India awaiting new licensing round for Guyana’s oil blocks

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Indian companies are eagerly awaiting a fresh round of licensing for oil blocks offshore Guyana.

This is according to Indian High Commissioner to Guyana Dr K.J Srinivasa, who said Indian firms would “seriously” consider bidding for some blocks.

Guyana is expected to have its second oil licensing round in the first quarter of 2020.

Head of the Energy Department, Dr Mark Bynoe, had told reporters back in February that next year’s licensing round would be done via a competitive bidding process as opposed to one-on-one deals.

Meanwhile, Indian companies such as Hindustan Petroleum Corporation Limited (HPCL), Bharrat Petroleum Corporation (BPCL) and Oil and Natural Gas Corporation (ONGC) – all state-owned companies – would be interested in buying crude from Guyana in the future.

“These three are huge and they have the technical expertise, they have the knowledge and the experience to not only develop but also both upstream and downstream activities in any oil production area. They have already bid and got, and also successfully processed, many oil blocks across the world from Russia, Siberia, to Central Asia to South American – we have oil blocks,” Dr Srinivasa noted.

US oil giant ExxonMobil is expected to commence oil production in the first quarter of next year.