ST. GEORGE’S, Grenada, CMC – Prime Minister Dickon Mitchell says he’ll present a complete report on the technical and financial feasibility of creating Grenada’s hydrocarbon reserves.
Mitchell mentioned he may even be presenting a report on the potential environmental and social impacts of hydrocarbon exploration and growth in Grenada to the general public by the top of November 2024.
“I actually intend to offer to the nation earlier than the top of the month a complete replace of the work of the Technical Working Group led by former finance minister Nazim Burke relating to what it has been doing,” Prime Minister Mitchell mentioned.
He mentioned the Committee has been working arduous to completely perceive the nation’s contractual and authorized obligations relating to hydrocarbons and the exploration licensing settlement awarded to the World Petrol Group (GPG) by the earlier New Nationwide Social gathering (NNP) administration.
“I’ve had one assembly with a consultant of GPG since that point, and we have now engaged GPG to attempt to perceive and to get a full image of the place we’re,” mentioned Prime Minister Mitchell, who can also be the Minister for Power and Public Utilities.
“And so, by the top of November, I’ll present the general public with a complete replace on the work of the technical working group and the place we’re about Grenada’s hydrocarbon authorized obligation, potential exploration, and every other further issues raised,” he added.
Whereas presenting the 2023 Throne speech for the ceremonial opening of the Parliament, Governor Normal Dame Cecile La Grenade mentioned the Mitchell authorities, which was elected in June 2022, was unable to discover a full report about Grenada’s oil and gasoline scenario. The cupboard has determined to nominate a Technical Working Group to demystify the oil and gasoline scenario.
“We’re but to unravel the thriller of Grenada’s offshore oil and gasoline reserves. Minimal information might be discovered wherever throughout the Authorities, and our technocrats throughout the Ministries and Departments have little or no info on this matter,” she mentioned then.
“In essence, upon assuming workplace, my Authorities was not supplied with any transition report or any information on Grenada’s authorized or contractual obligations or Grenada’s progress about its oil and gasoline reserves.
“This case is untenable and fully unacceptable, and my Authorities is dedicated to doing all inside its energy to unearth the thriller of Grenada’s oil and gasoline standing,” she mentioned whereas asserting that former finance minister Nazim V Burke would chair the technical working group.
The technical working group’s mandate is to completely assess Grenada’s hydrocarbon potential and, if discovered to be commercially viable, devise a technique and motion plan to discover, develop, and monetize it for the good thing about the residents and the nation’s patrimony.
Addressing a political assembly for the 2018 common elections, then-prime minister Dr Keith Mitchell introduced that oil and gasoline had been present in Grenada’s marine house.
GPG had performed explorations in Grenada’s offshore blocks on the time, and a discovery on the Nutmeg-2 properly suggests important potential, however the hydrocarbon reserves haven’t but been totally quantified.
Just lately, Nigeria’s Oceangate Oil and Gasoline Engineering firm introduced {that a} production-sharing association settlement overlaying roughly 7,500 sq. kilometers of offshore zones was signed with GPG. When requested about that deal, the Prime Minister mentioned that he was not able to touch upon it.
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