{"id":9757,"date":"2024-02-08T10:39:36","date_gmt":"2024-02-08T10:39:36","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=9757"},"modified":"2024-02-08T10:39:36","modified_gmt":"2024-02-08T10:39:36","slug":"india-wants-multi-year-oil-purchase-deal-with-guyana-guyana-minister","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/9757\/","title":{"rendered":"India wants multi-year oil purchase deal with Guyana -Guyana minister"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0India wants to sign a multi-year oil purchase deal with Guyana and acquire stakes in the South American nation’s exploration areas, the Guyanese minister for natural resources said on Thursday.<\/p>\n

“We will make a decision at some point in time” on crude oil sales to India in a long-term deal, Vickram Bharrat told reporters on the sidelines of industry event India Energy Week in Goa.<\/p>\n

He said any such deal with India would have to be approved by Guyana’s cabinet.<\/p>\n

India, the world’s third-biggest oil importer and consumer, wants to diversify its crude sources.<\/p>\n

India approved the signing of a five-year memorandum of understanding (MoU) with Guyana earlier this month for cooperation in energy.<\/div>\n

After a meeting with India’s oil minister, Hardeep Singh Puri, Bharat also said Indian companies are interested in picking up stakes in Guyana’s exploration acreage through negotiation rather than a bidding process.<\/p>\n

Indian companies did not participate in Guyana’s latest oil and gas bidding round.<\/p>\n

“Our preference (for offering oil blocks for exploration) will be through bidding, and if there is any interest in any a particular block, we are willing to negotiate and enter an agreement,” Bharrat said.<\/p>\n

When asked if Guyana was willing to offer stakes in the Stabroek block to Indian companies, he said Guyana can offer stakes through negotiation only in relinquished area.<\/p>\n

The country may launch an exploration bidding round later this year for the relinquished areas of Stabroek and other blocks.<\/p>\n

“We have some relinquished acreage from Stabroek and other blocks so simply that means possibly we will have a bidding round possibly later this year,” he said.<\/p>\n

Stabroek, a consortium led by Exxon-Mobil that controls offshore production in Guyana, last year was required to return 20% of unexplored acres under the original 2016 production contract.<\/div>\n

There are three floating production storage and offloading facilities (FPSOs) deployed at the Stabroek block, he added.<\/p>\n

The block has reached production of 650,000 barrels per day (bpd), and the country expects to reach production of 1.2 million bpd by 2027, Bharrat said.<\/p>\n

Guyana’s oil production averaged 377,000 bpd in 2023.<\/p>\n

Updated on