India opened to oil joint ventures in Guyana, awaits formal proposals – diplomat

India is ready to consider joint ventures in Guyana’s booming oil and gas sector, but no formal proposals have been made to date, Indian High Commissioner to Guyana Dr Amit Telang confirmed on Saturday, underscoring that energy is just one part of a rapidly deepening partnership between the two nations.
The Government of Guyana recently concluded its first competitive bidding round for new offshore oil blocks, attracting a range of international interest.

During a press briefing on Saturday, Dr Telang emphasised that while energy security remains a key component of India-Guyana relations, discussions about oil and gas cooperation have yet to materialize into concrete offers or proposals.
“As and when some kind of a proposal, some kind of offer is made to us, we will certainly consider that,” he said in response to questions on India’s potential interest in bidding for Guyana’s offshore oil blocks.
Dr Telang reiterated that India’s ties with Guyana are not solely focused on oil or energy. “Our relationship is a very multifaceted relationship. It is not only about oil, it is not only about energy,” he said, highlighting the broader scope of bilateral cooperation spanning sectors such as agriculture, education, health, defense, and capacity building.
He also noted that the nature of any future energy collaboration would depend on Guyana’s policy direction. “We need to understand what will be the perspective, what is the position of the Government of Guyana, and then we will be in a position to respond to that,” he explained.
Guyana currently has an estimated 11.6 billion barrel of oil equivalent in the prolific Stabroek Block, where United States oil major ExxonMobil along with its co-venturers has been producing oil since 2019. Exploration activities are also ongoing in other oil blocks offshore Guyana.
India, the world’s third largest oil consumer and importer as well the one of the biggest oil refiners, has been looking to diversify its crude sources.
Back in 2024, the Indian Government had indicated that it is pushing for a long-term partnership with Guyana as the two countries ink a cooperation agreement that opens up a host of opportunities for collaboration. As part of his historic visit to Guyana, India’s Prime Minister, Narendra Modi signed several bilateral agreements in a number of areas including a Memorandum of Understanding (MoU) for Cooperation in the Hydrocarbon Sector.
This MoU, which was inked during a high-level engagement between President Dr Irfaan along with his Cabinet Ministers and Prime Minister Modi along with his visiting delegation at State House, established a framework for Guyana and India to enhance bilateral collaboration in the hydrocarbon sector.
In fact, it encompasses investment promotion, technology transfer, joint studies, and capacity building across the entire hydrocarbon value chain.