GEORGETOWN, Guyana, CMC—The Guyana government says it has not entered into an agreement with Fulcrum LNG to develop its untapped gas resources offshore.
Vice President Bharrat Jagdeo told reporters that, contrary to public reports, the government has only initiated discussions with the United States-based company to examine the viability of developing the gas project.
“There is no project at this point…There is an exploration of how we can move to a project to monetize the gas by looking at several options on the demand and cost sides.
“And then we believe that if you do get to a project stage, not all of this should come to cost oil…some of it can be privately financed so that you have greater benefits flowing to Guyana,” he added.
According to Jagdeo, these technical deliberations and examinations will ensure the country can undertake this massive gas project.
Following an extensive Request for Proposals (RFP) process, Fulcrum LNG was identified as the company that would work alongside the government in finding the best way to develop Guyana’s untapped resources. The US company was selected from among 17 proposals submitted.
The Ministry of Natural Resources said the company’s submissions were detailed and comprehensive, which justified its number-one ranking.
“They just have been ranked the overall number one to work with Exxon Mobil and the government of Guyana to develop a project, and we’re not even sure that will happen<,” Jagdeo told reporters.
The government has expressed the desire to develop the natural gas resources in the Stabroek Block.
A multi-billion gas-to-shore energy project is already moving apace in Wales Region Three, promising a significant reduction in energy costs upon completion.
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