Economy May 3, 2016 | 5:46 pm

Buy car in DR

Energy Ministry announces its first hydrocarbons database

Santo Domingo.- Energy and Mines minister Antonio Isa Condeon Tuesday unveiled Dominican Republic’s first National Hydrocarbons Database,an unprecedented high value package of information which paves the way for thebirth of an industry which explores, exploits and produces fossil fuels.

He said although the initiative doesn’t seek to createfalse expectations, affirmed that there’s oil in Dominican territory. He saidthe information platform aims to provide data for investors to reach concreteconclusions.

During a ceremony with representatives of businessorganizations, chambers of commerce, embassies, public sector, civil society, professionalsand others, it emerged that the agency created the data base with the advice ofthe prominent company Schlumberger Limited, which won a tender.

"The information package presented today is even morevaluable if it is assumed that the Dominican Republic is a totally virginterritory in terms of concessions for exploration, so -in fact, we’re startingfrom scratch," Isa said.

The digitized studies which if carried out now would cost aroundUS$100 million will be the basis to attract investment in the hydrocarbonsector, since they contain the information needed to evaluate potential oil andgas concessions for the country’s various sedimentary basins.

In that regard, deputy minister Alberto Reyes explained thetechnical aspects of the data base, and the accessibility to the base, free ofcharge, through and Energy and Mines’ website.

"We have 1,491 maps and plans, 805seismic profiles,212 records of oil wells and around 18,300 kilometers of 2D seismic lines andother geological, geophysical and seismic information collected from variousstudies since 1904," Reyes said.

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