Grenada is set to become a major energy hub as Oceangate Oil and Gas Engineering has secured a historic multibillion-dollar deal with Global Petroleum Group to launch one of the Caribbean’s largest oil and gas ventures.

Oceangate disclosed this in a statement on Saturday, October 26, 2024.

The company said the partnership aims to develop Grenada’s significant hydrocarbon reserves, paving the way for the island nation to emerge as a major energy hub in the Caribbean and beyond.

Speaking on the deal, the Oceangate’s Group Chief Executive Officer, Dr Aisha Sulaiman Achimugu, said: “We are thrilled to enter this partnership with Global Petroleum Group, which will bring substantial economic benefits and energy resources to Grenada.

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“This venture underscores Oceangate’s commitment to investing in sustainable energy solutions that drive economic prosperity while respecting environmental standards. We believe this project will lay the foundation for future economic collaborations between Africa and the Caribbean.

“With a vision to fuel long-term economic growth and sustainable development, this ambitious project promises not only to elevate Grenada’s energy production capabilities but also to foster job creation, infrastructure development, and technology transfer within the local economy.

“Set against the backdrop of the Caribbean’s evolving energy landscape, the venture is expected to provide unprecedented economic opportunities, delivering benefits across sectors and positioning Grenada as a key energy supplier in the region.”

The Star