Page 29 - Stabroek News Today

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Oil prices rose this week as the geopolitical risk premium returned on the back of Israel rejected a ceasefire offer and bombing the city of Rafah.

The seven wells Exxon plans to drill are at least 100 km (62 miles) away from Venezuela’s claimed territory, Routledge said. Five are in the south-east portion of the Stabroek Block, closer to Suriname, while two are in the central section, he said.

India is actively pursuing a multi-year oil purchase deal with Guyana while considering acquiring stakes in the countrys exploration areas, as announced by Vickram Bharrat, Guyanas Minister for Natural Resources on Thursday.

(Bloomberg) -- Exxon Mobil Corp.’s exploratory drilling off the coast of Guyana will be “well south” of the disputed territory that Venezuela claims as its own, according to a senior company executive. Most Read from BloombergTrump’s NATO Remark Sparks Political Storm in World CapitalsPentagon Chief Austin in Critical Care Unit at Walter ReedGermany’s Days as an Industrial Superpower Are Coming to an EndTop Nigerian Banker Killed in California Helicopter CrashV...

The company said the concessions were granted by Guyana and that it is committed to its operations despite the tensions with Venezuela. Previous attempts to explore for oil and gas in that area have failed

India, the worlds third-biggest oil importer and consumer, wants to diversify its crude sources.

India is considering a multi-year oil purchase agreement with Guyana and aims to acquire stakes in the South American nations exploration areas, according to Guyanas minister for natural resources, Vickram Bharrat. This decision is part of Indias efforts to diversify its sources of crude oil. The potential deal with India would need approval from Guyanas cabinet.

Guyana and Venezuela are still arguing over the Essequibo region, which is rich in oil and the latest escalation happened as a US oil company explored the area for oil and gas.

Guyana’s booming economy is opening up investment opportunities to help grow its industries and solve problems associated with food insecurity and climate change.