Modi visits Guyana to strengthen energy ties and explore oil investments

Indian Prime Minister Narendra Modi visited Guyana, emphasizing its importance for India's energy security. He announced plans to encourage Indian businesses to invest in Guyana's oil sector, which has significant offshore deposits. India's foreign minister expressed interest in purchasing up to two million barrels of crude oil from Guyana. A memorandum of understanding was signed to enhance cooperation in hydrocarbon trade, although a long-term oil sale deal was not finalized. Guyanese officials noted that any agreement would require consultation with ExxonMobil, the main operator of Guyana's oil production. They also indicated a preference for Indian companies to bid for oil blocks in the country.