Vice President Dr. Bharrat Jadgeo said that Guyana and India will likely sign a Memorandum of Understanding (MoU) to boost cooperation in the oil and gas sector.
Jadgeo, who visited the South Asian country last week, expressed Guyana’s readiness to sign the MoU awaiting India’s Cabinet’s approval.
During an interview with an Indian news outlet, Jagdeo laid out several plans for Guyana, which has one of the world’s largest oil reserves, equivalent to more than 11 billion barrels to partner with India in energy.
He referenced discussions with India on oil supplies, a focal point of President Irfaan Ali’s visit to New Delhi in January.
This year, some 14 oil blocks offshore Guyana are being auctioned.
“We also explored the possibility of India examining the abundant resources that we’ve had outside of those that are on auction now,” Bharrat Jadgeo said.
Adding that another opportunity for India lies in the Stabroek block, he said: “Next year, ExxonMobil will have to give up 20 per cent of their holdings. So, all of those will be available for some form of bilateral engagement, where we can actually see joint production or exploration-related activities.”
The vice president said Guyana is also 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,” he said.
Other areas of collaboration include agriculture and defence, noting that Guyana has identified a large number of areas of technical skills available in India to aggressively recruit into the CARICOM nation’s agricultural efforts.
Specific reference was made to support the development of Guyana’s capabilities in sugar, rice, biofuels, livestock development, and a range of cash crops.
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