- Guyana selected Fulcrum LNG, led by former ExxonMobil executive Jesus Bronchalo, to develop its natural gas project.
- The project aims to monetise Guyana’s 16,000 billion cubic feet of natural gas, diversify its energy sector, and export gas to Brazil and global markets.
- The government expects to finalise agreements, with or without ExxonMobil’s involvement, by next year.
The Guyanese government has chosen Fulcrum LNG, led by former ExxonMobil executive Jesus Bronchalo, to develop the country’s natural gas project. After reviewing 17 proposals, the Ministry of Natural Resources called Fulcrum’s plan the “most comprehensive and technically sound.”
Guyana holds an estimated 16,000 billion cubic feet of natural gas off its Caribbean coast and aims to expand its energy sector beyond oil. This project seeks to monetise the resources, diversify the industry, and position natural gas as a significant economic driver.
President Irfaan Ali expects to finalise the agreement next year. ExxonMobil’s involvement remains uncertain, although the company has expressed interest in helping Guyana tap into its gas resources.
Bronchalo founded Fulcrum LNG in July and currently serves as CEO, secretary, treasurer, and director. As ExxonMobil’s former vice president, he managed government relations in Guyana and led vital projects, including a $55 million-a-year gas supply deal.
The government addressed concerns about a potential conflict of interest, dismissing them by highlighting Bronchalo’s departure from Exxon. Officials value his experience and believe it will benefit the project. The Ministry of Natural Resources also noted the project could proceed without Exxon if needed.
The plan includes exporting gas to Brazil and building a liquefaction plant for global markets. This initiative represents a critical national priority, offering a chance to diversify the economy and fully capitalise on the country’s resources.
ExxonMobil has yet to confirm its role in the project, but the company continues its close relationship with Guyana. While its participation would add value, officials insist it is not essential for the project’s success.
Guyana faces challenges, including securing contracts, building the necessary infrastructure, and maintaining transparency in resource management.
Guyana hopes to generate new revenue through this natural gas project, reduce its dependence on oil, and create a more robust and resilient energy sector.
The government has taken critical steps toward achieving these goals by selecting Fulcrum LNG and exploring ExxonMobil’s potential role. However, careful oversight and efficient management will be crucial for the project’s success.