Prime Minister, Dr Keith Mitchell said people should not expect there to be automatic benefits coming out of the oil found and the other potential findings, as it can take years before tangible benefits to the country is realised.
Dr. Mitchell was giving an update last week on Grenada’s oil and gas exploration at his residence at Mt. Wheldale, St. George.
The Government of Grenada has entered into an agreement with the Russia-based oil and gas exploring company, Global Petroleum Group (GPG) to search for oil and gas in Grenada’s waters and in March the Prime Minister had announced that significant oil and gas were found in the first well that was dug by the company.
Dr. Mitchell told reporters that three more wells are expected to be drilled soon and the government is “very optimistic” about the results.
“There would be two or three drills…areas that are going to be drilled again. We’ve had pretty good indication of the commercial aspect of the first area and therefore, there now being second drills and so far it’s looking exciting but I think what is happening people perceive that you would see exploration and of course accessing materials over night…”, he said.
“…In Guyana, it took about nine years before…they knew the potential was there but actually on getting the material, on being able to clean it up and sell it on the market, it takes time. We are very optimistic but if I can tell you it will happen tomorrow morning, we will see all the gas being sold regionally and internationally from Grenada. That might be overly optimistic in terms of the timing…in terms of the results.
“Yes, I am very optimistic but I cannot tell you specifically a time. That’s why we have not proceeded to tell you next month, two months from now because we might be fooling ourselves.
THE NEW TODAY has been reliable informed that the drilling done by the Russians related only to gas and not oil.
A source familiar with the operations said that the Russians have not drilled deep enough to see if there are oil deposits in Grenadian waters.
Last month, Energy Minister Gregory Bowen told the annual convention of the ruling New National Party (NNP) that GPG was financially strapped and had entered into an agreement with a Chinese group to get involved in the oil and gas exploration in Grenada.