Earlier this month in Houston, CARIFORUM partner Dominican Republic launched their first ever bid round for both onshore and offshore blocks.
In total, the Dominican Republic has 14 blocks on offer, 10 onshore in the Cibao, Enriquillo, Azua, and San Pedro basins.
Cibao Basin – 6 onshore blocks
Enriquillo Basin – 3 onshore blocks
Azua Basin – 1 onshore block
San Pedro Basin – 4 offshore blocks
Antonio Isa Conde, the Dominican Republic’s Minister of Energy and Mines, said there was interest and optimism about the country’s potential in oil and gas, noting that the Ministry was “receiving very good signals.”, according to Rigzone.
S&P Global reported that, Alberto Reyes, the country's Vice Minister, identified the terms of the bid round as "simple, competitive and transparent ".
He added that "We're frontier exploration and are proposing top-quartile fiscal terms," Reyes said during a Houston road show presentation. "There is no signing bonus, and the data is freely available, so the cost of entry is low. It's a very low-risk scenario."
The bid round closes in mid-September.