Grenada discovers oil after years of optimism

The Caribbean island of Grenada has announced the discovery of oil in its coast after a year of marine 3D seismic survey in the Grenada offshore basin.

Prime Minister Dr Keith Mitchell made the announcement ahead of the country’s general election on Tuesday which his New National Party (NNP) won all 15 seats for the third time in history.

“After all the headaches, one well was drilled; there were results that we wanted to confirm before we make a noise. The report said that we have found significant gas and oil in the waters of Grenada in one well so far,” he told the media.

“We have several more wells which are even more exciting than the one they just found. In other words, Grenada can be a massive supplier of oil and gas … it means a lot for the future of this country,” Mitchell added.

The discovery was made by Russian outfit Global Petroleum Group (GPG) who undertook the survey with SeaBird Exploration following an earlier survey that indicated that there were likely to be hydrocarbon deposits.

Last month, the island of Guyana announced its seventh oil find which was discovered by oil giant ExxonMobil. It makes them the biggest oil producer in the Western Hemisphere.