Published: June 9, 2017
Grenada is on the cusp of a potential economic boost, with the search for oil in Grenadian waters planned within months.
Prime Minister Keith Mitchell – who is also minister of energy – announced the project as an attempt to add to the country’s slowly stabilising financial outlook.
The news comes soon after a number of global bodies, including the International Monetary Fund, praised Grenada’s recent economic growth – though the nation “remains susceptible to external shocks”, it was warned.
The Global Petroleum Group (GPG), which the government granted authorisation to conduct a seismic survey on the island, has identified “the most prospective geographical features offering greatest exploration and economic potential”, Mitchell said.
“They have prepared all the engineering and logistical plans for the exploratory drilling campaign, engaged all the contractors, subcontractors and vendors necessary, and are on the verge of commencing the exploratory drilling campaign within the next month or two.”
Grenada does not currently produce any oil.
But the prime minister believes that if GPG’s drilling campaign proves successful, it may result in outcomes that will have positive rippling effects across the the nation.
“Their achievements to date, represents the furthest any company conducting petroleum exploration in Grenada has ever reached—and the quest continues, with future prospects in sight,” he said.