Upper House passes Hydrocarbon Incentives Bill

ST. GEORGE, GRENADA, JULY 3, 2017: The Upper House has now passed the Hydrocarbon Exploration Incentives Bill 2017, weeks after it was passed in the Lower House of Parliament.

The Bill provides incentives to attract investors, who have an interest in exploring oil and natural gas in Grenada’s waters.

During a meeting on June 27, 2017, Leader of Government Business, Senator Simon Stiell said, with Grenada still being considered virgin territory, it is at the stage where testing is necessary, to better understand what lies beneath the seabed.

He said this is being done is in the country’s interest.

“This is not about one company. It’s going to be about many different companies and those companies will sub-contract.

The oil and gas industry is a very complex thing. We are new to this, so we have to find a way of being able to attract those persons, with those skills, with deep pockets, to be able to carry out that work, but unless we create an environment, for those investors to explore, to determine the potential that we have, we’ll continue for another 20 years — this discussion about what we have and what it could do for us; what it may do for us; what it may not do for us.

So, Mr. President, the bill that is before us — there is no cloud of secrecy — it’s actually very, very transparent,” Stiell remarked.

Lending his support to the Hydrocarbon Exploration Incentives Bill 2017, Senator Winston Garraway, Minister of State with responsibility for Information, in the Prime Minister’s Ministry, said, as a forward-thinking government, they are creating a package of incentives, which can lead to employment generation and development of the Grenada’s resources.

Garraway said, “As we’ve been seeing in the last four years, of this administration, investors come in left, right and centre. Why?  Because something good is happening in this country!  This government — a government that respects law and institution, respects its people and will continue to do what it knows is best to do.”

Posted in News.