India and Guyana to Collaborate in Hydrocarbon Sector: Cabinet Approves MoU
The MoU, set to strengthen ties in the hydrocarbon sector, encompasses the entire value chain, from sourcing crude oil to clean energy initiatives.
January 06, 2024. By Abha Rustagi
The MoU, set to strengthen ties in the hydrocarbon sector, encompasses the entire value chain, from sourcing crude oil to clean energy initiatives.
The proposed MoU covers the complete value chain of the hydrocarbon sector including sourcing of crude oil from Guyana, participation of Indian companies in Exploration and Production (E&P) sector of Guyana, cooperation in the areas of crude Oil refining, capacity building, strengthening bilateral trade, collaboration in natural gas sector, collaboration in developing regulatory policy framework in oil & gas sector in Guyana; Cooperation in the area of clean energy including biofuels as well as renewables sector including solar energy etc.
The MoU is set to be in force for an initial period of five years, automatically renewing thereafter on a quinquennium basis. Termination requires a three-month written notice from either party.
Guyana has gained global attention in recent times as the world's newest oil producer, with discoveries of 11.2 billion barrels of oil equivalent. This accounts for 18 percent of total global Oil and Gas discoveries and 32 percent of discovered oil.
Guyana is projected to experience a significant increase in production, with liquids supply growing from 0.1 mb/d in 2021 to 0.9 mb/d in 2027, according to OPEC World Oil Outlook 2022.
India, as the world's 3rd largest energy consumer, 3rd largest consumer of oil, and 4th largest refiner, is focusing on fostering new partnerships in the hydrocarbon sector. This initiative aims to diversify crude oil sources and acquire quality overseas assets, reducing dependencies on a single geographical/economic unit and increasing India’s strategic maneuverability.
please contact: contact@energetica-india.net.
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