Fulcrum LNG Named to Help Guyana Develop its Gas Resources

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(Reuters, 20.Jun.2024) — U.S. firm Fulcrum LNG was selected to help Guyana develop a plan to design, finance, construct and operate a natural gas processing facility in the South American country, President Irfaan Ali said on Thursday.

The company’s proposal was selected from among 17 submitted to Guyana for the gas project. Fulcrum will work with Guyana and energy giant Exxon Mobil, which leads a consortium responsible for all the country’s oil production, President Ali said at a media briefing.

“We have identified a technical team to work with the stakeholders in coming up with the model and to negotiate a heads of agreement and look at the viability -technically and financially- of the project,” Ali said.

An Exxon Mobil spokesperson did not have an immediate comment on the announcement.

Fulcrum LNG did not immediately reply to a request for comment.

Guyana has been pressing the Exxon-led oil consortium, which includes Hess Corp and CNOOC Ltd, to come up with a plan to develop natural gas reserves off the country’s coast or relinquish areas where gas has been discovered.

Exxon has said it hopes to complete an appraisal of the gas findings by early next year and is considering how to best commercialize the natural gas.

A government official last month said Guyana had identified a company to help develop the project, which it then estimated will require between $10 billion and $15 billion in investment.

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Reporting by Kemol King in Georgetown; writing by Gary McWilliams; Editing by David Gregorio

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