Key Points
- Nigerian energy entrepreneur Aisha Achimugu teams up with Global Petroleum Group (GPG) for an $8 billion oil project in Grenada.
- Achimugu’s personal connection to Grenada underscores her commitment to the island’s energy development.
- The venture includes a $1.725 billion gas pipeline to Trinidad.
Aisha Achimugu, CEO of Oceangate Oil and Gas Engineering, has partnered with Global Petroleum Group to develop offshore oil and gas resources near Grenada, with the project valued up to $8 billion. This 38-year production-sharing agreement (PSA) with Grenada’s government covers over 7,500 square kilometers of offshore blocks, positioning Grenada as a significant player in the Caribbean energy landscape.
Achimugu’s ties to Grenada extend beyond business. She previously celebrated her 50th birthday there, gathering family and friends in a setting that reflects her fondness for the island nation.
“Grenada has a unique spirit and warmth that resonate with me,” Achimugu shared. “Celebrating here was a natural choice, and I’m thrilled to now support its journey as an energy powerhouse.”
According to a report by billionaires.Africa, Achimugu’s Oceangate Oil and Gas Engineering joins GPG in advancing this venture. Initial exploration via GPG’s Nutmeg-2 well confirmed significant hydrocarbon reserves, including over 10 trillion cubic feet of gas and liquid condensates. These findings highlight the project’s economic potential, positioning it as a major development opportunity for Grenada and the Caribbean.
Eduard Vasilev, chairman of GPG, echoed this optimism, noting, “This partnership could transform Grenada’s energy landscape. Together with Oceangate Oil and Gas Engineering, we’re set to unlock substantial offshore resources, driving economic growth across the region.”
With Trinidad and Tobago as a close potential market, GPG has also established agreements to supply gas regionally.
