by Linda Straker
- Technical Working Group tasked with feasibility of developing Grenada’s hydrocarbon reserves
- Oceangate–GPG agreement signed in October 2024, valued at approximately $1.8 billion
- Oceangate is owned by Aisha Achimugu, who is wanted for alleged criminal conspiracy and money laundering
Nazim Burke, Chairman of Grenada’s Hydrocarbons Technical Working Group, has disclosed that the group’s members are yet to see the agreement signed between the Global Petroleum Group (GPG) and Oceangate Oil and Gas Engineering that should develop the island’s oil and gas resources.
Global Petroleum Group is an oil and gas exploration company which registered in Grenada in 2003. It has conducted explorations in Grenada’s offshore blocks, but proven hydrocarbon reserves have not yet been fully quantified. A 2018 discovery at the Nutmeg-2 well suggests significant potential.
Oceangate Oil and Gas Engineering is one of the companies owned by Nigerian businesswoman Aisha Achimugu, who is the Managing Director/Chief Executive Officer of Felak Concept Group. She is one of the thousands of Nigerians to be approved as a citizen of Grenada under the Citizenship by Investment (CBI) programme.
In late March 2025, she was declared wanted by Nigeria’s Economic and Financial Crimes Commission (EFCC) for alleged criminal conspiracy and money laundering.
In October 2024, Oceangate signed an agreement with GPG, reported to be valued at approximately $1.8 billion, with the potential to reach $8 billion in value. After the signing, a report on www.billionaires.africa said that the GPG 38-year production-sharing agreement (PSA) with Grenada’s government “covers over 7,500 square kilometres of offshore blocks and it marks a new chapter in Grenada’s role within the Caribbean energy sector.”
Burke who was one of the guests on the weekly Monday night “Beyond the Headlines,” current affairs discussion programme of the Grenada Broadcasting Network (GBN) admitted the confirmation of the signed agreement, but pointed out that the Technical Working Group which was appointed in late 2023, had not reviewed it so they can share details with the public. “We heard the GPG had entered into an agreement with a Nigerian-based company; we cannot say very much about the details about that. It was confirmed in our meetings with the GPG that they had signed an MOU with that entity but we have not had sight of that agreement or MOU. They did promise to provide it, but to date we have not seen it, and so we cannot speak to other agreements other than the Oceangate agreement that we have heard of.” Burke served as Energy Minister during the 2008–2013 National Democratic Congress (NDC) administration.
He believes that despite the delay, the agreement must be reviewed by Government. “I believe ultimately they will cooperate because at the end of the day they have spent money and I think they will want to realise a return on the money… and in order to do so they have to work with the government because ultimately it’s the patrimony of Grenada and any partner that they bring in has to be approved by the Government of Grenada.”
“This is a sovereign nation, and the government will exercise its prerogative as the State and so I am sure that negotiations will progress. They may not move as quickly or as smoothly as one will want, but I am confident that these matters will be resolved in due course,” said Burke.
The Technical Working Group is tasked with, among other things, presenting a report to the Government on the technical and economic feasibility of developing Grenada’s hydrocarbon reserves.