As a six-month sanctions waiver for India and seven other countries to continue importing oil from Iran expired on May 2, India seeks to secure an interest in Guyana's oilfields to meet its energy needs, reported Mint.

The interest in Guyana comes after ExxonMobil, one of the largest publicly-traded energy companies, said that an estimated reserve of more than five billion oil-equivalent barrels in the offshore Stabroek block in the country, the report said.

“We have an opportunity in Guyana. Exxon has recently found a major oilfield there. It is going to turn the tables around and make Guyana one of the major producers," a government official told the daily, requesting anonymity.

Guyana also borders Venezuela, one of the world’s largest oil reserve countries.