Guyana’s oil blocks auction open to all countries and companies -Pres. Ali

“We are encouraging every single company. Let me say this very clear – Guyanese company, any company, you want to be part of the auction please come up. Any government in any part of the world, any company in any part of the world, you are free to be apart of the auction,” President Ali told reporters during a press conference at State House this afternoon.

Guyana’s oil blocks auction open to all countries and companies  -Pres. Ali

Fresh off of an official visit to India, where he encouraged the country’s government and private sector to invest in Guyana’s booming oil industry, President Irfaan Ali today said that offer and the offer to be part of the auction of Guyana’s oil blocks are extended to all countries and companies.

Guyana recently announced the opening of an auction period for 14 oil blocks

“We are encouraging every single company. Let me say this very clear – Guyanese company, any company, you want to be part of the auction please come up. Any government in any part of the world, any company in any part of the world, you are free to be apart of the auction,” President Ali told reporters during a press conference at State House this afternoon.

Speaking on his just concluded visit to India, the President said the Indian Government as well as its Private Sector was encouraged to auction for any of the 14 oil blocks.

“There was also a clear undertaking that the Private Sector of India in the Oil and Gas Sector will be encouraged to participate in that auction. We also encouraged the Government of India to have their agency participate directly in the auction also because we would like to see as much people, if every government that is interested in participation, participate in the auction, participate, we would welcome it, we would love it,” President Ali said.

The competitive bidding round for the 14 oil blocks offshore Guyana is expected to close by April 14, 2023 and according to the Government contracts could be awarded as early as May 2023.

A part from the auction, President Ali said the Indian Government again expressed a desire to purchase crude oil directly from the Guyanese Government on a long-term basis.

He noted that while one of the oil lifts went to India in the past, the country has been encouraged to submit a proposal for review by his Government.

“India has made it very clear that they have an interest in being one of the purchasers of Guyana’s oil. They have also made it very clear that they would love to have a long-term relationship in relation to the lift. There is absolutely no secret about that. So, the technical teams will work and see what proposal India would put forward,” President Ali explained.

It was noted that Indian Government also has a keen interest in supporting Guyana’s development of its Oil and Gas Sector through technology transfer, human resource development and capacity building in terms of value-added services.

Vice President Bharrat Jagdeo is expected to travel to India in February for a forum, during which, he will follow-up on discussions held by the President and the Private Sector Delegation. (Svetlana Marshall)

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