|
Seeking to diversify players in its fast-growing energy sector, Guyana has invited Indian companies to participate in the exploration and production of crude oil, with oil blocks slated for auction in 2026.
Speaking to ANI on Wednesday, Guyana High Commissioner Dharamkumar Seeraj expressed optimism that energy ties between the two countries will grow in the coming years, while noting that Guyana supplied nearly six million barrels of crude oil to India in 2025. This statement comes at a time when India is actively working to diversify its energy supply chains, geopolitical uncertainties, and US sanctions linked to purchases of Russian oil. Guyana's oil sector is booming, transforming the small South American nation into a major global player after massive offshore discoveries in the Stabroek Block, with production soaring past 800,000 barrels per day (bpd) in late 2025 and aiming for 1.7 million bpd by 2030. When asked about growing energy ties with India, the High Commissioner said, "Guyana wants to diversify its economy. I foresee that our relationship with India will expand in the area of trade of oil and gas already this year; a total of 6 million barrels of crude oil were sent to India. And I see a significant increase in the coming years." Highlighting India's growing interest, Seeraj said Indian companies are not only potential buyers of Guyanese crude but could also play a role in upstream activities. "India has shown that interest, and India, of course, needs a lot of oil as a country to send more and more oil to India itself. And as we get more and more companies involved in drilling, we expect that private sector companies, which are single companies in India, will express an interest, not only in purchasing crude, but also in the extraction of oil," he added. A second offshore oil block auction is expected to be held in 2026, following Guyana's first auction launched in 2022, under which six companies were awarded eight blocks in 2023. "It is our hope, speaking from Guyana's perspective, it's our hope that we will attract a wide cross section of investors in the oil and gas sector coming from different countries, and quite frankly, we'll be very happy if Indian companies show up," Seeraj added. Besides hydrocarbons, the South American country is looking to expand cooperation with India in infrastructure, education, renewable energy and digital sectors. Seeraj noted that Indian companies are already active in road construction, transportation infrastructure and renewable energy projects in the country. "They have built our cricket stadium, they are constructing roads, and Indian firms are dominating the renewable energy space, including solar power stations operating across different regions," he said. Guyana is targeting the production of 100 megawatts of renewable energy over the next five years, and an Indian company recently signed a contract to establish a solar power plant. The country is also pursuing a 300-megawatt gas-to-energy project aimed at lowering electricity costs, currently among the highest in South America, and has floated expressions of interest for a hydroelectric power project. "We want to encourage Indian companies to come in, depending on the project, through different partnership models," Seeraj said, adding that discussions are also underway with Indian institutions on education cooperation, including the possibility of offshore campuses. (ANI)
|
