Dominican Government Signs Contract With Global Mining Consortium

• The Dominican Government, through the Ministry of Energy and Mines (MEM), signed a production-sharing contract with the Global Mining consortium for the exploration and eventual production of hydrocarbons in the Cibao Basin, a strategic step toward the country’s energy diversification and security.
• The contract was signed by the Minister of Energy and Mines, Joel Santos, and Félix Manuel Santana Reyes, the consortium’s representative, and established an eleven-year concession for the exploration and exploitation phases of both blocks.
• With this signing, the Ministry of Energy and Mines strengthens its strategy to continue consolidating a national oil and gas exploration and production industry, while preparing to launch the Second Oil Round in 2026, with new available areas that will expand investment opportunities and strengthen the Dominican Republic’s energy security.
• Minister Santos expressed optimism about this new project, as it represents a historic opportunity to confirm the country’s energy potential and lay the foundations for greater energy independence and security. The official explained that, in terms of benefits, the State will receive a minimum share of 43% of total oil revenue, along with the creation of direct and indirect jobs, technical training programs for youth, and community development initiatives.
• He also specified that the contract includes strict provisions for environmental protection and industrial safety, ensuring that activities are carried out in compliance with international sustainability standards. “Respect for the environment and sustainable development are fundamental pillars of our policy. The Global Min consortium will embrace this commitment at every stage of the project,” Santos added.

(Source: Dominican Today)