Big oil likes Dominican tax and drilling regulations

Santo Domingo.- Executives the US oil company ExxonMobil on Tues. praised the government’s tax and regulatory models to develop Dominican Republic’s oil and gas industry.

The executives visited Energy and Mines minister Antonio Isa Conde to provide information on 1,505 kilometers of seismic lines and a well drilled in the ocean floor, which will be integrated to the National Hydrocarbons Database (BNDH).

This information – digitized by ExxonMobil – had been collected in past soundings conducted and recently sought out by Energy and Mines (MEM).

The oil company executives “were pleased with Dominican Republic’s structure made with the fiscal and regulatory framework applicable to the hydrocarbon industry, which seeks to protect the interests of the state while attracting investment. That is, a win-win model,” MEM said in a statement.

ExxonMobil Project Manager for North and South America Donal S. Mageean, company geoscientist Caroline Wachtman and ExxonMobil marketing advisor for explorations, David Juarez-Navarro attended the meeting, accompanied by MEM deputy ministers Alberto Reyes, and Ernesto Vilalta.