The Dominican Republic (DR) has been given six months within which to begin the search for oil and gas in the Berbice Block this year, natural resources minister Vickram Bharrat said on Wednesday.
“They have to start this year. They were given six months to start actual work on the ground,” he said.
He said the 3,300 square kilometre mainly onshore block, relinquished by CGX Energy/ON Energy in 2022, has been assigned to the Spanish-speaking island.
Last month, the DR and Guyana government officials reached agreement for the state-owned Refineria Dominicana de Petróleo S.A. (Refidomsa) to have a 10 percent stake in the Berbice block.
Under the deal, the DR does not have to make a capital investment and if oil or gas is found in commercial quantities, the DR would access hydrocarbon under preferential terms for strategic and economic benefits.
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