MX Oil negotiating terms for offshore Grenada concession

Offshore staff

LONDON – MX Oil has signed a memorandum of understanding (MOU) with the government of Grenada concerning exploration and development of hydrocarbons in an area adjoining the maritime boundary with Trinidad and Tobago.

The area covered includes the underexplored but prospective Grenada Tobago basin acreage adjacent to the Venezuelan/Trinidadian Patao - Poinsettia gas trend.

The MOU could form the basis for negotiation of a more detailed production-sharing agreement that could be signed during the first half of 2017.

This would set forth an agreed work program including 2D seismic, with 3D acquisition to follow if results prove favorable.

12/20/2016

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