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At present, Grenada does not produce any oil. However, a treaty signed between Grenada and Trinidad and Tobago allows for the exploration of Grenadian waters. The Global Petroleum Group and SeaBird Exploration are undertaking a marine 3D seismic survey in the Grenada offshore basin, following an earlier survey that indicated that there were likely to be hydrocarbon deposits.

In 2010 Grenada consumed approximately 3,000 barrels of oil per day, all of which is imported.

There is no natural gas production or consumption in Grenada, however, Prime Minister Keith Mitchell has also spoken of the likelihood of a gas field that could be commercially exploited.