Guyana is again inviting Indian companies to bid for offshore oil blocks, with the country's High Commissioner to India, Dharamkumar Seeraj, saying the move could help India diversify its energy supply chain.
“We would like Indian companies to get involved in the oil and gas sector of Guyana.
“We are auctioning off oil blocks, and we hope Indian companies will bid for these blocks because we want, as diversified as possible, players in the oil and gas sector,” Seeraj said recently during an interview with the New Delhi-based StratNews Global media platform.
Seeraj said the Government of Guyana would also welcome bids from India’s Government.
India, the world’s third-largest oil consumer, has been seeking to diversify its energy supply chains to meet its growing demand for energy amid geopolitical developments, including the recent closure of the Strait of Hormuz.
India has expressed interest previously in securing some of Guyana’s crude in direct transactions that would guarantee supply and price. Such a deal has not been worked out, though a key cooperation framework to enhance bilateral cooperation in the petroleum sector was inked in 2024 when Prime Minister Modi visited Guyana. However, two Indian refiners reportedly bought four million barrels of Guyanese crude at the end of last year.
Guyana’s proven reserves in the prolific Stabroek Block are about 11 billion barrels of oil equivalent; oil production began in 2019, and daily production currently exceeds 900,000 barrels. Last year, the country’s Vice President Dr Bharrat Jagdeo said a second oil auction could be launched in 2026.
Seeraj believes that Indian companies could capitalise on the opportunity to get into Guyana’s oil sector.
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