Vice President Bharrat Jagdeo today expressed disagreement with a suggestion by ExxonMobil Guyana President Allister Routledge that converting Guyana’s gas into Liquified Natural Gas is not a priority at this stage for his company.

The government had selected Fulcrum LNG to collaborate with ExxonMobil to monetize the country’s liquefied natural gas (LNG) resources, but there is no formal agreement.

The project’s goal is to monetize Guyana’s offshore natural gas reserves, which amount to an estimated 16 trillion cubic feet.

At a Freedom House press conference today, Mr. Jagdeo said the Government is disagreeing with the ExxonMobil position, explaining that the Guyana Government’s aim to bring the project on stream as early as possible. The Vice President said if ExxonMobil is no longer interested in the project, the government can seek another contractor.

“So, I hope Exxon doesn’t believe that we are putting it on a back burner, because if they are talking that oh LNG is not a priority—but anything that will make the project feasible will be a priority for us because it will bring a revenue stream for the country. So, we made it clear from the beginning that when this project is being examined by all parties, that we have an open mind now as to the use of the gas, that the most feasible use should be pursued, the one that brings the greatest return to Guyana and to our people,” Mr. Jagdeo told reporters today.

The Government had publicised a Request for Bids (RFB) for the design, financing, construction, and operation of essential gas infrastructure to support upstream developments in Guyana. Out of 17 companies, Fulcrum LNG was identified as the most responsive and compliant bidder, ranking No.1.

Mr. Jagdeo said the Government has no plans to make any investment in the project, but he maintains that the Liquified Natural Gas is the most feasible option that could be done faster through a floating platform.

“I hope Exxon doesn’t think that by trying take this off the table, which it seems as though they are doing by saying its not a priority, that they would delay this project that they were not initially interested in because the infrastructure to promote other use of the project would take longer than an LNG floating structure to use the gas, so I hope I am wrong because I have not spoken to them as yet“, Mr. Jagdeo said.

The Vice President said the Government plans to use the profit from all the associated gas resources in the Stabroek Block to bring in more revenue for the country and offer new opportunities for citizens.

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