Guyana, Dominican Republic Advance on Oil Drilling and Refining

• Guyana and the Dominican Republic are making progress on accords for offshore oil and gas exploration and to build a fertilizer plant and potentially a refinery in the South American country, President Luis Abinader said on Tuesday.
• The countries signed a memorandum of understanding in 2023 to work on energy projects.
• The Caribbean country is interested in exploring Guyana's Berbice offshore block, which might require a new delimitation of the area originally explored by a unit of Toronto-listed CGX Energy and ultimately returned to the government.
• A potential new refinery in Guyana is also among the interests of both governments, but a final agreement is pending. The Dominican Republic has a state-owned refining company, Refidomsa. Guyana is also pressing a consortium led by Exxon Mobil, which controls all oil and gas output in the country, to deliver natural gas to shore from its floating production facilities to feed power generation, petrochemical and liquefied natural gas (LNG) projects that could expand revenue.

(Source: Reuters)