(LiveMint)
Faced with US sanctions on one of its top suppliers Iran, India is charting new geographies to meet its energy needs. The world’s third-largest oil importer is looking to secure an interest in Guyana’s oilfields that are being hailed as one of the world’s largest oil finds in recent times. A six-month sanctions waiver for India and seven other countries to continue importing oil from Iran expired on Thursday, effectively shutting out Iranian crude beginning 3 May.
There is a growing interest in Guyana after ExxonMobil, one of the world’s largest publicly-traded energy firms, announced an estimated reserve of more than five billion oil-equivalent barrels in the offshore Stabroek block in the South American country. The expectations have also swelled because Guyana borders Venezuela, which has one of the world’s biggest oil reserves. “We have an opportunity in Guyana. Exxon has recently found a major oilfield there. It is going to turn the tables around and make Guyana one of the major producers,” said an Indian government official, requesting anonymity.
