Guyana & India to sign MOU to boost oil & gas cooperation
Guyana and India are close to signing a memorandum of understanding (MOU) to boost their cooperation in the petroleum sector.
Guyana’s Department of Public Information reported that Vice President Dr Bharrat Jagdeo revealed this information during an interview with Indian media.
Jagdeo is on an official trip to India, furthering discussions that began when President Dr Mohamed Irfaan Ali visited New Delhi in January.
Jagdeo said the Indian cabinet has to approve that MOU so both parties can sign it.
The VP noted Guyana has a lot of potential for Indian investors as it has one of the world’s largest oil reserves, equivalent to more than 11 billion barrels, as well as deposits of precious metals and vast amounts of arable land.
He highlighted that this year, some 14 oil blocks offshore Guyana are being auctioned.
Another opportunity for India lies in the Stabroek block.
“Next year, ExxonMobil will have to give up 20% of their holdings. So, all of those will be available for bilateral engagement, where we can see joint production or exploration-related activities,” Jagdeo stated.
Further, the vice president said Guyana is looking to recruit skilled workers from India to help develop the oil and gas sector.
“We don’t want India’s involvement only in defining our gas policy, but also from an investment perspective to develop those resources,” the VP stated.
Outside of oil and gas, Jagdeo has held discussions with Indian Vice President Jagdeep Dhankhar. It was agreed that the two nations would continue strengthening bilateral partnerships in education, healthcare, capacity building, ICT, renewable energy and climate change.
Both nations signed an Air Services Agreement to facilitate an air link between Guyana and India.
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