The Union Cabinet, under the leadership of Prime Minister Shri Narendra Modi, has granted approval for the signing of a Memorandum of Understanding (MoU) between the Ministry of Petroleum & Natural Gas, Government of India, and the Ministry of Natural Resources, Republic of Guyana. This MoU aims to foster collaboration in the hydrocarbon sector, covering various aspects of the value chain.
The proposed MoU encompasses a comprehensive range of cooperation in the hydrocarbon sector, including:
The signing of this MoU is expected to have significant ramifications:
1. What is the main focus of the Memorandum of Understanding (MoU) between India and Guyana in the hydrocarbon sector?
a) Collaboration in space exploration
b) Cooperation in agriculture sector
c) Comprehensive engagement in the hydrocarbon sector
2. Why does India aim to participate in Guyana’s hydrocarbon sector?
a) To diversify sources of crude oil and enhance energy security
b) To dominate the global oil market
c) To compete with Guyana in renewable energy production
3. What is the proposed duration of the MoU between India and Guyana in the hydrocarbon sector?
a) 10 years with automatic renewal
b) No fixed duration, subject to annual review
c) 5 years with automatic renewal on a quinquennium basis
4. According to recent oil and gas discoveries, what percentage of total global Oil & Gas discoveries does Guyana account for?
a) 5%
b) 18%
c) 32%
Kindly share your responses in the comment section.
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