Dominican Republic, Guyana finalize oil exploration agreements

Dominican Republic President Luis Abinader announced progress on finalizing petroleum exploration agreements with Guyana during the opening of the Guyana Energy Conference & Supply Chain Expo. The two nations signed a Memorandum of Understanding in 2023, focusing on offshore oil and gas exploration, a potential refinery, and a fertilizer plant. Abinader highlighted the importance of a strategic plan for these projects, particularly regarding the new oil refinery, while mentioning Guyana's ongoing collaboration with Exxon Mobil to enhance natural gas delivery. The exploration of Guyana's Berbice offshore block is also a priority, although it may require redefinition of previously explored areas. The conference runs until February 21 and aims to foster collaboration among energy stakeholders. Both countries are committed to enhancing their energy partnership, which could significantly impact regional development.