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Context

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the signing of Memorandum of Understanding (MoU) between the Ministry of Petroleum & Natural Gas, Government of India and the Ministry of Natural Resources, Republic of Guyana on cooperation in the hydrocarbon sector.

About Guyana

• Guyana is officially known as the Cooperative Republic of Guyana.
• The country is bordered by;
• The Atlantic Ocean in the North.
• Brazil in the South and Southwest.
• Venezuela in the West.
• Suriname in the
• It is one of the least densely populated countries on Earth.
• It has a wide variety of natural habitats and very high biodiversity.
• It has one of the highest levels of biodiversity in the world.
• Nearly 41% of the population lives below the poverty line.
• The country’s population is racially and ethnically heterogeneous, with ethnic groups originating from India, Africa, Europe and China, as well as indigenous or aboriginal peoples.
• It is the only South American nation in which English is the official language.
• The main economic activities are agriculture, bauxite and gold mining, timber, shrimp fishing and minerals.
• The economy has been transformed by the discovery of crude oil in 2015 and commercial drilling in 2019.

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