Indian companies eye Guyana’s oil
Nov 22, 2024
Jaideep Mazumdar, India’s Secretary in the Ministry of External Affairs ( second from left) and other officials during the press briefing on Thursday (Indian companies)
Kaieteur News- India has expressed strong interest in Guyana’s hydrocarbon sector, ready to invest and explore opportunities in oil exploration and production if the Government of Guyana (GoG) would allow.
This was revealed by Jaideep Mazumdar, India’s Secretary in the Ministry of External Affairs, during a special briefing on Thursday as part of Indian Prime Minister Narendra Modi’s state visit to Guyana.
“In the hydrocarbon sector you’re right Guyana has proven as well as estimated reserves which are very promising,” Mazumdar said.
He added, “We would be interested in participating in the exploration and production phase as well, our oil companies are certainly looking at this and if they do get an opportunity they would be willing to invest as we have invested in many other countries of the world afar from the shores of India.”
Mazumdar also noted India’s discussions with Guyana about establishing long-term crude oil and natural gas contracts. He highlighted the mutual benefits of such agreements, explaining, “As far as long term contracts are concerned yes this is something that we have flagged to the Guyanese side in the past and they are aware of it.”
The Secretary underscored the potential of long-term agreements to enhance economic efficiency and predictability for both nations.
“I would expect that as the volumes available to the Guyanese side in terms of crude and gas availability arise they will be in a position to enter into long term contracts because those are things that will help us off take volumes in a more predictable way and make our transportation of such large volumes also economically feasible,” he said.
(Indian companies eye Guyana’s oil)
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