Nigerian Oil Company Enters Multi-Billion Dollar Agreement in Grenada
Grenada is set to emerge as a significant player in the energy sector following a landmark multi-billion dollar agreement between Nigerian oil and gas company Oceangate Oil and Gas Engineering and Global Petroleum Group. This deal is poised to initiate one of the largest oil and gas projects in the Caribbean.
In a statement released on Saturday, Dr. Aisha Achimugu, Group CEO of Oceangate, highlighted that this transformative partnership will focus on tapping into Grenada’s abundant hydrocarbon resources, establishing the island as a prominent energy hub not just in the Caribbean, but on the global stage.
“We are excited to partner with Global Petroleum Group, which will bring significant economic advantages and energy resources to Grenada,” Achimugu stated in the announcement shared with Punch. “This initiative reflects Oceangate’s dedication to investing in sustainable energy solutions that promote economic growth while adhering to environmental standards. We envision this project as a stepping stone for future economic partnerships between Africa and the Caribbean.”
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Achimugu further elaborated on the project’s long-term objectives, stating it aims to stimulate economic growth and sustainable development. “This ambitious endeavor is not only set to enhance Grenada’s energy production capabilities but also to create jobs, develop infrastructure, and facilitate technology transfer within the local economy.
“Amid the evolving energy landscape of the Caribbean, this venture is expected to unlock unprecedented economic opportunities, benefiting multiple sectors and positioning Grenada as a key energy supplier in the region.”
