Published On: Fri, Jun 16th, 2017

Grenada approves new laws with incentives for oil explorers

oil-rigST. GEORGE’S - 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 customs 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.

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

 

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