ExxonMobil enlists Fulcrum LNG to develop natural gas resources offshore Guyana

June 24, 2024

(WO) – According to Reuters, Fulcrum LNG has been chosen to assist Guyana in designing, financing, constructing, and operating a natural gas processing facility. This selection came from a pool of 17 proposals.

Fulcrum will collaborate with Guyana and ExxonMobil, the leader of the country's offshore oil production consortium. Guyanese President Irfaan Ali announced the creation of a technical team to work with stakeholders on developing a project model, negotiating agreements, and assessing technical and financial viability.

Reports suggest that Guyana has been urging the Exxon-led consortium to develop its offshore natural gas reserves. Exxon plans to complete an appraisal of the natural gas findings by early next year and explore commercialization options. The project is estimated to require an investment of $10 billion to $15 billion.

This story was originally reported by Reuters.

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