Overview
Our history
Grenada’s petroleum exploration history spans several decades and has included periods of exploration activity, various contractual arrangements and different approaches to the development of the country’s offshore petroleum potential. Early exploration efforts resulted in significant areas of prospective acreage being committed under arrangements that did not lead to substantial exploration activity or commercial development. This experience has informed Grenada’s approach to the next phase of petroleum exploration and the steps being taken to create a more structured framework for the responsible development of the country’s offshore petroleum potential.
However, despite an extended period of engagement, these efforts did not result in commercial petroleum production. Following a comprehensive review of the relevant petroleum agreements and the contractor’s performance of its contractual obligations, the Government of Grenada determined that the required obligations had not been satisfactorily met. The Government subsequently exercised its rights under the applicable agreements and lawfully terminated the arrangements.
This experience has informed Grenada’s approach to the next phase of petroleum exploration and the steps being taken to create a more structured framework for the responsible development of the country’s offshore petroleum potential.
Where we are
Petroleum sector status
Grenada is at a relatively early stage in the development of its petroleum sector. The country has established laws and regulations — currently being updated in line with international industry norms — and while exploration activities have been undertaken in the Grenada exclusive economic zone (EEZ), with 2D and 3D seismic acquired and one well drilled, proven commercial quantities of hydrocarbons are yet to be discovered. These early-stage activities nonetheless provide a solid foundation for further assessment of the country’s hydrocarbon potential. To support this effort, the Government established the Grenada Hydrocarbon Technical Working Group to provide strategic and technical guidance geared to the development of a sustainable petroleum sector.
The Group is comprised of professionals with expertise relevant to the advancement of Grenada’s hydrocarbon resources, and works with government agencies, technical advisers and other stakeholders to support the Government’s petroleum sector objectives. Building on this foundation, the Government of Grenada is focused on advancing the understanding of the country’s offshore hydrocarbon potential and improving the technical, legal, regulatory, environmental and commercial framework necessary to support responsible petroleum exploration and development.
Future Exploration Strategy
Preparing the next phase of offshore exploration
Guided by the strategic direction of the Technical Working Group, the Government of Grenada is advancing preparations for the next phase of offshore exploration. The initiative is intended to attract technically capable and financially sound operators with the experience and capacity to responsibly explore and develop Grenada’s offshore hydrocarbon resources.
Virtual Data Room
A Virtual Data Room is expected to be established, giving prospective operators access to relevant technical, geological, geophysical, legal and other supporting information.
Physical Data Room
A Physical Data Room will be established to provide prospective operators with access to relevant technical, geological, geophysical, legal and other supporting information.
Selective Tender
The Government of Grenada will invite selected, credible and suitably qualified oil and gas operators to submit offers for offshore exploration acreage through a selective tender process.