NEW DELHI, Jan 12 (Reuters) – Guyana is taking a look at awarding oil and gasoline exploration blocks to Indian corporations as a part of a wider hydrocarbon cooperation it’s negotiating with India, the South American nation’s president stated on Thursday.
Guyana, house to one of many largest oil discoveries of the final decade, has provided 14 offshore exploration blocks in its newest spherical of world auctions.
Indian corporations can bid within the public sale, Guyana’s President Irfaan Ali stated on Thursday.
“Moreover the public sale, we’re discussing government-to-government partnership in plenty of areas, together with exploration,” Ali instructed Reuters when requested if Guyana would provide blocks to Indian corporations by means of direct negotiations.
India is the world’s third largest oil importer and shopper, shopping for over 84% of the oil it wants from overseas. Indian corporations are scouting for acreage overseas and wish to safe oil provides by means of long-term agreements.
India and Guyana have shaped two technical teams to discover particulars of bilateral cooperation within the hydrocarbon sector, together with oil provides to India beneath long-term agreements, Ali stated after a gathering with Indian Oil Minister Hardeep Singh Puri.
The main points can be finalized throughout a go to by Guyana’s Vice President HE Bharrat Jagdeo to India in February 2023, in accordance with an Indian authorities assertion issued after the assembly between Puri and Ali.
India is diversifying its crude oil import sources and in 2021 imported Guyanese Liza crude oil. Nonetheless, refineries in India haven’t imported Guyanese crude since then, as different cheaper grades have been out there from elsewhere.
Guyana presently produces 340,000 barrels of oil per day (bpd) and goals to lift it to 1.64 million bpd by the top of the last decade. Learn extra
On the cupboard assembly, Engineers India Ltd (ENGI.NS) signed an settlement to supply consultancy help for a 300-megawatt combined-cycle energy plant by state-run Guyana Energy and Fuel Inc. within the South American nation.
Reporting by Nidhi Varma in New Delhi Enhancing by Alison Williams and Elaine Hardcastle
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