Guyana oil block holder Ratio Petroleum buys Pharos in £124M deal

Jun 26, 2026 News

(Kaieteur News) – Israel-based Ratio Petroleum has moved to strengthen its global portfolio through a £124.3 million (US$164 million) acquisition of London-listed Pharos Energy.

The deal centers on producing assets in Egypt and Vietnam. The transaction comes amid heightened commodity price volatility linked to the U.S.-Israeli war on Iran, which has lifted energy companies’ share prices. Against that backdrop, Pharos sought an improved offer from Ratio to reflect its stronger cash flow generation, Reuters reported.

Ratio Petroleum currently holds petroleum interests in three different basins on opposite sides of the world: Guyana, Morocco Atlantic, and the East Palawan Basin in the Philippines.

In Guyana, Ratio, which serves as operator of an oil block has been at crossroads with the Guyana Government in relation to the 3.3-million-acre offshore block.

The company recently announced that government has given them seven days to submit its work programme and drilling timetable for the Kaieteur Block for the next two years. According to unofficial translation of the statement, Ratio said in light of the foregoing, it intends to approach the Minister of Natural Resources Vickram Bharrat to request an additional extension for providing its response while continuing negotiations regarding the update of the work programme and drilling schedule.

In December 2025, the ministry had asked Ratio and its partner Cataleya Energy Limited (CEL) to indicate whether they intend to make an additional investment or abandon the acreage. Prior to the aforementioned disclosure, Ratio Guyana had notified the government of the portion of the block it is prepared to relinquish while continuing its search to bring in a new partner.

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oil block, Pharos Energy, Ratio Petroleum, U.S.-Israeli war

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