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Grenada search for Oil set to begin

Friday, June 2, 2017 8:08 PM- George's, Grenada

ST. GEORGE’S, GRENADA, June 2, 2017 –  GIS: New potential looms for Grenada's rapidly recovering economy as the search for oil in Grenadian waters is set to begin within months.

Prime Minister, and Minister of Energy, Dr.Keith Mitchell has announced  that an oil exploration campaign is to start, as his administration continues an aggressive momentum to bolster an economy on the rocks about four years ago under the National Democratic Congress government,

Prime Minister Mitchell's announcement in a national address Thursday night comes on the heels of glowing tribute from IMF, World Bank, CDB and other international bodies who have singled Grenada's economic come back story as a model.

Dr. Mitchell said the Global Petroleum Group (GPG), which the Government of Grenada granted authorization to conduct a seismic survey on the island, has identified ‘the most prospective geographical features offering greatest exploration and economic potential’.

“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,” Prime Minister Mitchell informed.


At present, Grenada does not produce any oil. However, if the GPG’s drilling campaign proves successful, it may result in outcomes that will have positive rippling effects across the Grenadian economy.


“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,” Dr. Mitchell said.

 

 


 

 

 

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