India eyes Guyana as Iran oil supplies end

New Delhi: 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.