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Indian PM Modi highlights interest in Guyana's oil / Photo: © Prensa Pesidencial Guyana/AFP
NYSE - LSE
Indian PM Modi highlights interest in Guyana's oil
Visiting Indian Prime Minister Narendra Modi said Thursday his country is interested in oil from Guyana, the small South American nation with the world's highest per capita crude reserves.
In a speech to parliament, Modi said demand for energy in India is growing and it is diversifying its sources.
"In this regard, we view Guyana as an important energy source," Modi said.
On Wednesday, Indian foreign ministry official Jaideep Mazumdar told reporters his country wants predictability as it buys oil.
"We need large quantities and if we were to know well in advance the quantities that are available, the contracts would be much more easy to conclude," said Mazumdar.
India wants prices set in advance but Guyana's Minister of Natural Resources, Vickram Bharrat, said Wednesday his country did not want to make that commitment.
Guyana, which sits on the northeast coast of South America and borders Venezuela, produces just over 600,000 barrels per day of crude oil but aims to double this by 2030.
On Wednesday the two countries signed a series of cooperation agreements in agriculture, military affairs and hydrocarbon fuel.
Some 40 percent of the population of Guyana is of Indian origin.
P. O'Kelly--BTZ
