NewsWhore
09-30-2010, 05:20 PM
The Director General of Mining (DGM), Octavio Lopez is waiting for authorization from President Leonel Fernandez to proceed with the signing of a contract with a British firm that will conduct geophysical studies for oil exploration in the rural community of La Lima, by the Sanate River in La Altagracia province.
According to Diario Libre, the company, a British company, Mdoil Ltd (www.mdoil.co.uk (http://www.mdoil.co.uk)) would work for the Dominican state at no cost. However, in return, the company seeks to sell the results of its research on the open market, according to Lopez.
The official said that the terms of the contract stated that the company would carry out the studies, sell the results to the companies interested in the exploration and then deduct the cost of their investment, and split the profits half and half with the country. The terms of the contract will be released once authorized by the President, in accordance with a request that the DGM sent to the Executive on Monday. "They (the company) are going to serve as advisors and coordinators of the contracts with companies that will carry out the geophysical studies", Lopez said.
Lopez added that although the company will have 24 months to carry out all the whole process, the studies should be ready within six months.
More... (http://www.dr1.com/index.html#9)
According to Diario Libre, the company, a British company, Mdoil Ltd (www.mdoil.co.uk (http://www.mdoil.co.uk)) would work for the Dominican state at no cost. However, in return, the company seeks to sell the results of its research on the open market, according to Lopez.
The official said that the terms of the contract stated that the company would carry out the studies, sell the results to the companies interested in the exploration and then deduct the cost of their investment, and split the profits half and half with the country. The terms of the contract will be released once authorized by the President, in accordance with a request that the DGM sent to the Executive on Monday. "They (the company) are going to serve as advisors and coordinators of the contracts with companies that will carry out the geophysical studies", Lopez said.
Lopez added that although the company will have 24 months to carry out all the whole process, the studies should be ready within six months.
More... (http://www.dr1.com/index.html#9)