GEORGETOWN, Guyana – India's government has signaled an interest in signing a multi-year oil purchase deal with Guyana.
Vickram BharratThis was disclosed by Minister of Natural Resources Vickram Bharrat who held talks with India’s Minister for Petroleum and Natural Gas Hardeep Singh on the sidelines of the ongoing India Energy Week in Quitol, Goa on Wednesday .
Bharrat also said Indian companies are interested in picking up stakes in Guyana’s exploration acreage through negotiation rather than a bidding process.
“We will make a decision at some point in time on crude oil sales to India in a long-term deal,” Bharrat told reporters as quoted by the Deccan Herald.
He said any such deal with India would have to be approved by the Cabinet with India recognized as the world’s third-biggest oil importer and consumer of crude sources.
In a post on social media platform X, formerly known as Twitter, Singh said “in a very productive discussion with Vickram Bharrat… we discussed how India will be the demand centre for oil in the coming decades accounting for about 25% of global energy demand growth between 2020 – 2040.”
This, the Indian Minister said, presented significant opportunities for collaboration between India and Guyana.
Hydrocarbon trade between the countries saw growth in 2021 and 2022 reaching an all-time high of US$149 million with the start of crude oil sourcing from Guyana by Indian refiners.
