The Dominican Republic and Guyana to explore Oil block!
The Dominican Republic will participate with a 10% project share, avoiding the need for capital investment!
Georgetown, May 14 (EFE).-
The two countries signed an agreement on Thursday for the exploration, development, and eventual production of oil and natural gas in the Berbice block, located in Guyanese territory, an agreement reached during Dominican President Luis Abinader’s visit to Georgetown.
The Dominican Republic will participate in the project with a 10% stake in the Berbice block, eliminating the need for capital investment.
The Dominican Petroleum Refinery will represent the Dominican state in the project, and the government of Guyana will officially grant the exploration license.
If the exploration is successful, the Dominican Republic will have access to crude oil or natural gas under preferential terms.
Conversations held on Wednesday in Georgetown between President Abinader and his Guyanese counterpart, Irfaan Ali, focused on regional energy security and future opportunities.
Both leaders celebrated the growing collaboration between private sector entities in the two countries, including efforts to form alliances and consortia in agriculture, energy, and petrochemicals.
With barely a million inhabitants, Guyana is endowed with the world’s largest per capita oil reserves, estimated at some 11 billion barrels.
Commercial oil production off the coast of Guyana began in 2019 and has brought about an economic revolution to a formerly poor country.
Guyana has experienced one of the world’s fastest rates of economic growth in recent years, multiplying its income, attracting international investment, and modernizing its infrastructure.
The International Monetary Fund predicts that the Guyanese economy will grow by 16.2% in 2026, following its 63% growth in 2022.
However, the energy boom has also intensified the dispute with Venezuela over the Essequibo region, which is rich in natural resources and represents over two-thirds of Guyana’s territory. EFE nr-mv/dgp
