ST. GEORGE’S, GRENADA, JUNE 23RD- Global Petroleum Group (GPG) says it has been ready for years to launch a second major offshore drilling campaign in Grenadian waters but has been unable to proceed because it has not received the necessary cooperation and approvals from the Government of Grenada.

In an exclusive interview on The Bubb Report, GPG Executive Director Eduard Vasilyev alleged that the company repeatedly informed the government it was prepared to move forward with a second drilling program, only to receive, he said, years of silence.

“We were ready to drill. We informed the government many times in writing. We did not receive a single meaningful response,” Vasilyev said.

The claim is significant because it comes as Grenada continues to assess the future of its hydrocarbon sector and explore new investment opportunities. The government has also indicated plans to issue requests for proposals to investors as it advances its offshore energy strategy.

According to Vasilyev, GPG’s first offshore drilling campaign in Block D confirmed the presence of commercially viable natural gas reserves after years of geological studies, including 2D and 3D seismic surveys.

“The first thing we discovered was gas,” he said. “We can say with full confidence that the discovery is commercial and can move into the production phase.”

He maintained that the company was prepared to invest approximately US$350 million in a second drilling campaign involving five to six additional wells. The program, he said, would have revisited the Nutmeg-2 discovery area and tested several other prospects identified offshore Grenada.

Vasilyev also revealed that GPG has invested roughly US$200 million in Grenada’s hydrocarbon sector and claimed that the company advanced US$20 million to the Government of Grenada under provisions of its contractual agreement.

“The government is our partner under the contract,” he said. “Without the government’s permits and approvals, we cannot carry out drilling operations.”

The GPG executive strongly rejected suggestions that the company has withheld information from the state, insisting that all geological and technical data generated over the years were formally handed over to government officials.

“We never withheld information from the Government of Grenada. Every document was transferred officially,” he said.

Vasilyev also dismissed reports that GPG had partnered with Nigerian investors, stating that the company’s contractors remain American firms and that media reports to the contrary were inaccurate.

The interview comes amid ongoing debate over the status of Grenada’s oil and gas sector. The government established a Hydrocarbons Technical Working Group in 2023 to review the sector and advise on future policy, while regional discussions have continued on potential energy cooperation involving Grenada, Trinidad and Tobago and neighboring states.

Despite his criticism of the pace of progress, Vasilyev said GPG remains willing to work with the government.

“If we had been able to work productively together over the last four years, Grenada would already be seeing the benefits,” he said. “The opportunities are still there, and we remain ready to move forward.”