Santo Domingo.-Santo Domingo.- TheDominican Republic now has, for the first time in 60 years, alegislation applicable to hydrocarbon exploration and production, asa basis for attracting investment and development to a local industrywith clear and predictable rules, El Nuevo Diario reported today.
Energyand Mines minister Antonio Isa Conderevealed that the Official Gazette on March 7 published the LawNo. 83-16 through which the executive branch creates those rulesessential for the orderly use of the potential of the country’shydrocarbons.
Mining and energypolicy
Isa Conde said theregulation states how authorizations, concessions or permits ofexploration and production of hydrocarbons should be granted. "Thislegislation, in conjunction with Resolution 001-2016 on geophysicaland geological studies for oil exploration, issued by this Ministrylast 8 January, are the only standards promoting the exploration andproduction of hydrocarbons that has emanated from the Dominican Statesince 1958," he pointed out.
With this decision,a legal gap of nearly 60 years of limiting the country frominvesting in hydrocarbons is closed. The new regulation is theState’s first step since 1958 to promote such activities.
Over 13,000kilometers of seismic lines
The Ministry hasdigitized 1,491 maps and plans, 805 seismic profiles, 212 well logs,321 records or reports, 209 tapes with geophysical information thathad been scattered are now are accessible to stakeholders.Currently, theMinistry has 13,189.35 linear kilometers of 2D seismic data,available to investors, valued in over US$80 million, or RD$3,650,000million.
Isa Conde said theDominican Republic is totally virgin in awarding concessions to explore and exploit hydrocarbon resources, so the opportunities in this area are huge.