The Dominican Republic launched its first licensing round, putting 14 blocks across its on- and offshore basins up for bid.
The Dominican Republic's Ministry of Energy and Mines announced that the blocks on offer lie in the Cibao, Enriquillo, Azua, and San Pedro basins.
Wood Mackenzie, a global natural resources consultancy, said in a statement that it 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 Dominican Republic government is offering 14 blocks in on- and offshore frontier basins. 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 incentivising 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 rounds attracts explorers, it will bring investment and help to de-risk the oil and gas potential in the country.”