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 was founded by the Landau and Rotlevy families together with Mr. Zvi Tsafriri and Mr. Eitan Aizenberg, who has served as Ratio’s Chief Geologist since its founding.

1999

Ratio’s first entry into an offshore license in the Levant Basin.

2007

Ratio is awarded 100% of the “Ratio-Yam” preliminary permit rights, which in time will evolve into the “Amit”, “Rachel”, “Eran”, “David” and “Hanna” licenses, where the Leviathan reservoir will eventually be discovered. The licenses are located 110-140 km west of the Israeli coastline.

2007-2008

Ratio farms-in Noble Energy as an operator into the “Ratio-Yam” preliminary permit, alongside the Delek Drilling and Avner partnerships.

2010

After completing the interpretation of the 3D seismic survey, a decision to drill the Leviathan-1 well in the Amit license area is taken.

Following the successful discovery, Ratio and its partners declare Leviathan as a commercial discovery – the largest natural gas discovery in the world in the first decade of the 21st Century with Contingent Resources (2C) of c. 16 TCF of natural gas and c. 40 million barrels of condensate.

Ratio is granted 100% of the rights in the “Gal” preliminary permit.

2013

Ratio is granted two exploration licenses – “Neta” and “Royee” in-lieu of the “Gal” preliminary permit.

The Neta and Royee licenses are granted to Ratio and its partners – the Italian company Edison (serving as operator) and Israel Opportunity Energy Resources LP.

2017

Ratio and the Leviathan partners announce a final investment decision (FID) in the Leviathan project, at an overall budget of c. USD 3.75 billion. First gas flow is planned for the end of 2019.

2019

Ratio, together with two international energy companies, Cairn Energy and Pharos Energy, are awarded new exploration licenses in two zones in the Israeli EEZ (exclusive economic zone) with four licenses in each zone.

December

2019

Production from the Leviathan field to customers in the domestic market commences on schedule.

January

2020

Commencement of natural gas exports to Jordan and Egypt.

Amendment of Leviathan’s Reserves and Contingent Resources to c. 22.8 TCF of natural gas and 41 million barrels of condensate (2P2C).

2021

Sales of 10.7 BCM from the Leviathan reservoir

2022

Signing of an agreement in which export quantities to Egypt are increased through the “Pan Arabic” pipeline.

 

2022

Sales of 11.4 BCM from the Leviathan reservoir

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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.