Former Comptroller of Customs, Patrick Bubb was earmarked by the Keith Mitchell government to play a key role in the Oil and Gas agreement with U.S investor, Jack Grynberg.
Bubb had landed the post of Minister of State in the Ministry of Finance after Mitchell's New National Party (NNP) won the 1995 poll from the National Democratic Congress (NDC).
A copy of the agreement obtained by GRENADA TODAY identified Bubb as the person who signed the deal and not the substantive holder of the post of Minister of Finance in 1996, Prime Minister Mitchell.
Well-placed sources told GRENADA TODAY that the agreement did not have the necessary approval from parliament.
This newspaper was also able to obtain a copy of the Draft Exploration Licence agreement that was prepared by Bubb for the Grynberg outfit.
It reads:
Draft Exploration Licence
Whereas pursuant to Article 3 of the Agreement RSM Production Corporation (hereinafter called "The Company") has applied for an Exploration Licence in respect of the area described in Annex "A" to the Agreement and shown on the map in Annex "B" thereof respectively;
I, Senator The Honourable Patrick Bubb, Minister of State in the Ministry of Finance pursuant to the powers conferred upon me by Section 8 of the Petroleum and Natural Gas Deposits Act cap. 240 and Regulation 10 of the Petroleum Regulations hereby grant the Company for a period of four years from the date hereof this Exploration Licence over the exploration area described in the First Schedule hereto conferring on the Company the exclusive right to explore in the said exploration areas for petroleum and to carry on such operations and execute such works as are necessary for that purpose.
This Exploration Licence is granted subject to the following conditions:
(a) During the period of four years commencing from the date hereof and terminating on the fourth anniversary of that date, the Company shall in the said exploration area spend a sum in connection with the acquisition, processing and interpretation of new seismic data, the reprocessing and interpretation of existing seismic data, or other approved activities which equals or exceeds $US400,000.
(b) Subject to any amendment or revision thereof made pursuant to clause 6.4 of the Agreement, the company shall conduct exploration operations under this licence during the year ending 31 December 19.. in accordance with the detailed work programme and budget set out in the Second Schedule hereto and will spend the sum specified in the said budget.
(2). Where during any period covered by this licence the obligations of the Company under the licence are suspended by reason of force majeure pursuant to Article 24 of the Agreement, the period for which this licence is granted shall be extended for a period equal to the period during which the obligations of the company were so suspended.
In this licence "The Agreement" means the Agreement made on .... day of ..... between the Government of Grenada and RSM Production Corporation.
Unless the context otherwise requires, words and phrases in this licence shall have the same meaning as those defined in the Petroleum and Natural Gas Deposits Act and the Petroleum Regulations.
In Witness whereof, I have granted the licence aforesaid and set out my hand and seal this ........ day of ........ 199..............................
Minister of State in the Ministry of Finance.
