Natural Resources Minister, Vickram Bharrat, confirmed on Friday that Guyana and India are exploring a long-term agreement on crude oil purchase as Guyana prepares to bring the Payara Project online.
A statement from the office of India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri said there was an agreement with President Dr. Mohamed Irfaan Ali for “government-to-government cooperation across the entire spectrum of oil & gas sector”. This is expected to include increased long-term offtake, participation in exploration and production activities in Guyana, technical cooperation in the midstream and downstream sector and capacity building.
“The two sides also took note of the recent developments in bilateral energy partnership which included the meeting of Shri Hardeep Puri with Mr. Vickram Bharrat, Minister for Natural Resources, Guyana on the sidelines of ADIPEC-2022 in Abu Dhabi on October 31, 2022 and the visit of Indian Energy PSUs to Guyana in August 2022,” the statement said.
The two leaders also agreed to set up two technical teams to advance these discussions. OilNOW understands that the contours of future cooperation would be finalized during the visit of Vice President, Dr. Bharrat Jagdeo to India in February 2023.
The leaders also witnessed the signing of a contract between Guyana Power and Gas Inc. (a wholly owned company of the Govt. of Guyana) and Engineers India Limited (EIL) for Consultancy Services for the Integrated NGL Plant and 300 MW CCGT Power Plant project in Guyana.
Ali during his time in India has also encouraged firms to participate in Guyana’s upcoming auction which features three deepwater blocks and 11 shallow-water concessions.