Nigerian oil company, OceanGate Oil & Gas, partners to unveil largest oil project in Caribbean history

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

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

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

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The new project will provide economic opportunities

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

Set against the backdrop of the evolving Caribbean energy landscape, the deal is expected to provide unprecedented economic opportunities, deliver benefits across all sectors and position Grenada as a critical energy supplier to the region.

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

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

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

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FG gives marketers update on NNPC’s $6bn debt, others give deadline for repayment

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

Legit.ng previously reported that the Minister of Finance and Coordinating Minister for economyWale Edun, said plans are underway offset the $6 billion the debt the Nigerian National Petroleum Company Limited (NNPC) owes to oil suppliers.

Edun disclosed this during an investor engagement in Washington, stressing that debt settlement is a top priority for the state-owned oil company. Due to outstanding obligations, the firm is facing increasing pressure from suppliers and industry interested parties.

The minister said the reality with the firm handling Nigeria’s petroleum assets is that despite the removal of the oil subsidy, the debt is due to the foreign exchange subsidy carried out elsewhere by the NNPC.

Source: Legit.ng