• A Nigerian oil and gas company, OceanGate Oil and Gas Engineering, has unveiled a multi-billion dollar project with another Caribbean oil company.
• The deal with Global Petroleum Group is expected to launch one of the largest oil and gas businesses in the Caribbean.
• The partnership aims to develop Grenada’s significant hydrocarbon reserves, paving the way for the island nation’s emergence as a primary energy hub.

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

This transformative partnership aims to develop Grenada’s significant hydrocarbon reserves, paving the way for the island nation’s emergence as a leading country. 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 elevate Grenada’s energy production capabilities and drive job creation, infrastructure development and transfer of technology within the local economy.

Against the backdrop of the evolving Caribbean energy landscape, the venture is expected to offer unprecedented economic opportunities, bring benefits to 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 venture highlights Oceangate’s commitment to investing in sustainable energy solutions that promote economic prosperity while meeting environmental standards.

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

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FG provides update on NNPC’s $6 billion debt to marketers and others, and gives repayment schedule

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

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

Edun revealed this during a meeting with investors in Washington, stressing that debt resolution was a top priority for the state oil company. Due to unpaid obligations, the company faces increasing pressure from suppliers and industry stakeholders.

The minister said the reality of the company in charge of Nigeria’s oil assets is that despite the removal of the oil subsidy, the debt was due to the foreign exchange subsidy given elsewhere by the NNPC.

Source: Legit.ng