Prime Minister Dickon Mitchell to Provide Report on Grenada’s Hydrocarbon Reserves

Prime Minister Dickon Mitchell has announced that he will provide a comprehensive report on the technical and economic feasibility of developing Grenada’s hydrocarbon reserves.

According to Mitchell, he will also be presenting a report on the potential environmental and social impacts of hydrocarbon exploration and development in Grenada to the public by the end of November 2024.

The Prime Minister has been working with the Technical Working Group, led by former finance minister Nazim Burke, to fully understand the country’s contractual and legal obligations regarding hydrocarbons and the exploration licensing agreement awarded to the Global Petrol Group (GPG) by the previous New National Party (NNP) administration.

Mitchell has had one meeting with a representative of GPG since taking office and has engaged GPG to try and understand the situation.

“I certainly intend to provide to the nation before the end of the month a comprehensive update of the work of the Technical Working Group led by former finance minister Nazim Burke regarding what it has been doing,” Prime Minister Mitchell said.

The Technical Working Group’s mandate is to fully assess Grenada’s hydrocarbon potential and, if found to be commercially viable, devise a strategy and action plan to explore, develop, and monetize it for the benefit of the citizens and the nation’s patrimony.

Grenada’s hydrocarbon reserves have been a topic of interest for several years, with then-prime minister Dr Keith Mitchell announcing in 2018 that oil and gas had been found in Grenada’s marine space.

However, the hydrocarbon reserves have not yet been fully quantified, and the Prime Minister has been working to demystify the oil and gas situation.

Conclusion:
The Prime Minister’s report is expected to provide a comprehensive update on the work of the Technical Working Group and the potential of Grenada’s hydrocarbon reserves. The report is expected to be presented to the public by the end of November 2024.

FAQs:

* What is the purpose of the Technical Working Group?
The Technical Working Group is mandated to fully assess Grenada’s hydrocarbon potential and devise a strategy and action plan to explore, develop, and monetize it for the benefit of the citizens and the nation’s patrimony.
* What is the status of Grenada’s hydrocarbon reserves?
Grenada’s hydrocarbon reserves have been found, but the reserves have not yet been fully quantified.
* When will the Prime Minister’s report be presented?
The Prime Minister’s report is expected to be presented to the public by the end of November 2024.