Until elections are held and the new government has settled, no further discussions will be had with US firm Fulcrum LNG on a strategy to monetize the nation’s gas resources.
This was confirmed today by General Secretary of the People’s Progressive Party/Civic (PPP/C), Dr. Bharrat Jagdeo.
During his engagement with the press on Thursday at Freedom House, Jagdeo said, “I don’t think there’s been much progress because we’re more focused on the elections. So in any case, there’d be no agreement signed before the elections…it would be, I think, unethical to do so with a major project of this nature.”
Jagdeo assured that negotiations with Fulcrum will go on autopilot for the time being. He said, “We will return to it with vigor because of what it portends for the future of this country: massive wealth creation for our people, industrialization, revenue for the state and by extension, the people of the country. It will be transformational, especially for Region Five and Region Six.”
It was last year that Fulcrum LNG was selected by the Guyana government to design, finance, construct, and operate the infrastructure that would support the acceleration of upstream gas developments offshore Guyana.
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.While the negotiations with the US firm are on pause, Guyana is already advancing its landmark gas-to-energy project which is being pursued in two phases.
Phase 1 is slated for start up in 2026. It will utilize at least 50 million standard cubic feet of gas per day which will be brought onshore to feed a 300MW power plant and a NGL facility.
As for the second phase, it will utilize about 70 million cubic feet per day (cf/d) of natural gas which will use the remaining capacity of the pipeline being constructed to support the entire gas project. That pipeline is expected to transport about 120 million cf/d from ExxonMobil’s Liza field offshore Guyana to the Wales Development Zone on the western bank of the Demerara River.
