Deputies approve amendment to oil exploration and exploitation law

Santo Domingo.- The Chamber of Deputies approved, in its second reading, a bill modifying Article 4 of Law No. 4532, which governs the exploration, exploitation, and private benefits of oil fields, hydrocarbons, and related fuels. The bill now moves to the Senate for consideration.

If enacted, the revised Article 4 will permit Dominicans and Dominican companies to obtain rights for exploration and exploitation, while extending similar rights to foreign entities, provided all contracts adhere to Dominican laws. A new clause mandates that foreign private entities holding such rights must include Dominican shareholders with at least a 15% ownership stake. This amendment seeks to align the law with the Constitution and encourage broader participation in the hydrocarbon sector.

Additionally, the deputies approved Addendum No. 1 to the RD Vial Trust Agreement, aimed at enhancing the operation, maintenance, and expansion of the Dominican Republic’s Main Road Network. The modifications, endorsed by the Permanent Finance Committee, are intended to ensure efficient network performance and support necessary upgrades. A follow-up legislative session is scheduled for Wednesday at 2:00 p.m.