Guyana is working with the Indian government on awarding oil and gas exploration blocks to Indian companies, Vice President Bharrat Jagdeo said on Feb. 22.
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.
Recommended Reading
Seatrium Awarded Contract for FPSO Bound for Guyana’s Stabroek
2024-05-17 - The topsides fabrication and integration contract will be for the FPSO Jaguar, bound for the Whiptail Field in the Stabroek block offshore Guyana for Exxon Mobil.
Third Suriname Find for Petronas, Exxon Could Support 100,000 bbl/d FPSO
2024-05-17 - A recent find offshore Suriname in Block 52 by Petronas and Exxon Mobil could support a 100,000 bbl/d FPSO development, according to Wood Mackenzie.
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks: Baker Hughes
2024-05-17 - The oil and gas rig count rose by one to 604 in the week to May 17.
BPX Looks to Ramp US Production Over 60% by 2030
2024-05-16 - BPX Energy is looking to boost its U.S. production over 60% by 2030 as it considers bringing online a fourth processing facility in the Permian by mid-year 2025, Clark Edwards, the company’s vice president of development, said during SUPER DUG in Fort Worth.
Empire Petroleum’s Williston Drilling Program Identifies New Zones
2024-05-16 - Empire Petroleum provided updates on its Williston Basin development drilling program in its first quarter 2024 earnings results.