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Economy & Business - November 2020

ECONOMIC HIGHLIGHTS

DOMINICAN REPUBLIC | First oil exploration contract. On 22 October the government of the Dominican Republic led by President Luis Abinader announced it had signed a contract with US hydrocarbon exploration firm, Apache Corporation, for the exploration and exploitation of hydrocarbons in the San Pedro de Macorís basin, in the Caribbean Sea, over an area of 2,535km2 and at a depth of between 800 and 1,400 metres. Awarded in November 2019, this is the first oil exploration contract signed by the Dominican government. It establishes that the state will receive 40% of the profits obtained. According to the government, Apache Corporation will invest as much as US$13m in the first two phases of the exploration, lasting seven years in total, with a planned third phase of US$100m. President Abinader called the oil exploration “an important milestone in the history of the Dominican Republic”.

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