The world's third -largest oil importing country has approved the signing agreement with the world's latest oil export Guoia, covering the entire value chain from crude oil to South American countries' offshore exploration.
The Indian government has recently approved the memorandum of understanding of cooperation in the field of hydrocarbons signed by the Indian Ministry of Petroleum and Natural Gas and Guyana Natural Resources Department.In a statement, the Indian government stated: "The proposed memorandum of understanding covers the complete value chain of the hydrocarbons industry, including the purchase of crude oil from Guyana, Indian companies participating in Guyana's exploration and production (E & P) industry."
The agreement was originally five years old. If the two countries do not oppose renewal, the agreement will be automatically renewed.The Indian cabinet said that the agreement with Guyna will help India to achieve diversification of crude oil sources and improve India's energy and supply safety.About 85%of Indian consumption of crude oil comes from imports, and has been seeking diversification and purchasing crude oil at a low price.Mumbai Investment
As far as Guyania is concerned, in this decade, it has huge potential to increase oil production and exports.In 2019, after the production of EXXONMOBL and his partner Hess Corp, Guyana became the world's latest oil production country after production from the Stabroek block.So far, these companies have discovered more than 11 billion barrels of oil in the Stabroek oil field.
Guyana currently produces about 380,000 barrels of crude oil every day from the oil well operated by ExxonMobil.By 2027, the company's output is expected to turn over, and Nissan is 1.2 million barrels.
The International Energy Agency (IEA) stated in its 2023 Petroleum Report that Guyana, together with the United States and Brazil, is expected to lead the oil production growth and capacity expansion of producers outside OPEC and OPEC+Alliance. The report is expected to be expected to beIt lasts until 2028.(Xiao Chen Compilation)Hyderabad Stocks
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