Guyana's oil sector, spearheaded by ExxonMobil, has achieved remarkable milestones in a short period. The company recently announced it had produced 500 million barrels of oil from the Stabroek Block, just five years after operations began. Current production from projects like Liza Phase 1, Liza Phase 2, and Payara exceeds 650,000 barrels per day. ExxonMobil and its partners, Hess Corporation and China's CNOOC, aim to more than double this figure to 1.3 million barrels daily by 2027, supported by six additional offshore projects.

India, one of the world’s largest oil consumers, sees Guyana’s oil as critical to its energy security. During a recent visit to Guyana, Indian Prime Minister Narendra Modi highlighted the country's strategic importance and encouraged Indian companies to invest in its energy sector. However, concrete agreements remain pending, with Indian officials indicating ongoing negotiations to ensure predictability in any potential deal.

Guyana has expressed openness to supplying crude to India, provided that ExxonMobil, the primary operator, agrees to logistical adjustments. According to Guyana’s Natural Resources Minister, Vickram Bharrat, logistical changes are necessary, as ExxonMobil currently favours large vessels capable of transporting two million barrels to optimise costs.

Bharrat further suggested that India consider bidding for oil blocks in Guyana, allowing for deeper engagement in the country’s oil development. While India has recently become the largest buyer of discounted Russian oil, securing a diversified energy supply remains a priority as the nation's demand continues to grow.

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