees At Ariel University. Yigal Holds A B.SC From The Technion And An MBA From Tel Aviv University.

Yair Rotlevy – Director

One Of The Founders Of Ratio, Yair Rotlevy Has Served As A Director Since 1999. He Also Serves As A Director In Ratio Finance And Ratio Petroleum Energy Limited Partnership, And As A Director In Several Other Private And Public Companies, Including D.L.I.N. Ltd., Lodzia Rotex Investments Ltd., Argaman Industries Ltd. (Chairman), Inbal Natural Gas And Fertilizer Industries Ltd., And ProSeed Venture Capital Fund Ltd. He Is The CEO Of Lodzia Rotex Investments Ltd. Yair Holds A B.A In Economics From Tel Aviv University And A B.A. In Sociology From The Hebrew University Of Jerusalem.

Ligad Rotlevy – Chairman of the Board

One Of The Founders Of Ratio, Ligad Rotlevy Has Served As A Director Since 1992 And As Chairman Of The Board Of Directors Since 2008. He Also Serves As Chairman Of The Board Of Directors Of Ratio Finance And Ratio Petroleum Energy Limited Partnership, And As A Director Of Several Other Private And Public Companies, Including Argaman Industries Ltd., Lodzia Rotex Investments Ltd., Rotex (1980) Ltd., Tools Development Ltd., ProSeed Venture Capital Fund Ltd. (Chairman), And SpaceCom Satellite Communications Ltd. Ligad Holds A B.A. In Computer Science And Exact Sciences From Tel Aviv University, And An MBA (International Finance) From UHBS University.