by Linda Straker
- Global Petroleum Group (GPG) registered in Grenada in 2003
- Oceangate and GPG agreement involves 38-year production-sharing with Grenada Government
- Nigeria’s interest in Grenada is part of broader strategy to foster economic alliances with Caribbean nations
Prime Minister Dickon Mitchell said he is unable to comment on the arrangement that Global Petroleum Group recently signed with Nigeria’s Oceangate Oil and Gas Engineering company that will develop the country’s oil and gas reserves.
The deal — according to S&P Global Commodity Insights, a website that focuses on the global energy and commodities markets — is valued at $1.8 billion. Dr Aisha Achimugu, the CEO of Oceangate, said that the deal has the potential to reach as much as $8 billion as the companies develop Grenada’s “significant” hydrocarbon reserves.
Global Petroleum Group (GPG) is an oil and gas exploration company registered in Grenada in 2003. Records at the Corporate Affairs and Intellectual Property Office (CAIPO) show that it is listed as having 100,000,000 ordinary shares.
GPG has explored Grenada’s offshore blocks, but proven hydrocarbon reserves have not yet been fully quantified. A 2018 discovery at the Nutmeg-2 well suggests significant potential. Oceangate’s involvement could accelerate the assessment and potential production of these resources.
The agreement between Oceangate and GPG involves a production-sharing arrangement with the Grenada government for 38 years, covering approximately 7,500 square kilometres of offshore zones.
When asked to comment on the latest development as published in several Nigerian news sites in an interview, Prime Minister Mitchell said, “I cannot speak to it because if you read the article, you will see that nowhere in it, it speaks about the Government of Grenada. I can’t speak, I have seen the article just like yourself; I am not in a position to speak on the matter,” he told the nightly MikeyLive news outlet.
While presenting the traditional Throne Speech at the ceremonial opening of the 2023–2024 parliamentary year, Governor-General Dame Cecile La Grenade said that the Dickon Mitchell administration, which was elected in June 2022, was unable to find documents about the country’s oil and gas reserves, and a technical working group would be appointed to investigate the matter.
Government is yet to provide an update about the missing documents, but a notice from the technical working group published in various editions of the Government Gazette earlier in the year advertised the position of legal consultant.
Energynews.pro said that Nigeria aims to diversify its markets for refined products, especially with the start-up of the Dangote refinery, which, with its capacity of 650,000 barrels per day, is one of the largest in Africa. This refinery, located in Nigeria, recently hosted Prime Minister Mitchell to discuss potential partnerships in the energy sector, as well as in cement and fertilisers.
“Nigeria’s interest in Grenada is part of a broader strategy to enhance its international outlets and foster economic alliances with Caribbean nations, which have historically depended on imports of refined petroleum products,” said the website.
I’ve read this Post with Extra attention.
How can the supposed PM of Grenada not able or not willing to speak to the citizens of Grenada about the yet now again the latest $ 1.8 Billion Oil Deal ?
This belongs to the people of Grenada.
Already, this is starting off wrong in the shadows of the night; in secret moves. People kept in the dark, or Lied to ?
Hard at this step to imagine if we are dealing with Doc Mitchell # 1 or if it’s even PM Mitchell # 2: BUT, by the tone of this Latest Big, B.I.G. & Multi-Billion Oil Deal: is there even any difference from all the previous prior Oil Deals ??
Secrets, Stories, Pie-in-the-Sky Oil Deals and people are Lied to Again.
This is quite concerning and I dare say disrespectful that no courtesies were apparently extended to the Government of Grenada concerning Grenada’s assets.
Great Observation –
I must add that this is highly disrespectful to the People of Grenada that PM Mitchell does not Address the Nation on such supposed Great business deal: or Is It ? Just baffles the mind.
Usually such secret dealings and quiet under the table ” we can’t talk about it ” $Billion$ Oil Deals like already with the Doc and the Russians are, if they appear too sneaky: They Are !?