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India Guyana pact oil gas sector

Published on February 25, 2023
Current Context: India and Guyana have agreed to cooperate in the oil and gas sector, including long-term crude purchase from the South American country and investment in its upstream sector. Oil minister Hardeep Singh Puri met Guyana president Mohamed Irfaan Ali on Thursday.
India Guyana pact oil gas sector
  • The leaders agreed to set up two technical teams to take forward these discussions.
  • India will explore buying oil from Guyana in a long term deal and participating in the South American country's oil and gas exploration sector.
  • This year, Guyana will be putting 14 offshore oil blocks up for auction to boost oil and gas exploration.
  • Guyana has become the world’s newest energy hotspot after ExxonMobil discovered more than 9 billion barrels of recoverable oil and gas off its coast since 2015.
  • The agreement between India and Guyana is expected to boost bilateral trade and investment, as well as enhance energy security for both countries.
  • India is one of the world's largest importers of oil and gas, while Guyana is a new entrant in the global energy market with huge potential.
  • The pact will also strengthen India's presence and influence in the Caribbean region, where China has been expanding its footprint.
  • The two countries also discussed cooperation in other areas such as health, education, agriculture, culture and tourism.


Q.1 Which of the following statements is true about the agreement between India and Guyana on oil and gas sector?
a. India will sell oil and gas to Guyana in exchange for agricultural products. 
b. India and Guyana will jointly explore and produce oil and gas in the Caribbean region. 
c. India will buy oil and gas from Guyana in a long term deal and invest in its upstream sector.
d. India and Guyana will share their expertise and technology in the oil and gas sector.
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