TT is set to benefit from Grenada’s oil and gas discoveries but not for another few years.
Exactly when depends on the outcome of Global Petroleum Group’s (GPG) exploration off Grenada’s south coast, Leonid Mironov, finance and corporate affairs officer, shared with Business Day.
“The timing is to be determined by the outcomes and the results of the appraisal and delineation drilling campaign, which will help better inform the detailed development and production plans and the timings of those,” Mironov answered via e-mails on how soon GPG expects to send gas to the National Gas Company Ltd (NGC) for processing and sale.
GPG, incorporated in Grenada, is conducting petroleum and natural gas exploration, development and production under the country’s Petroleum Act and Petroleum Regulations.
On April 6, NGC announced a commercial agreement with the Russian oil and gas company which includes a first right of refusal. This means TT will have the option to buy Grenada’s natural gas before anyone else.
GPG is currently exploring in Grenada waters near the fields of Patao/Dragon in Venezuela and North Coast Marine Area (NCMA) in Trinidad. The company was granted a development licence for four blocks in the D band of Grenada’s maritime territory.
“The geological prospects identified by GPG within those blocks are named after tropical spices. The most prominent and promising prospect was named Nutmeg. A number of drilling locations were proposed over the Nutmeg prospect and the first well drilled was in Nutmeg-2 location,” said Mironov.
The gas discovery was made in the Nutmeg prospect – drilled in 2017.
In a statement, NGC said it would use its “capabilities and expertise”, honed over four decades, to help GPG develop Grenada’s natural gas-based energy sector.