India wants long-term oil-purchasing deal with Guyana

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

Minister of Natural Resources Vickram Bharrat held talks with India's Minister for Petroleum and Natural Gas Hardeep Singh on the sidelines of the ongoing India Energy Week in Quitol, India on Wednesday.

Mr Bharrat says Indian companies are interested in picking up stakes in Guyana's exploration acreage through negotiation rather than a bidding process.

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.

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