PH Inks Oil Exploration Deal with Israeli Firm

Wazzup Pilipinas!

FIRST SERVICE CONTRACT SIGNED: President Rodrigo R. Duterte signs Petroleum Service Contract No. 76 covering Area 4 in Eastern Palawan under the Fifth Philippine Energy Contracting Round.
The first petroleum service contract signed under the Duterte administration, Ratio Petroleum Ltd. would be able to conduct exploration activities in the East Palawan Basin for potential energy resources. 
In photo are (L-R) DOE Secretary Alfonso G. Cusi, Foreign Affairs Secretary Teodoro L. Locsin Jr., H.E. Rafael Harpaz, Israeli Ambassador to the Philippines, Mr. Yigal Landau, owner and Member of the Board of Ratio Petroleum Ltd., and Mr. Itay Raphael Tabibzada, Ratio Petroleum Ltd.'s CEO and President.

Department of Energy (DOE) Secretary Alfonso G. Cusi attended today the Ceremonial Signing of the Petroleum Service Contract (PSC) for Area 4 (East Palawan Basin) of the Fifth Philippine Energy Contracting Round (PECR5) at the Heroes Hall of Malacanan Palace.

President Rodrigo R. Duterte and Sec. Cusi signed the PSC on behalf of the Philippine government, while Mr. Itay Raphael Tabibzada, company President and CEO, signed for Israeli firm, Ratio Petroleum Ltd.

Sec. Cusi noted that the event bodes well for Philippine-Israel economic relations, as well as the country’s upstream petroleum industry.

“The President has been very clear – our country needs to attain energy security and sustainability at the soonest possible time. We are currently experiencing how our dependence on importation has left us at the mercy of price movements in the global oil markets. We need to boost the exploration and development of our own energy resources and the awarding of the petroleum service contract to Ratio Petroleum is a step in the right direction,” he said. 

The awarded PSC is part of PECR5, which was launched in May 2014. The PECR was established as a transparent and competitive system of awarding service or operating contracts for prospective petroleum or coal areas within the country.

Ratio Petroleum will now be able to explore Area 4, covering 416,000 hectares across the East Palawan Basin for potential oil and gas resources. Projected minimum total expenditure is valued at US$34,350,000 to be derived from studies, data gathering and drilling activities over the initial seven-year contract duration.

Established in 1992, Ratio Petroleum has a number of large-scale operations at the Levant Basin in the Eastern Mediterranean Sea, off the coast of Israel, as well as off-shore operations in the Republic of Malta and the Co-operative Republic of Guyana.

“This is the first petroleum service contract signed under the Duterte administration. In fact, the last service contract awarded was with PXP Energy Corporation. This was almost five years ago in 2013,” Sec. Cusi further emphasized.

PXP Energy Corporation is the operator of PSC No. 75 in North Western Palawan under the fourth PECR. Said service contract was signed on 27 December 2013.

Also present were Undersecretary Donato D. Marcos, Assistant Secretary Aicitel E. Lascano, Assistant Secretary Leonido J. Pulido III, Assistant Secretary Gerardo D. Erguiza Jr., Director Melita V. Obillo, Ms. Maria Teresa F. Mendoza, Mr. Demujin F. Antiporda, Ms. Javerri T. Bullock, and Mr. Christian Luke C. Sevilla from the DOE, Israeli Ambassador to the Philippines Rafael Harpaz and his spouse, Mrs. Shulamit Harpaz, Deputy Chief of Mission Yulia Rachinsky-Spivakov, Mr. Yigal Landau, owner of Ratio Petroleum Ltd., and Mr. Eitan Aizenberg, Ratio Petroleum Chairman and Senior Vice President for Exploration and Production.

OTHER PHOTO:

PHILIPPINE-ISRAEL ENERGY COOPERATION: Officials of the Philippine government, the State of Israel and Israeli firm, Ratio Petroleum Ltd., come together for a photo after President Rodrigo R. Duterte signed today (17 October) the Petroleum Service Contract of Area 4 (East Palawan) under the Fifth Philippine Energy Contracting Round.

(L-R) DOE Assistant Secretary Caron Aicitel E. Lascano, DOE Undersecretary Donato D. Marcos, DOE Secretary Alfonso G. Cusi, Department of Foreign Affairs Secretary Teodoro L. Locsin Jr., President Rodrigo R. Duterte, H.E. Rafael Harpaz, Israeli Ambassador to the Philippines, Mr. Yigal Landau, owner and Member of the Board of Ratio Petroleum Ltd., Mr. Eitan Aizenberg, Chairman and Senior Vice President for Exploration and Production of Ratio and Petroleum Ltd., and Mr. Itay Raphael Tabibzada, CEO and President of Ratio Petroleum Ltd.

A*Live! REVOLUT10N: The Addlib 10th Anniversary Concert

Wazzup Pilipinas!

Witness the 2017 Aliw Awards Best Dance Company, The Addlib, give you show stopping performances together with the award-winning junior team, Addlib Beta Crew at A*Live! REVOLUT10N: The Addlib 10th Anniversary Concert.

Gathering 100+ of some of the best dancers in the country today, from hip-hop to contemporary, collaborating on one night at the New Frontier Theater this Oct. 24, 2018.

Tickets are available at all TicketNet Outlets or at The Addlib Dance Studio.

Nearly Half of Cyber Threat Alerts Not Addressed by Companies in Philippines

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Companies in Philippines do not address nearly half of the legitimate cyber threat alerts they receive, according to Cisco 2018 Asia Pacific Security Capabilities Benchmark Study, released today.

Among those surveyed, 42 percent say they receive more than 5000 alerts each day. While companies in Philippines rank the lowest in Southeast Asia among those receiving more than 5,000 alerts per day, the real challenge lies in what comes after the alert is received, and how many are actually investigated.

The study shows that on average just 50 percent of the alerts received are investigated by companies in Philippines. Of those investigated, on average, only 30 percent turn out to be legitimate, of which only 51 percent are acted upon and corrected. This suggests that more work is needed to help companies and security professionals in Philippines to tackle the rapidly evolving cyber threat landscape.

The results of the study highlight the scale of the challenge faced by the companies, with 79 percent of respondents saying their organization has suffered a breach in the past year.

Cyberattacks are also having a significant financial impact. Among those who suffered an attack in the past twelve months, 35 percent say it cost them US$500,000 or more, while 25 percent say the cost was US$1 million or more. This includes costs from lost revenue, loss of customers, and out of pocket expenses etc.

“In the Philippines, digital transformation has been a favourite theme for consumers, businesses, and the government. While we have seen many benefits from digital innovation and adoption, it is important to ensure that we have the right infrastructure, processes, and technologies in place that continue to enable and empower digital growth. The ability to tackle the cybersecurity threat is critical on that front,” says Karrie Ilagan, Managing Director for Philippines at Cisco.

“All stakeholders need to work together in a coordinated manner to achieve this. Businesses need to raise awareness about the issue, have proper processes in place and deploy the right technologies to help identify, block or address any attacks. We need strict regulations that deter malicious actors from taking the risk of launching such attacks. Finally, we need to develop local cybersecurity talent so we have the manpower to support the country’s digital drive in a sustainable manner,” she adds.

Cyberattacks are starting to evolve from just targeting IT infrastructure to attacking operational infrastructure, intensifying the challenge for companies. According to the survey, 19 percent of respondents say they have already seen cyberattacks on their operational infrastructure, 35 percent said they expect similar attacks to take place on them within the next one year.

Given the growing scale of cyber threats, respondents say they expect scrutiny of their security policies to increase over the next one year from all stakeholders, especially their customers who are keen to ensure their data is protected. Among those surveyed, 76 percent say they expect increased scrutiny from customers. Privacy concerns are also delaying sales for the companies, with 66 percent of respondents saying such concerns are adding time to the sales cycle.

“When it comes to cyber security, it is no longer a case of a company needing to protect just its own IT infrastructure. Today, business partners, customers, and employees expect a company to keep their data secure. With stringent regulations like the European Union’s General Data Protection Regulation (GDPR) coming into force, the pressure on companies to have the right policies, technology and resources in place will only increase. Those who lag behind run the risk of not only facing high financial penalties, but also losing the trust of customers,” says Stephen Dane, Managing Director of Security for Asia-Pacific, Japan and China at Cisco.

The use of multiple vendors and products is making the challenge more complex. The study shows that 39 percent of surveyed organizations work with more than 10 security vendors, while 41 percent use more than 10 security products or solutions. This creates complexity and increases vulnerability, as having different security products, can lengthen the time to identify and contain a breach. The study highlights that companies are already facing this issue, with 97 percent of respondents saying they find it challenging to orchestrate multiple vendor alerts.

To put this in context, it is estimated that an almost instant detection of a cyber security breach within a large enterprise costs the business US$433,000. If detection is delayed by more than a week, this figure triples to an average US$1,204,000.

Key recommendations: Based on the findings of the survey, the study has made a series of recommendations that will provide companies with more actionable visibility into the threat landscape, reduce their exposure and improve their security posture. The report states that companies should consider:

Adopting next-generation end point process monitoring tools

Accessing timely, accurate threat intelligence data and processes that allow for data to be incorporated into security monitoring and eventing

Implementing first line–of-defence tools that can scale, like cloud security platforms

Employing network segmentation to help reduce outbreak exposures

Reviewing and practicing security response procedures regularly