September 24, 2021
General News

Oil and Gas – Guyana, India, And Oil In The Southern Caribbean

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By Scott B. MacDonald

News Americas, NEW YORK, NY, Mon. Aug. 30, 2021: India is one of the world’s major oil consumers and Guyana is an up-and-coming petro-power. In March 2021, HPCL-Mittal Energy Ltd, a joint venture between state-run Hindustan Petroleum Corporation and Mittal Energy Investment, bought India’s first shipment of Guyanese oil. This was followed in July 2021 with India’s top refiner, state-owned Indian Oil Corporation (IOC), buying a second shipment of Guyanese crude. While these purchases are a drop in the bucket of global oil sales, they represent a potential new element in the changing face of geopolitics in the Southern Caribbean and could represent an opportunity for Guyana to broaden its trade and foreign policy partners.

India has since bought more Guyanese oil. However, India’s effort to strike a long-term government-to-government deal was turned…

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