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The government of India has signalled an interest in signing a multi-year oil-purchase deal with Guyana.

This 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 recognised 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 per cent of global energy demand growth between 2020 and 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.

Source: Jamaica-gleaner.com

They want contracts based on negotiations not bidding process? All of a sudden everyone is a friend of Guyana. Ok then Guyana sweeten the deal, by forcing them to send some of their best cricketers to train and coach young Guyanese and young WI players.

In reply to Slipfeeler

this isn't surprising. They were looking at TT in the early 2010s but our crude oil rduction had fallen and we weren't doing much exploration because we are a natural gas economy. that can't be bad news

Well Guyana should ask for infrastructure help, many parts of the interior in Guyana need infrastructure development.

In reply to Jumpstart

Like T&T, we are seeing that countries that couldn’t find Guyana on the map prior to Oil, are now making their way to Georgetown looking for deals. A friend in need is a friend indeed??
I hope Guyana remembers their old friends who use to sit on the bench with them prior to Oil.

In reply to Slipfeeler

man you wouldn't believe how i love the anonymity. Trinidadian culture is at its richest when nobody knows about us. Check anything from the late 70s and 1980s and you'll see what i mean. This desire that Trinis now have to be popular in north America is very recent.

In reply to Jumpstart

Popularity sometimes comes with negative social effects and not always good for a country. Check out Jamaica, perhaps not only the most popular Caribbean country but maybe also in the world, with visitor arrivals of approximately 4.1 million for 2023, representing a 16% increase over the previous year's numbers and a 7.5% increase over 2019 pre-pandemic numbers. Yet, this popularity has its negative effects at times, for in North America, anyone with a dark complexion and has an accent, is usually considered to be Jamaican, especially if they break the law.