Guyana’s Offshore Oil Potential Draws Attention from Indian Firms

Guyana is working with the Indian government on awarding oil and gas exploration blocks to Indian companies, Vice President Bharrat Jagdeo said on Wednesday.

The South American nation, home to one of the largest oil discoveries of the last decade, has also offered 14 offshore exploration blocks in its latest global auction round.

Jagdeo said the blocks to be awarded to Indian companies would be separate from those offered in the auction.

“Indian companies have expressed interest in the 14 blocks, but there are other areas (where) we’re hoping to work directly with the Government of India, like …we’re doing with Qatar and Brazil,” Jagdeo told reporters at an event in New Delhi.

Guyana’s president had said previously that his country was looking at awarding exploration blocks to Indian companies as part of broader negotiations with India.

India is the world’s third biggest oil importer and consumer, buying over 84% of the oil it needs from overseas.

Indian companies are scouting for acreage overseas and want to secure oil supplies through long-term deals.

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