Grenada has announced its intent to begin searching for oil in its waters.

Grenada Prime Minister and Minister of Energy Dr. Keith Mitchell announced the endeavor in a national address last week following tributes from IMF, World Bank, CDB and other international bodies who have singled out Grenada’s economic recovery efforts.

He said that the Global Petroleum Group, which the government of Grenada granted authorization to conduct a seismic survey on the island, has identified “the most prospective geographical features offering the greatest exploration and economic potential.

“They have prepared all the engineering and logistical plans for the exploratory drilling campaign, engaged all the contractors, subcontractors and vendors necessary, and are on the verge of commencing the exploratory drilling campaign within the next month or two,” Mitchell said.

At present, Grenada does not produce any oil.

However, if the GPG’s drilling campaign proves successful, it may result in outcomes that will have positive rippling effects across the Grenadian economy.

“Their achievements to date, represents the furthest any company conducting petroleum exploration in Grenada has ever reached—and the quest continues, with future prospects in sight,” Mitchell said.