Source: PIB
The Union Cabinet has approved the signing of MoU between India and Republic of Guyana on cooperation in the hydrocarbon sector.
- The MoU covers the complete value chain of hydrocarbon sector including:
- Sourcing of crude oil from Guyana,
- Participation of Indian companies in Exploration and Production (E&P) sector of Guyana,
- Cooperation in the areas of crude Oil refining, capacity building, Strengthening bilateral trade,
- Collaboration in the natural gas sector, collaboration in developing regulatory policy framework in the oil & gas sector in Guyana;
- Cooperation in the area of clean energy including biofuels as well as renewables sector including solar energy etc.
- Significance: As per BP Statistical Review of World Energy 2022, India is the world’s 3rd largest energy consumer, 3rd largest consumer of oil and 4th largest refiner.
- The partnership ensures energy access, availability, affordability to citizens underpinned by energy security of the country.
