All licences in the Dominican Republic operate under a PSC regime. Blocks are awarded during licensing rounds. The first licensing round took place in November 2019. There are no biddable or negotiable fiscal terms at present. The fiscal regime consists of royalty, corporate income tax and minimum state profit share. Separate royalty rates for oil and gas are linked to production and price and depend on shore status. Rates vary between 3% and 25% for oil and between 2% and 8% for gas. Contracts have stability clauses protecting them against royalty rate changes. Corporate income tax is charged at the standard rate of 27%. The Minimum Participation Tax, which guarantees Government a minimum profit share of 40%, is calculated based on a ratio of cumulative undiscounted profits to cumulative Government share.