‘Serious interest’ as five Indian companies hoping to bid for Guyana’s oil blocks

Guyana’s bid round for 14 new oil blocks was launched last December and it is expected to close by April, 2023. The government hopes to award contracts by the end of May 2023.

The oil blocks on auction are for shallow and deep water areas and if successful, companies will be guided by a fiscal and contractual terms meant to garner greater benefits for Guyana.

Tokhi said ONGC Videsh is very serious about entering the Guyana market.

“We have had very serious discussions at very different levels, even at the highest level,” he said.

Though these five companies are keen on investing together in Guyana’s oil and gas sector, the Director also said ONGC Videsh is open to collaboration with other partners.

Partnerships, he explained, are particularly crucial for production in the deep water areas since greater capital investments are needed.