India, the world’s third-largest oil importer, is looking to bolster its energy security with a plan in the works to source most of Guyana’s oil share from its oilfields at preferential rates through long-term contracts, two people aware of the development said.
Long-term supply contracts offer stability amid volatile energy markets. Exxon Mobil, the leading oil producer in Guyana, plans to boost the nation’s production capacity to 1.2 million barrels a day by 2027. As the Guyana government’s share accounts for about 11% of production, India seeks to purchase most of this portion through long-term contracts at preferential rates to ensure a steady supply from one of the world’s most significant recent oil discoveries.
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