Dominican Republic signs oil and gas exploration deal with Global Min

Santo Domingo.- The Dominican government signed an agreement with the Global Min consortium to explore and potentially exploit oil and gas reserves in the country, under international standards of sustainability, environmental protection, and industrial safety.

Minister of Energy and Mines Joel Santos Echavarría said the initiative aims to strengthen energy security and economic independence without halting progress in renewable energy. He highlighted that in 2024, the country reached a renewable capacity of 1,396 MW—an increase of 137% compared to 2020—and set a record with 1,101 MW generated in a single day. In addition, 2,179 MW of natural gas projects are underway, with more than 600 MW expected online this year to enhance grid stability and competitiveness.

Santos explained that reforms under Law 37-25 modernize the hydrocarbon framework, ensure transparency, and require at least 15% Dominican participation in foreign companies. Thanks to this legal update, the first oil round tendered blocks CB1 and CB2, located in the northern provinces, which will now be managed by Global Min and its U.S. partner Lumina Geophysical. The consortium will bear all costs and risks, with an eleven-year concession subject to congressional approval.