Ratio Energies LP

Ratio Energies is a publicly traded Israeli company engaged in the exploration, production, and development of fossil gas in the eastern Mediterranean Sea. Its revenues were $335 million in 2025. Ratio partially owns the Leviathan gas field project and is part of a consortium bidding on the exploration of fossil gas in Palestinian territorial waters.

Contributions to Energy Apartheid

Ratio owns 15 percent of the Leviathan gas field project, which is co-owned by Chevron at 39.66 percent and NewMed Energy at 45.34 percent. Chevron is the operator of Leviathan. Leviathan provides fossil gas mainly to Egypt and Jordan, but also to the state-owned Israel Electric Corporation and private Israeli electricity companies. This gas is used to produce electricity for the Israeli power grid, which includes all Israeli military bases and government agencies, as well as Israel’s illegal settlements in the occupied Palestinian and Syrian territories.

The supply of electricity across Israel and the occupied Palestinian territory is used as a tool of subjugation, collective punishment, annexation, and dispossession. As part of Israel’s apartheid regime, some Palestinian communities inside Israel and across the occupied Palestinian territory are banned from connection to the grid; some are provided subpar services; some are charged differently than nearby Jewish-Israeli towns; and many suffer punitive power cuts as a form of collective punishment. This is energy apartheid.

Gas Exploration in Gaza's Waters

Ratio is a 10 percent stakeholder in a consortium that bid to explore for fossil gas off the shores of the Gaza Strip in the territorial waters of Palestine. The primary stakeholder was Italian fossil fuel company Eni at 75 percent, with 15 percent held by Korean state-owned company Dana Petroleum. Eni was designated as the operator of the consortium, meaning that it would have managed the exploration and would have operated any future fossil gas extraction projects there. 

The consortium placed its bid as part of Israel’s 4th Offshore Bid Round, which closed in July 2023. In October 2023, shortly after the start of the Gaza genocide, Israel announced the winners, with the Eni-Dana-Ratio consortium wining the exploration license for an area in the East Mediterranean Sea that Israel designates as Zone G. 

62 percent of Zone G falls within the declared territorial waters of the State of Palestine. In February 2024, three Palestinian human rights organizations notified Eni that is must “desist from undertaking any activities in areas of Zone G that Palestine claims, as any such activities would constitute a flagrant violation of international law.” 

Israel’s Energy Minister took pride in the fact that the licenses were given while Israel is at war, saying that this shows how “major natural gas exploration companies put their trust in Israel's robustness,” even though the companies bid for the licenses months before October 2023. 

In October 2025, after facing public pressure about this activity, Eni quietly notified Israel and its corporate partners that it was withdrawing from the consortium. A couple of months later, the company issued a vague public statement on the matter, saying that it did not actually receive the license and that it “does not plan to be involved in activities in the area in the future.” Eni subsequently attempted to silence Italian civil society organization ReCommon for reporting on this news. 

In March 2026, Eni’s official withdrawal from the bid was confirmed in Ratio's disclosure to the Tel Aviv Stock Exchange. Neither company gave a reason for Eni’s withdrawal, but according to Israeli newspaper TheMarker, it “came as no surprise, as the company was a target of anti-Israel protests in the last couple of years.”

The consortium is reportedly seeking a new operating partner to take Eni's place and move forward with the exploration as of August 2026.