The Exxon Mobil Corp building is pictured in Georgetown, Guyana February 18, 2022.

Wedoany.com Report-Feb 25, Guyana’s government anticipates a briefing from a U.S.-based Exxon Mobil-led consortium by the end of March 2025 regarding plans to develop offshore gas reserves. Vice President Bharrat Jagdeo shared this timeline during an interview at Guyana’s Energy Conference in Georgetown. He stated: "They said: 'by end March, we will tell you what we will do.' And that's what we're waiting (for)." The consortium, which includes Hess and CNOOC, oversees the Stabroek block, a key driver of Guyana’s status as the world’s fastest-growing economy due to its expanding offshore oil production.

Jagdeo emphasized the government’s intent to utilize the region’s natural gas for economic growth, noting: "Clearly for us, there shall be a project. We have to monetize the gas, and if Exxon doesn’t want to do it, we already said to them... we have a lot of people who are interested in doing this on their own." Guyana has moved forward with contracts for power and petrochemical projects reliant on gas supplies and is considering options for liquefied natural gas (LNG) facilities to enable exports. The government asserts that the Stabroek block holds sufficient gas for commercial use, though Exxon has yet to finalize its resource evaluation.

Last week, Exxon introduced its "Wales Gas Vision," detailing potential uses for the offshore gas pending confirmation of commercial viability. The company did not respond to immediate requests for comment. Jagdeo suggested that collaboration with neighboring Suriname, where offshore reserves have also been identified, could be an option for gas field development. Guyana is set to receive approximately 50% of the gas produced at Stabroek, with the Exxon group retaining a portion to offset costs.

In 2024, Guyana selected Fulcrum LNG, a lesser-known U.S. firm, as its preferred partner for a gas processing and export project, potentially valued at $30 billion. While some have questioned Fulcrum LNG’s ability to manage such a large-scale endeavor, Jagdeo defended the choice, saying: "They (Fulcrum LNG) demonstrated to our team that they had substantive backing, both to take the gas... and also for equity investment and raising the capital. So we are hoping that we could continue the tripartite discussion to make this work, Exxon, Fulcrum and the government of Guyana."

The government views natural gas as a vital resource to boost domestic industries, with ongoing talks aimed at aligning Exxon’s plans with national priorities. The outcome of the consortium’s March briefing will shape the next steps for Guyana’s gas development strategy.