Energy & Mines Minister Antonio Almonte signed the country’s first oil exploitation contract with Apache Dominican Republic Corporation. The contract had been awarded in November 2019. Almonte announced at the ceremony at the Presidential Palace that the country will receive at least 40% of the profits.
The US oil company seeks to exploit oil and natural gas in the San Pedro de Macorís southeastern basin. The total investment is US$13 million during the first seven years, broken down to US$5 million in the first 4-year exploration phase and then US$8 million for the duration of the second exploration period.
The San Pedro de Macorís basin has an area of approximately 2,535 square kilometers and a depth that varies between 800 and 1,000 meters.
Apache Corporation is a US oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom and exploration activities offshore Suriname.
22 October 2020