Grenada’s Giant African Gas Gig Could Bring In Billions.

Nigerian energy leader Aisha Achimugu, CEO of Oceangate Oil and Gas Engineering, says she has entered an agreement with Global Petroleum Group (GPG) to develop oil and gas resources in offshore blocks near Grenada–according to a story recently released on the web site www.billionaires/africa.

Valued at approximately $1.8 billion, the project has the potential to reach $8 billion in value. This 38-year production-sharing agreement (PSA) with Grenada’s government covers over 7,500 square kilometers of offshore blocks, marking a new chapter in Grenada’s role within the Caribbean energy sector.

Aisha Achimugu is a prominent Nigerian businesswoman, philanthropist, and socialite known for her extensive work in engineering, oil and gas, and charitable initiatives. As the Managing Director and CEO of Felak Concept Group, she leads a company that specializes in civil engineering and project management. She also holds a leadership role in SAM Oil and Gas Limited, focusing on petroleum distribution within Nigeria.

Global Petroleum Group (GPG) is an oil and gas exploration company operating primarily in the Caribbean, with significant offshore exploration interests in Grenada. Initially involved in seismic surveys and drilling operations since around 2017, GPG discovered natural gas in Grenada’s territorial waters, which raised hopes for potential commercial energy production in the region.

GPG is believed to be associated with Russian ownership, but to what extent is not publicly known. The company is not listed on a stock exchange, so details about ownership are not readily accessible

Achimugu’s ties to Grenada go beyond business interests. Known for her fondness for the island, she selected Grenada as the venue to celebrate her 50th birthday, inviting family and friends to join her in the place she treasures, and by all accounts she spent a huge amount on the celebration, renting an entire island for the occasion.

Reflecting on her love for Grenada,  (says www.billionaires/africa) Achimugu noted, “Grenada has a unique spirit and warmth that resonates deeply with me. Celebrating my birthday here was a natural choice, and I’m thrilled to now support its journey as an energy powerhouse.”

Achimugu’s Oceangate joins GPG in advancing the project. GPG’s initial exploration through the Nutmeg-2 well confirmed substantial hydrocarbon reserves, including over 10 trillion cubic feet of gas and liquid condensates.

These findings, which cannot be confirmed at this moment as the drilling reports are proprietary information,  have solidified the project’s economic potential, making it potentially a massive  opportunity for Grenada and the Caribbean region to cash in.

However, there are some rumbling in opposition circles within Grenada regarding transparency regarding Grenada’s  potential hydrocarbon wealth.

The New Today Grenada has reported extensively on Grenada’s hydrocarbon exploration activities, highlighting the complex situation around the country’s dealings with Global Petroleum Group (GPG), a Russian company. GPG was initially granted licenses to explore Grenadian waters for oil and gas, with early reports suggesting potential for commercially viable reserves.

In 2018, a significant collaboration was announced between GPG and the National Gas Company (NGC) of Trinidad and Tobago to facilitate gas extraction, potentially providing a local market for any discovered gas​

In an interview with THE NEW TODAY, the Prime Minister Dickon Mitchell said: “We are still in the process of making sure that we gather a complete picture of what has happened historically, where we are and then to make a determination as to how we proceed in the future. I anticipate that in the next 30 days or so we will be in a better position to speak on this issue.”
 
Mitchell also said: “We have also been speaking with our colleagues in Trinidad & Tobago to get from them what information they have – once we get that we will be in a better position to come to the public and let the public know exactly what we found, what the state of play is and how the government intends to move forward.”
 
Source: thestkittsnevisobserver.com