Guyana taps Fulcrum LNG to partner with Exxon, government on gas development

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Guyana has identified Fulcrum LNG to potentially partner with it and ExxonMobil on a natural gas development, President Irfaan Ali said at a June 20 press conference in Georgetown. 

The U.S. energy firm was among 17 to submit proposals to the government in February, to design, finance, construct and operate essential gas infrastructure to support offshore development.

Guyana President Irfaan Ali at the June 20, 2024 press conference at State House. (Credit: Keno George)

“That company with the government of Guyana and Exxon as partners will now have to have discussions and we will now have to, together, arrive at a model and a plan as to how we’ll advance this major gas development in our country,” President Ali said. 

He added that the government of Guyana has assembled a technical team to work with the stakeholders on the model, to negotiate a heads of agreement, and to examine the technical and financial viability of the project. 

The President explained that the government expects the project to help advance Guyana’s plan to supply natural gas products to its neighbors in the region.

The government had decided to seek proposals for a partner, after expressing concern about the alacrity with which Exxon is moving on gas development. It has lined up and gotten approval for six oil projects, with three already producing. Exxon later said it is aligned with the government on the need to tap its gas reserves. 

The Gas-to-Energy project, currently in development, is meant to use associated gas from the Liza field. However, the partnership with Fulcrum pertains to a standalone development with non-associated gas.

Exxon is engaged in exploration and appraisal drilling offshore Guyana which, in 2024, includes several gas wells.

ExxonMobil is the operator of the Stabroek Block with a 45% stake, while Hess holds 30% and CNOOC holds 25%.

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