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Gas monetisation project to put on back burner for now
…as Govt. focuses on general elections – VP Jagdeo
Vice President, Bharrat Jagdeo
Kaieteur News – The General and Regional Elections are a few months away. However, the Government of Guyana has no intention of signing any agreement with the US-based energy company, Fulcrum LNG, which was handed a contract to monetise Guyana’s gas resources before September 1.
This was disclosed by Vice President Barrat Jagdeo at his weekly press conference on Thursday last at Freedom House on Robb Street. He was asked by the media to provide an update on the ongoing discussions with Fulcrum and if any agreements have been signed. The VP told reporters that, “On Fulcrum, I don’t think there’s been much progress because we have now…we’re more focused on the elections. So in any case, there would be no agreement signed before the elections with any of these parties, because it would be, I think, unethical to do so and in a major project of this nature.”
He added that the negotiations would go on autopilot for now since all focus will be shifted to the upcoming elections. With little over 80 days left before elections, he assured that if reelected, his government intends to return with vigour because of where it intends to take the country. “Massive wealth creation for our people, industrialisation, revenue for the state and by extension the people of the country. Its impact will be transformational, especially for the Region Five and Region Six. So that’s the approach to the matter that we will take here on until elections,” he said.
In December of 2024, this publication reported that Fulcrum LNG was awarded a contract by the government of Guyana to design, finance, construct, and operate a gas project to monetise the country’s resources. Fulcrum, at the time, was a one-year-old company that had claimed in its bid that it had access to finance to develop the venture.
Fifteen other firms had tendered to develop the non-associated gas in the Stabroek Block, operated by ExxonMobil. On June 21, President Irfaan Ali announced that Fulcrum LNG had been selected by the government to monetise the resources. A week later, on June 28, 2024, Fulcrum LNG, in a statement, said the main feature of its solution will involve the development of state-of-the-art gas processing and modular, scalable facilities to produce, Liquified Natural Gas (LNG) and NGLS/LPGs for Guyana as well as regional and global markets.
Chief Executive Officer (CEO) of the company, the former Vice President of ExxonMobil Guyana Limited (EMGL), Jesus Bronchalo, stated, “We are honoured to be selected to undertake this strategic energy infrastructure project. This opportunity aligns perfectly with our mission to deliver innovative, reliable, and sustainable energy solutions to develop gas resources. We look forward to working closely with the Government of Guyana and other key stakeholders to ensure the success of this endeavour.”
Despite informing government through its bid that the company is able to finance the gas project, Fulcrum LNG has no evidence of a completed project and has hinted at seeking the help of Guyanese investors to develop the project. The statement issued by Fulcrum said, “In keeping with our project proposal, Fulcrum LNG is considering Guyanese investors in various components of the project.”
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