Ratio Oil Exploration Limited Partnership

Ratio Oil Exploration is a leading Israeli Limited Partnership 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.22.8 TCF of natural gas (c. 646 BCM) and c. 41 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 3.5 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.

Believing in the potential of the Levant Basin, the partnership made a strategic decision to expand its petroleum assets in the region. In accordance with this strategy, in October 2019, Ratio partnered with two international energy companies: Cairn Energy, that serves as the operator, and Pharos Energy, and the joint venture was awarded Zones A & C (containing 4 licenses each).

Ratio Exploration holds ~20% of  Ratio Petroleum Energy, which engages in oil & gas exploration around the world. Ratio is traded on leading indices on the Tel Aviv Stock Exchange, including the TA-125 and the Gas&Oil Exploration Index.

Partnership assets


Leviathan North (15%)

Leviathan South (15%)

Exploration Licenses:

Zone A – licenses 39, 40, 47, 48 (33.33%)

Zone C – licenses 45, 46, 52, 53 (33.33%)

Main milestones


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.


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


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.


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


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.


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.


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.


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.



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



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).