TRINIDAD and Tobago’s faltering energy sector has gotten another blow with Guyana developing closer industry links with India.
Guyana had earlier turned down T&T’s pitch to have crude oil from the South American country refined at the mothballed Petrotrin facilities.
Guyana said it would build its own refinery.
Guyana’s Vice President Bharrat Jagdeo has now travelled to Delhi to follow up on recent top-level discussions.
VP Jagdeo is discussing, among other things, the auctioning of 14 of Guyana’s crude oil blocks.
Guyana’s President Dr. Irfaan Ali held talks on the subject while on a seven-day visit to India in January.
President Ali had met Hardeep S. Puri, Minister of Petroleum and Natural Gas.
Apart from the auctioning of the blocks, Guyana and India are pursuing government-to-government cooperation on such matters as off-take participation in exploration and technical matters.
Guyana and India set up technical teams ahead of the meeting.
India’s Ministry of External Affairs said both countries were “strengthening bilateral cooperation and people-to-people linkages.”
During his visit, President Ali urged Indian businesses to invest in Guyana, saying the opportunities are “enormous.”
Respected international media houses are reporting that certain energy companies in Asia and Europe are interested in the Guyanese block auction.
Prime Minister Dr. Keith Rowley told the recent Guyana energy conference that Port of Spain was seeking to engage regional countries in energy sector cooperation.
Rowley said that T&T’s expertise could assist Guyana in optimising its energy sector.
Energy Minister Stuart Young has proposed a Caribbean energy alliance with Guyana and Suriname to reshape the region’s energy security.
But Guyana’s Natural Resources Minister Vickram Bharrat stressed that Guyana would build its own refinery.
An energy expert said the Guyanese-Indian partnership had been in the works for months and does not preclude arrangements with T&T.
But there are no known energy discussions between Port of Spain and Georgetown.
In January, it was revealed that, in light of the volatility in energy markets, India was seeking a long-term oil deal with Guyana.
During discussions in Delhi with Prime Minister Narendra Modi, Ali said Guyana was sourcing Indian investors in crude oil and natural gas.
An Indian government official Saurabh Kumar said: “We are looking for cooperation with Guyana and Suriname, particularly with Guyana.”
Guyana is offering three deepwater and 11 shallow water blocks, with each averaging 722 square miles.
Bidding is expected to be launched in April in Georgetown.
