PM Modi Seeks Energy Security from Guyana's Vast Oil Reserves

27 Nov 2024 CW Team

Indian Prime Minister Narendra Modi concluded a two-day visit to Guyana, underscoring the country's significance to India's energy security. During his address to the Guyanese Parliament, Modi highlighted the potential of Guyana’s vast offshore oil and gas reserves in strengthening India’s energy needs.

Modi’s visit came a day after India’s Foreign Minister, Jaideep Mazumdar, expressed interest in purchasing up to two million barrels of crude oil from Guyana. Guyana currently produces approximately 650,000 barrels of oil per day, and production is projected to surpass one million barrels daily within the next three years as more oilfields come online.

Modi also emphasized plans to encourage Indian businesses to invest in Guyana's energy sector. While India was unable to finalize a long-term oil sale agreement during the visit, both nations signed a memorandum of understanding (MoU) to enhance cooperation in hydrocarbon trade.

However, Guyanese Natural Resources Minister Vickram Bharrat stated that discussions with ExxonMobil, the main operator in Guyana's oil sector, would be needed to finalize the sale terms. He mentioned that any agreement would require logistical adjustments by ExxonMobil due to the scale of the deal.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..