Grenada's offshore oil and gas reserve potential being checked. (Image credits: Google Images)

Grenada set to investigate its oil and gas reserves

Getting your Trinity Audio player ready...

Grenada has made the decision to establish a technical working group for the specific purpose of investigating the status of the island nation’s oil and gas reserves. The decision was prompted by the fact that the incumbent government couldn’t find an adequate amount of data pertaining to Grenada’s oil and gas reserves.

Governor General Dame Cecile La Grenade decided to issue a statement on the matter during the reading of the Throne Speech at the Ceremonial State Opening of the Second Session of the Eleventh Parliament.

According to the speech, the government has yet to solve the mystery surrounding the nation’s offshore oil and gas reserves and the stipulations and provisions that have been put in place for them in the past.

In her statement she said the following, “Very little records can be found anywhere within the government and our technocrats within the ministries and departments have very little information on this matter.  

In essence, upon assuming office my government was not provided with any transition report or any files on Grenada’s legal or contractual obligations or Grenada’s progress in relation to its oil and gas reserves.” 

The concerned authorities with in the government’s framework have described the situation as untenable and quite bizarre.  

This is partially why the government has made a conscious decision to do whatever it can, with in its power to mitigate the issue and solve this conundrum.

By establishing a technical working group, the government hopes to make a targeted effort in this specific case. The group will be headed by the former Minister of Finance Nazim Burke and also includes distinguished citizens like Rodney George, Richard Duncan, Raymond Nurse.

The office of the Attorney General is said to be represented by the Solicitor General himself. These individuals have the task of investigating and doing what it takes to demystify Grenada’s oil and gas situation.

The specific agenda, as proscribed with in the framework of the technical working group, is to build a comprehensive assessment of the hydrocarbon potential that Grenada holds at its disposal.

If the report states that the endeavor is commercially viable, Grenada will then be able to develop a strategy for the monetization of its oil and gas reserves which will bring significant amounts of capital to the island nation.

This monetary growth can then be used for the benefit of the nation’s citizens and bolster the economy on the whole. This is exactly why these efforts and the possible rewards attached to them are of great importance to Grenada, not only at the governmental level but from a societal perspective as well.

While it is bewildering to think the nation has close to no prior records of research or knowledge on the matter, what is important at this juncture, is that the information will be curated for the near future.

The success of these efforts could be one of the most significant developments in Grenada’s economic story and by extension, bring immense socio-economic changes to the nation and its people.