Grenada is preparing to invite bids for offshore exploration licenses by the fourth quarter of 2026, as it positions itself for entry into the upstream hydrocarbons sector.
“Grenada is open for business and working toward awarding licenses in fourth quarter of 2026, inviting interested parties to submit bids for exploration licenses,” said Gilbert Yevi, Chief Executive Officer of G2Y Energy, on April 1, the second day of Caribbean Energy Week 2026 at the Royal Torarica in Paramaribo.
G2Y is advising Grenada’s Technical Working Group on hydrocarbons.
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Grenada lies near the prolific basins of Trinidad and Tobago and Venezuela, and according to Yevi, is considered to have high hydrocarbon potential. “Grenada is not on the map yet but soon it will be,” Yevi said.
Grenada’s offshore acreage spans approximately 28,500 km² and remains largely underexplored. Only one well, Nutmeg-2, has been drilled, encountering gas. Nutmeg-2 indicated substantial reserves, but, as of now, Grenada does not have quantifiable proven reserves, according to data from the Energy Information Administration.
Yevi said preparations for exploration are advancing, with seismic datasets now available for purchase from GeoExPro and TGS. A virtual data room is expected to be open to interested parties at the end of the third quarter of 2026, ahead of a possible invitation-only physical data room in the first quarter of 2027.
He stated, “Grenada’s government created a Task Force to methodically explore and develop its hydrocarbons in an environmentally friendly and socially Technical Working Group (GH-TWG). GH-TWG has the mandate to lay the foundations for Grenada’s hydrocarbon industry and attract credible explorers.”
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He added that key strategic work is ongoing, including petroleum laws under review to align with international best practice and the establishment of a model production sharing contract framework aimed at “Predictability-Computability-Stability” with competitive commercial terms.
A cooperative data-sharing agreement has also been signed with Trinidad and Tobago. Yevi said community consultations have been conducted, supported by a formal stakeholder engagement plan and issue mapping, with solutions identified.
He noted that local capacity building is underway, with full-time administrative, legal and technical positions already established to be staffed by Grenadians. He emphasized that local content and community benefits are central to the production sharing contract framework from the outset.
