Oil companies in India and Europe evaluating offers for Guyana blocks
OIL & GAS

Oil companies in India and Europe evaluating offers for Guyana blocks

Despite the government's ongoing efforts to finalise the terms of the auction, leading energy corporations from Asia and Europe are reportedly interested in Guyana's future round of bidding for offshore territories. The South American nation aims to fast grow its oil sector and enlist investors to compete with a consortium managed by Exxon Mobil Corp that currently controls all output. In order to access the more than 11 billion barrels of oil discovered so far, the Exxon group has laid out plans to put at least seven boats.

The state-run Oil and Natural Gas Corp’s international investment arm, ONGC Videsh, is thinking about making a bid for some of the 14 exploration zones the nation has made available. Refiner Indian Oil Corp. wants to work in Guyana alongside ONGC Videsh, according to people familiar with the discussions. Irfaan Ali, the president of Guyana, visited India this month and invited energy businesses to take part in the auction. A few days later, he extended the same invitation to Chinese corporations. According to officials, Guyana may take into account giving key partners direct land allocations through government-to-government agreements.

A spokeswoman said in a statement that “ONGC Videsh continues to consider, evaluate, and process many global business possibilities. We refrain from commenting on specific opportunities until there are firm agreements in place, both out of respect for confidentiality and as a matter of policy.” Three deepwater and 11 shallow-water blocks, each averaging 2,000 square kilometres, are being offered by Guyana (722 sq miles). The opening of bids is anticipated for April in Georgetown. Two other persons with knowledge of the situation indicated that several European businesses have recently looked into the rules of the auction in order to contemplate bidding. According to Alistair Routledge, the company’s national manager for Guyana, Exxon is thinking about making a bid on the blocks.

Despite the government's ongoing efforts to finalise the terms of the auction, leading energy corporations from Asia and Europe are reportedly interested in Guyana's future round of bidding for offshore territories. The South American nation aims to fast grow its oil sector and enlist investors to compete with a consortium managed by Exxon Mobil Corp that currently controls all output. In order to access the more than 11 billion barrels of oil discovered so far, the Exxon group has laid out plans to put at least seven boats. The state-run Oil and Natural Gas Corp’s international investment arm, ONGC Videsh, is thinking about making a bid for some of the 14 exploration zones the nation has made available. Refiner Indian Oil Corp. wants to work in Guyana alongside ONGC Videsh, according to people familiar with the discussions. Irfaan Ali, the president of Guyana, visited India this month and invited energy businesses to take part in the auction. A few days later, he extended the same invitation to Chinese corporations. According to officials, Guyana may take into account giving key partners direct land allocations through government-to-government agreements. A spokeswoman said in a statement that “ONGC Videsh continues to consider, evaluate, and process many global business possibilities. We refrain from commenting on specific opportunities until there are firm agreements in place, both out of respect for confidentiality and as a matter of policy.” Three deepwater and 11 shallow-water blocks, each averaging 2,000 square kilometres, are being offered by Guyana (722 sq miles). The opening of bids is anticipated for April in Georgetown. Two other persons with knowledge of the situation indicated that several European businesses have recently looked into the rules of the auction in order to contemplate bidding. According to Alistair Routledge, the company’s national manager for Guyana, Exxon is thinking about making a bid on the blocks.

Next Story
Infrastructure Transport

Smart Roads, Smarter India

India’s infrastructure boom is not only about laying more kilometres of highways – it’s about building them smarter, safer and more sustainably. From drones mapping fragile Himalayan slopes to 3D machine-controlled graders reducing human error, technology is steadily reshaping the way projects are planned and executed. Yet, the journey towards digitisation remains complex, demanding not just capital but also coordination, training and vision.Until recently, engineers largely depended on Survey of India toposheets and traditional survey methods like total stations or DGPS to prepare detai..

Next Story
Real Estate

What Does DCPR 2034 Mean?

The Maharashtra government has eased approval norms for high-rise buildings under DCPR 2034, enabling the municipal commissioner to sanction projects up to 180 m on large plots. This change is expected to streamline approvals, reduce procedural delays and accelerate redevelopment, drawing reactions from developers, planners and industry experts about its implications for Mumbai’s vertical growth.Under the revised DCPR 2034 rules, buildings on plots of 2,000 sq m or more can now be approved up to 180 m by the municipal commissioner, provided structural and geotechnical reports are certified b..

Next Story
Infrastructure Urban

Driving Infrastructure Forward with Trustworthy AI

At its Year in Infrastructure 2025 conference in Amsterdam, Bentley Systems reaffirmed its vision for trustworthy AI and connected digital ecosystems shaping the future of infrastructure engineering. The company unveiled AI-powered design applications and Bentley Infrastructure Cloud Connect, a unifying platform connecting data, workflows and professionals across the project lifecycle.“AI is poised to transform infrastructure,” said Nicholas Cumins, CEO, Bentley Systems. “At Bentley, our vision is for AI to empower engineers – not replace them. Trustworthy AI, built on infrastruct..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?