Last March the Department of Energy and Mines informed that, after 60 years, the Dominican Republic adopted an official regulatory framework for the exploration and production of hydrocarbons which will allow to attract investment and to develop local industries.
The Department of Energy and Mines revealed that such regulations were published in the official journal dated March 7th 2016 as part of Executive Order 83-16. These regulations are essential for the organized exploitation of the country´s hydrocarbon potential.
The Department pointed out that 13,189.35 lineal kilometers of 2D seismic have been identified up to date with a value of more than US$80 million or DOP$3,650,000 million, and which are now, thanks to these regulations, available for investors who can start developing operations with more clear and predictable rules.
The framework indicates how authorizations, concessions, and permits for the exploration and production of hydrocarbons should be granted.
Minister of Energy and Mines, Antonio Isa Conde, emphasized that these regulations along with resolution 001-2016 on geophysical and geological studies for the exploration of hydrocarbon issued by the Department on January 8th constitute the only regulations for the promotion of hydrocarbon exploration and production to be issued by the Dominican State since 1958. He also stated that this decision marks the end of a legal void that had limited the Dominican Republic´s investment options in hydrocarbon for years.
In addition to the identified kilometers, the Department has 1,491 digitalized maps and plans, 805 seismic profiles, 212 well logs, 321 files and reports, and 209 magnetic stripes with geophysical information that the country had not collected and was, thus, inaccessible for interested parties. Today the Department has 13,189.35 identified lineal kilometers of 2D seismic for a value of US$ 80 million or DOP$3,650,000 million available for interested investors
The Department highlighted that the Dominican Republic is totally unspoiled in terms of hydrocarbon exploration and production thus offering countless opportunities for project development in this area.