Nigerian Oil Firm, OceanGate Oil & Gas, Partners to Unveil Largest Oil Project in Caribbean History

• A Nigerian oil and gas company, OceanGate Oil and Gas Engineering has unveiled a multi-billion dollar with another oil firm in the Caribbean 
• The deal with Global Petroleum Group is set to launch one of the Caribbean's most significant oil and gas ventures
• The partnership aims to develop Grenada's significant hydrocarbon reserves, paving the way for the island nation to emerge as a primary energy hub

Oceangate Oil and Gas Engineering, under Group CEO Aisha Sulaiman Achimugu, has secured a historic multi-billion dollar deal with Global Petroleum Group to launch one of the Caribbean's most significant oil and gas ventures. 

This transformative partnership aims to develop Grenada's significant hydrocarbon reserves, paving the way for the island nation to emerge as a primary energy hub in the Caribbean and beyond.

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The new project will deliver economic opportunities

With a vision to fuel long-term economic growth and sustainable development, this ambitious project promises to elevate Grenada's energy production capabilities and foster job creation, infrastructure development, and technology transfer within the local economy.

Set against the backdrop of the Caribbean’s evolving energy landscape, the venture is expected to provide unprecedented economic opportunities, deliver benefits across sectors, and position Grenadaas a criticaly energy supplier in the region.

“We are thrilled to enter this partnership with Global Petroleum Group, which will bring substantial economic benefits and energy resources to Grenada,” said Dr. Achimugu. 

“This venture underscores Oceangate’s commitment to investing in sustainable energy solutions that drive economic prosperity while respecting environmental standards. 

We believe this project will lay the foundation for future economic collaborations between Africa and the Caribbean.

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FG gives update on NNPC’s $6 billion debt to marketers, others, gives timeline to repay

FG gives update on NNPC’s $6 billion debt to marketers

Legit.ng earlier reported that the minister of finance and coordinating minister for the economy, Wale Edun, has said plans are underway to offset the $6 billion debt the Nigerian National Petroleum Company Limited (NNPC) owes to petrol suppliers.

Edun disclosed this during an engagement with investors in Washinton, stressing that addressing the debt is a top priority for the state oil firm. Due to outstanding obligations, the firm faces rising pressure from suppliers and industry stakeholders.

The minister said the reality with the firm in charge of Nigeria’s oil assets is that despite the removal of the petrol subsidy, the debt was due to the FX subsidy carried elsewhere by the NNPC.

Source: Legit.ng