Nigerian tycoon Aisha Achimugu partners with Global Petroleum Group on $1.8-billion Grenada oil project with $8-billion potential

Oluwatosin Racheal Alabi -

Key Points

  • Nigerian tycoon Aisha Achimugu partners with Global Petroleum Group on an $8 billion Grenada oil project.
  • Achimugu’s personal ties to Grenada strengthen her commitment to the island’s energy growth.
  • The project includes a $1.725-billion gas pipeline to Trinidad.

Nigerian energy leader Aisha Achimugu, CEO of Oceangate Oil and Gas Engineering, has entered an agreement with Global Petroleum Group (GPG) to develop oil and gas resources in offshore blocks near Grenada.

Valued at approximately $1.8 billion, the project has the potential to reach $8 billion in value. This 38-year production-sharing agreement (PSA) with Grenada’s government covers over 7,500 square kilometers of offshore blocks, marking a new chapter in Grenada’s role within the Caribbean energy sector.

Achimugu’s connection to Grenada runs deeper than business. Known for her admiration of the island nation, Achimugu chose Grenada as the location for her milestone 50th birthday, gathering family and friends on the island she holds dear.

Reflecting on her love for Grenada, Achimugu noted, “Grenada has a unique spirit and warmth that resonates deeply with me. Celebrating my birthday here was a natural choice, and I’m thrilled to now support its journey as an energy powerhouse.”

Achimugu’s Oceangate joins GPG in advancing the project. GPG’s initial exploration through the Nutmeg-2 well confirmed substantial hydrocarbon reserves, including over 10 trillion cubic feet of gas and liquid condensates. These findings have solidified the project’s economic potential, making it a major opportunity for Grenada and the Caribbean region.

Eduard Vasilev, chairman of GPG, expressed optimism about the collaboration, stating, “This partnership has the potential to reshape Grenada’s energy sector. Our combined efforts with Oceangate Oil and Gas Engineering are set to unlock Grenada’s offshore resources, delivering substantial economic value to the region.

While Trinidad and Tobago remain a nearby market for potential exports, GPG has previously signed agreements for supplying gas to the region.