New Delhi: The Union Cabinet has approved the signing of a Memorandum of Understanding (MoU) between India and Guyana. The MoU, set to bolster cooperation in the hydrocarbon sector, reflects a renewed commitment to sustainable energy practices and strategic global partnerships.
The proposed MoU encompasses a comprehensive range of collaboration across the hydrocarbon value chain, underscoring the depth of engagement between the two nations. Key components of the agreement include:1. Crude Oil Sourcing from Guyana: The collaboration aims to diversify India’s sources of crude oil, a crucial step towards enhancing energy security and reducing dependence on a single geographic or economic unit.2. Participation in Exploration and Production (E&P) Sector: Indian companies will be afforded the opportunity to engage in Guyana’s E&P sector. This strategic move not only fosters global partnerships but also aligns with India’s vision of “Aatmanirbhar Bharat” or self-reliant India.
