He Dominican governmentthrough the Ministry of Energy and Mines (MEM), signed a Shared Production Contract With the consortium Global min For the Exploration and eventual hydrocarbons production In the Cibao basin, a strategic step towards the diversification and energy security of the country.
A MEM press communication explains that the contract was awarded through the First oil roundin a Competitive process and according to the lawpending approval by the National Congress.
The agreement grants rights to carry out operations in the CB1 and CB2 Blockslocated in the provinces Montecristi, Dajabón, Valverde, Puerto Plata and Santiago de los Caballerosconsidered of high potential in liquid and gaseous hydrocarbons.
Concession for 11 years
Signed by the Minister of Energy and Mines, Joel Santos and the consortium representative, Félix Manuel Santana Reyes, the contract establishes a Eleven -year concession For the exploration and exploitation phases of both blocks.
In addition, the Contractor will assume all riskscosts and investments inherent to operations, providing the technology, equipment and capital necessary for the execution of the exploration and production phases, as the MEM press release adds.
“In this way it is guaranteed that the Dominican State does not compromise fiscal resources, while ensuring the implementation of Modern and efficient practices in it development of the awarded blocks“He adds.
With this firm, the Ministry of Energy and Mines argues that it strengthens its Strategy to continue consolidating a national oil and gas exploration and production industrywhile preparing to launch the second oil round, in 2026, with new available areas that will expand investment opportunities and strengthen the energy security of the Dominican Republic.
Participation of 43% of the state
Joel Santos explained that, in terms of benefits, the State will receive a minimum participation of 43 % of the Total oil renttogether with the job generation Direct and indirect, technical training programs for young people and community development actions.
He also said that the contract contemplates strict dispositions of environmental protection and industrial safety, by ensuring that the activities are carried out under International Sustainability Standards.
“Respect for the environment and sustainable development are fundamental pillars of our policy. The consortium Global min He will assume this commitment at each stage of the project, “Santos said.
In that sense, Santana Reyes, representative of the Consortiumhighlighted the confidence deposited in the business group.
“The Terrestrial exploration It is an expensive process that takes Years of diligent work for MAPAR POTENTIAL RESOURCES and identify recoverable hydrocarbons in economic terms, “he said.
About global consortium min
Mem’s press communication says Global min it’s a International Consortium made up of the Global Dominican company.
Min and the American Lumina Geophysical, with presence in Latin America and the Caribbean. The company is dedicated to Hydrocarbons exploration and production.
