South America's fastest growing oil producer has turned down the Indian government's request for discounted crude oil purchases during trade discussions, Guyana Vice President Bharrat Jagdeo said on Thursday.
Guyana's oil production in total has tripled from a year ago to about 380,000 barrels of oil per day. The government has rights to about 12.5% of the barrels, which are marketed under a one-year contract reached with BPIndia and Guyana have discussed a potential bilateral oil agreement for two years. The countries have failed to reach mutually agreed terms for now, Jagdeo said, with talks continuing on agriculture, health care and other areas.
Guyana has been also trying to attract Indian companies to take part in its first competitive oil auction, which will offer 14 offshore blocks to highest bidders. Indian companies have not confirmed participation. The auction, initially set for September last year, was postponed to July.
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