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.

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