Dominican Republic Gears Up for E&P Possibilities

For a country with no current oil production, hopes are high for potential exploration and production success in the Dominican Republic.

The Caribbean nation is currently reviewing proposals from companies interested in e&p possibilities in the Cibao, San Juan, Bani-San cristobal and San Pedro basins, according to Business News Americas.

Melaneo Aquino, the Dominican Republic's hydrocarbons exploration director, would not name the companies that have submitted proposals. He added that e&p opportunities are open to companies interested in the area. There will be no formal bidding round at this time, he said, nor have there been plans to schedule one.

Reports indicate that seismic surveys acquired by companies conducting exploration activities in the area can be obtained by interested companies.

"All we have now are potential areas," Aquino told Business News Americas. "We have not discovered deposits."

On Sept. 7, 2005, the Dominican Republic signed an agreement to become a member of Petrocaribe, a Caribbean oil alliance with Venezuela in which oil is supplied to Caribbean nations, based on a preferential payment.