Guyana and India are almost ready to sign a memorandum of understanding (MOU) that will make it easier for them to work together in the oil industry.
The Department of Public Information in Guyana said that Vice President Dr. Bharrat Jagdeo told Indian media about this in an interview.
Jagdeo is on a business trip to India, where he is continuing talks that started when President Dr. Mohamed Irfaan Ali went to New Delhi in January.
Jagdeo said that the Indian cabinet needs to agree to the MOU before both sides can sign it.
The VP said that Guyana has a lot of potential for Indian investors because it has one of the largest oil reserves in the world—more than 11 billion barrels—as well as deposits of precious metals and a lot of land that can be used to grow crops.
He said that this year, about 14 oil blocks off the coast of Guyana will be sold at auction.
The Stabroek block is another chance for India to do something good.
“ExxonMobil will have to give up 20% of what they own next year. So, all of these will be open to some kind of cooperation between the two countries, such as joint oil production or exploration, Jagdeo said.
The vice president also said that Guyana wants to hire skilled workers from India to help develop its oil and gas industry.
“We don’t just want India to help us set our gas policy; we also want them to invest in developing those resources,” the VP said.
Jagdeo has talked with Indian Vice President Jagdeep Dhankhar about things other than oil and gas. They agreed that the two countries will keep working to strengthen their bilateral partnerships in education, health care, building capacity, ICT, renewable energy, and climate change.
Both countries also signed an Air Services Agreement, which makes it possible for Guyana and India to fly to each other.
