Grenada Approves New Laws With Incentives For Oil Explorers

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ST. GEORGE’S, Grenada, Thursday June 15, 2017 Grenada’s Parliament has passed a Hydrocarbon Exploration Incentive Bill containing a package of incentives for oil and gas exploration.

Leader of Government Business Gregory Bowen, who brought the bill before the house, said the plan is to determine the existence of natural deposits of oil and gas as well as the quality and quantity.

“You bring in the rake, you bring in all the equipment you utilize, but you take it out at the end of the day and the rake has to go back. Should the person pay custom duties?” questioned Bowen, who is also the country’s Works Minister. “We are saying ‘no’.”

He said investors who also have to bring in vehicles for work purposes will get duty concession on a maximum of six vehicles.

Government will be advocating for locals to be employed on rigs for the period of exploration.

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