ST GEORGE’S, Grenada (CMC) — The Grenada government has confirmed the discovery of natural gas within the island’s territorial waters, but said it is still awaiting the results of tests to determine whether the gas is of a quality the island could benefit from financially.

“The findings are being tested for quality,” Prime Minister, Dr Keith Mitchell said, adding that not all-natural gas found is of the quality required for refining.

“The finding is one thing but the quality is what will make a difference, I cannot and will not count my chickens before the eggs are hatched,” he said.

Earlier in the year, the government disclosed that it had issued a license to the Russian based Global Petroleum Group to conduct the necessary exploration activities to locate oil and natural gas within the island’s territorial waters.

In May, a notice was placed in local newspapers that dredging was being done in water south of Grenada. The marine department of the Grenada Ports Authority has confirmed that the dredging has since been completed and the ridge has departed from Grenada’s marine space.

In June, Parliament approved the Hydro Carbon Exploration Incentive Bill 2017 outlining a package of incentives for oil and gas exploration to any company.

A Trinidad and Tobago based newspaper had recently reported that oil and gas had been found by GPG close to the border with Venezuela.