HOUSTON – The Dominican Republic has launched its first licensing round.
The country’s Ministry of Energy and Mines said the 14 blocks (10 onshore and four offshore) on offer lie in the Cibao, Enriquillo, Azua, and San Pedro basins. The four offshore blocks are in the San Pedro basin.
Wood Mackenzie, a global natural resources consultancy, is assisting the ministry with the evaluation, planning, and execution of the licensing round.
Juan Agudelo, director of upstream consulting at Wood Mackenzie, said: “The exploration performed in the country since the early 20th century indicates the presence of a working petroleum system.”
He added: “Blocks will be awarded based on work commitments for the first exploration phase. The Dominican Republic is incentivizing the acquisition of geological and geophysical data, while providing flexibility to explorers on how to conduct activities during the contract exploration phase. Operators will have between eight to 10 years to explore and must drill one well.
“This round aims to boost exploration of oil and gas in the Dominican Republic. The country currently doesn’t have any operators searching for new fields. If the round attracts explorers, it will bring investment and help to de-risk the oil and gas potential in the country.”