Grenada’s government has confirmed the discovery of gas within the island’s territorial waters but is still awaiting the results of tests to determine whether it can monetise the reserves, the Jamaica Observer reported on Wednesday.
“The findings are being tested for quality,” Prime Minister Keith Mitchell was quoted as saying.
Grenada’s government issued an exploration licence to Russia-based Global Petroleum Group earlier this year.
In May, a notice was placed in local newspapers that dredging was being done in the water south of Grenada. The marine department of the Grenada Ports Authority has confirmed that the dredging has since been completed and the ridge has departed from Grenada’s marine space.
In June, Parliament approved the Hydro Carbon Exploration Incentive Bill 2017 outlining a package of incentives for oil and gas exploration to any company.
A Trinidad and Tobago based newspaper had recently reported that oil and gas had been found by GPG close to the border with Venezuela.