Two of India’s leading state-run oil companies have struck their first deals to import crude oil from Guyana, marking a new chapter in the South American nation’s growing oil trade.

According to industry sources, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Limited (HPCL) have jointly secured about 4 million barrels of crude from ExxonMobil, with deliveries expected between late 2025 and early 2026.

IOC, India’s largest refiner, reportedly bought 2 million barrels of Golden Arrowhead crude, while HPCL purchased a combined 2 million barrels of Liza and Unity Gold grades.

The purchases reflect India’s ongoing efforts to diversify energy supplies amid shifting global oil dynamics and increasing scrutiny over Russian crude imports. For Guyana, the deal underscores its rapid emergence as a new oil exporter, driven by ExxonMobil’s offshore production.

Guyana’s output has surged in recent years, but local experts note that the country still lacks sufficient domestic capacity to process or fully utilize its booming oil supply, making exports a key revenue driver.

The shipments to India will mark Guyana’s entry into the Asian refining market, expanding beyond its traditional buyers in the Americas and Europe.