By Kiana Wilburg
CEO, Guyana Energy Conference and Supply Chain Expo
Fulcrum LNG, the American company selected to help Guyana accelerate the development of its gas resources, says it is considering the use of local investors for some aspects of the project.
In a press release to the market, Fulcrum LNG reminded that it was selected through a fair and transparent process by the Guyana government to design, finance, construct, and operate the infrastructure that would support the acceleration of upstream gas developments offshore Guyana. Fulcrum said this would entail “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.”
Fulcrum LNG was keen to note that it has partnered with some of the industry’s leading global firms, leveraging advanced technology and industry expertise to deploy the most robust, efficient, and sustainable infrastructure solutions.
Importantly, the company said this undertaking will provide all upstream developers, in Guyana and regionally, with additional options beyond their current contractual arrangements. Furthermore, Fulcrum noted that its proposed infrastructure solutions, in close collaboration with upstream developers, aim to increase the economic viability of current and future upstream gas discoveries, thereby increasing the overall value proposition for the entire basin.
Additionally, the company said substantial economic benefits, including job creation, significant foreign investment, and enhanced energy trade relationships are expected from this venture.
Commenting on the importance of the project, Fulcrum’s CEO, Jesus Bronchalo said it will play a pivotal role in transforming Guyana’s natural gas sector, enhancing energy security, and boosting the country’s economic growth.
He said, “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.”
Bronchalo said his company looks forward to working closely with the Government of Guyana and other key stakeholders to ensure the success of this endeavour.
GUYANA’S GAS PURSUIT
Guyanese authorities have been determined to utilize the nation’s gas resources which are spread across the Stabroek block. That offshore concession, operated by an ExxonMobil-led consortium, is said to hold approximately 17 trillion cubic feet of gas.
Guyana is already progressing well with the construction of its first gas-to-energy project. It is being executed in partnership with ExxonMobil Guyana, Hess and CNOOC. The project is expected to utilize at least 50 million standard cubic feet of gas per day which will be brought onshore to feed a 300MW power plant and NGL facility. It will receive the gas resources from two ships—the Liza Destiny and Liza Unity FPSOs. This venture is scheduled to start-up in late 2025 and is expected to cost approximately US$1.7 Billion.
To complement that project, Guyanese authorities are pursuing a second gas development venture with Fulcrum.
Authorities are also working on a Gas Monetization Strategy with the help of IHS Markit.