Dominican Republic Upstream (Oil and Gas) Fiscal and Regulatory Guide

Dominican Republic Upstream (Oil and Gas) Fiscal and Regulatory Guide

Summary

Following recent exploration interest across the Caribbean region, the Dominican Republic introduced its first production sharing agreements to promote the development of its oil and gas sector. The fiscal terms introduced are attractive and are expected to remain favourable in the following years given the low-level of exploration activity in the country. In 2020, the Dominican Republic awarded Apache Dominican Republic Corporation the offshore Block SP2, through the country’s first licensing round. Prior to the COVID-19 pandemic, the country was looking to build on this through the launch of a second round, however it is possible that the round could be delayed until investment conditions improve.

“Dominican Republic Upstream Fiscal and Regulatory Guide”, presents the essential information relating to the terms which govern investment into Dominican Republic’s upstream oil and gas sector. The report sets out in detail the contractual framework under which firms must operate in the industry, clearly defining factors affecting profitability and quantifying the state’s take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Dominican Republic’s upstream oil and gas investment climate.

Scope

- Overview of current fiscal terms governing upstream oil and gas operations in Dominican Republic
- Assessment of the current fiscal regime’s state take and attractiveness to investors
- Charts illustrating the regime structure, and legal and institutional frameworks
- Detail on legal framework and governing bodies administering the industry
- Levels of upfront payments and taxation applicable to oil and gas production
- Information on application of fiscal and regulatory terms to specific licenses
- Outlook on future of fiscal and regulatory terms in Dominican Republic

Reasons to Buy

- Understand the complex regulations and contractual requirements applicable to Dominican Republic’s upstream oil and gas sector
- Evaluate factors determining profit levels in the industry
- Identify potential regulatory issues facing investors in the country’s upstream sector
- Utilize considered insight on future trends to inform decision-making


1. Executive Summary
1.1 Regime Overview Production Sharing Agreements
1.2 Regime Overview - Concession Agreements
1.3 Timeline
2. State Take Assessment
3. Key Fiscal Terms - Production Sharing Agreements
3.1 Royalties, Bonuses and Fees
3.2 Production Sharing
3.3 Direct Taxation
3.4 Indirect Taxation
3.5 Natural Gas Provisions
3.6 Domestic Market Obligation
3.7 Local Content
3.8 Abandonment Provisions
3.9 Joint Committee
4. Key Fiscal Terms - Concession Agreements
4.1 Royalties, Bonuses, and Fees
4.2 Direct Taxation
4.3 Indirect Taxation
4.4 Natural Gas Provisions
4.5 Domestic Market Obligation
4.6 Local Content
4.7 Joint Committee
5. Regulation and Licensing
5.1 Legal Framework
5.2 Institutional Framework
5.3 Licensing Process
6. Appendix
6.1 References


List Of Tables


Table 1: Regime Overview
Table 2: Dominican Republic, Key Events Since Year 2000
Table 3: Dominican Republic, PSA, Annual Surface Rental Fees (US$/sq km), 2019 onwards
Table 4: Dominican Republic, PSA, Overall Production Sharing Rate (Rt) Ranges (%), 2019 Onwards
Table 5: Dominican Republic, PSA, Oil & Condensate Production Sharing Rates (%), 2019 Onwards
Table 6: Dominican Republic, PSA, Gas Production Sharing Rates (%), 2019 Onwards
Table 7: Dominican Republic, Depreciation Rates (%)
Table 8: Dominican Republic, Annual Surface Fees in Pesos (RD$), Malenos Concession, 1998
Table 9: Dominican Republic, Annual Surface Fees in (US$), Mobils and Petroleras Concessions, 1991
Table 10: Dominican Republic, Royalty Rates For Oil (%), Malenos Concession, 1998
Table 11: Dominican Republic, Royalty Rates For Oil (%), Mobils and Petroleras Concessions, 1991
Table 12: References


List Of Figures


Figure 1: Regime Flow Chart - Production Sharing Agreements
Figure 2: Regime Flow Chart - Concessions Agreements
Figure 3: Dominican Republic, Indicative NPV10/boe, IRR and State Take Comparison, and Price and Cost Sensitivity Analysis
Figure 4: Dominican Republic, Legal Framework
Figure 5: Dominican Republic, Institutional Framework


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