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One-year company signing Guyana gas monetization contract, details unknown
The company operates out of a suite in the building, according to records.
…operating from a hotel with only two registered employees
Kaieteur News – Jesus Bronchalo, former vice president of ExxonMobil Guyana Limited (EMGL) and founder and CEO of Fulcrum LNG, is one of the two registered employees of the company.
Research by Kaieteur News It was revealed that Brunchalo, who left ExxonMobil in February 2023, was not only the CEO of Fulcrum LNG, but also held several other professional positions in the company he registered in July 2023.
Jesus Bronchalo, Founder and CEO, Fulcrum LNG
According to company records seen by this publication, Bronchalo is also the secretary, treasurer, director and president of a company contracted by the Government of Guyana (GoG). By all accounts, he employs only one employee. Kaieteur News Discovery Ivor Ellul has been hired as Technical Director of Fulcrum LNG. Appointed in July 2023, he previously worked for companies including Schlumberger GeoQuest and CiSK Ventures, Ltd. Ellul has held senior positions during his career, including Managing Director, Chairman, CEO and President.
The company’s limited experience raises serious questions about its ability to meet its contractual obligations.Bronchalo’s company was selected as the “most responsive and compliant bidder” out of 16 companies bidding to develop non-associated gas from the ExxonMobil-operated Stabroek Block.
A deeper dive into the company’s record also led to Kaieteur News To Fulcrum LNG’s business address. The energy company’s business premises appear to be a two-story guest house located at 937 TAHOE Boulevard in Incline Village, Nevada, USA. According to company records, Fulcrum LNG’s business premises is Suite 130B.
The CEO’s ties to US oil giant ExxonMobil have sparked concerns among Guyanese, but the government has ruled out the possibility of a conflict of interest.
Ivor Ellul, Technical Director, Fulcrum LNG
In fact, Vice President Bharrat Jagdeo told reporters at a news conference Thursday that the evaluators were well aware that Bronchalo had worked at Exxon for 19 years. The vice president even joked that this might have given his company a head start among the bidders.
“He has left Exxon, but if anything, maybe the assessors thought he had the data on the gas,” Jagdeo said. “I don’t know if they actually did, so he should have known because Exxon didn’t want to go in that direction or monetize the gas in that direction early on, and they said they needed to put the gas back in. We had a different view.”
He added: “On the face of it, I think it was the best proposal that the evaluators came up with and that was what we were looking for, so I found nothing wrong with the evaluation of the bid and I didn’t find anything materially wrong, other than the fact that he had worked with ExxonMobil in the past.”
When asked to comment on the fact that Fulcrum LNG had no known experience and had only been registered for one year, the vice president went on to defend the contract award, insisting that the founder had many years of experience in the field through his previous work at ExxonMobil. “But he has been with ExxonMobil for a long time, but he has been a project developer for a long time,” Jagdeo pointed out.
Five months after resigning as vice president and chief commercial officer of ExxonMobil’s Guyana operations, Bronchalo founded Fulcrum LNG, which he touts as having “experience and expertise in all aspects of the oil and gas value chain, including low-carbon solutions.”
Importantly, the company said it works with some of the industry’s leading global engineering, technology and finance companies, as well as global LNG buyers, to deploy state-of-the-art technologies and sustainable solutions to create maximum value for its customers.
There is no mention of Fulcrum’s completed projects on its website.
Kaieteur News It is reported that the company will be responsible for the design, financing, construction and operation of natural gas infrastructure, including the necessary pipelines required to connect the natural gas infrastructure which is critical for the monetization of upstream natural gas.
Furthermore, as part of the process, the company will have the right to negotiate exclusively with the government regarding its gas rights, ensuring the viability of the project and the entire value chain. Notably, the project will be strictly financed and 100% owned by Fulcrum LNG.
Fulcrum LNG was contacted for comment but has yet to respond.
In a statement following the contract award, Fulcrum LNG explained that the key features of its solution are the development of state-of-the-art gas processing and modular, scalable facilities to produce liquefied natural gas (LNG) and NGLS/LPG for Guyana as well as regional and global markets. Fulcrum LNG said it has partnered with some of the industry’s leading global companies to leverage advanced technology and industry expertise to deploy the most robust, efficient and sustainable infrastructure solutions.
“We are honored to have been selected to undertake this strategic energy infrastructure project,” said Jesus Bronchalo.
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