U.S. oil major Exxon Mobil and partners have pulled out of negotiations with Guyana's government on terms for exploring and developing a shallow-water oil block, the South American country's vice president said on Thursday.

Indian Prime Minister Narendra Modi paid a state visit Wednesday to the South American country of Guyana, where 40 percent of the population is of subcontinental origin.

Visiting Indian Prime Minister Narendra Modi said Thursday his country is interested in oil from Guyana, the small South American nation with the world's highest per capita crude reserves. Guyana, which sits on the northeast coast of South America and borders Venezuela,