The Government of Guyana on Thursday announced that Fulcrum LNG has been selected from amongst the companies that submitted the best Expression of Interest to monetize Guyana’s natural gas resources.
“As you know, we recently concluded the Expression of Interest for a major gas project, outside of the Wales development. We had a company identified. That company, with the Government of Guyana and Exxon as partners, will now have to have discussions and we will have to, together, arrive at a model and a plan as to how we’ll advance this major gas development in our country,” President Irfaan Ali on Thursday told a press conference hosted at State House, Georgetown.
“For us, the Government of Guyana, the technical team has been assembled. We have identified a technical team to work with the stakeholders in coming up with the model and to negotiate an agreement and look at the viability – technically and financially – of the project,” he added.
However, the President stated that he does not want to discuss financing and the project timeline since this will be determined after discussions and a defined pathway set.
“At this point, we are not discussing the financing. That has to come about through the discourse, because remember, in the existing consortium and the GoG [the Stabroek Block Production Sharing Agreement], gas is part of that arrangement.”
He continued, “Based on all the proposals that were submitted, this company’s proposal was evaluated as the best proposal in monetizing the gas and adding value that would bring new opportunities and more opportunities for us. It is now up to the company, the government and Exxon as partners, to sit down and discuss and define what this arrangement will be and to present their proposal and to see how all the pieces fits in together.”
He said that government is also working to have an LNG [Liquefied Natural Gas] storage facility and that a marketer for the LNG will be advertised shortly.
On its website, Fulcrum LNG Inc. says that it is “a U.S-based energy company founded by experienced and industry-recognized professionals with more than two centuries of combined experience. We partner with governments and companies to develop the necessary gas infrastructure to produce and sell natural gas and LNG, which we believe is a crucial resource to deliver reliable energy to the world while transitioning to more sustainable energy sources.”
It added, “Fulcrum LNG’s agile and entrepreneurial culture combined with our expertise and experience can provide custom, flexible, and cost-effective gas infrastructure solutions in a way that legacy companies cannot. Fulcrum LNG firmly believes that natural gas is a crucial element of the energy transition. We are committed to working with host governments and companies to enable the development of stranded gas resources in a responsible manner, while maintaining the highest standards of safety and environmental responsibility.”
