Dominican Republic and Guyana sign oil exploration agreement

Under the deal, the Dominican Petroleum Refinery will represent the Dominican state and receive a 10% stake in the project without requiring an upfront capital investment. If commercially viable reserves are discovered, the Dominican Republic would gain access to crude oil or natural gas under preferential terms, strengthening the country’s long-term energy security.

The initiative stems from a memorandum of understanding signed in 2023 by President Luis Abinader and President Mohamed Irfaan Ali. The project has involved technical coordination between the Ministry of Energy and Mines, Refidomsa, and Guyanese authorities. Officials say the partnership could pave the way for additional joint ventures, including a possible refinery and petrochemical complex, as both countries deepen cooperation in energy, trade, and investment.