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The one-year-old company was awarded a Guyana natural gas monetization contract and is looking to Guyanese investors to help finance the project…
Kaieteur News – Fulcrum LNG, which was awarded the contract to monetize gas in the Stabroek block, is considering seeking Guyanese investors to help finance various parts of the project.
Jesus Bronchalo, CEO, Fulcrum LNG
“Based on our project proposal, Fulcrum LNG is considering Guyanese investors to participate in various components of the project,” the one-year-old company said in a statement on June 28. Fulcrum LNG was founded by Jesus Bronchalo, a former vice president of ExxonMobil Guyana Limited (EMGL), five months after he left the company after 19 years at the company. He resigned a month later.
Bronchalo’s company was subsequently selected by the Government of Guyana (GoG) to design, finance, construct and operate the required gas infrastructure to provide gas monetization solutions and accelerate upstream gas development in the country.
“We are honored to have been selected to undertake this strategic energy infrastructure project. This opportunity aligns perfectly with our mission to provide innovative, reliable and sustainable energy solutions to develop natural gas resources. We look forward to working closely with the Government of Guyana and other key stakeholders to ensure the success of this project,” said the Chief Executive Officer (CEO).
Kaieteur News understands that Fulcrum LNG’s main feature is 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. The company 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.
Furthermore, the company noted that the project will provide Guyana and all upstream developers in the region with the necessary facilities to monetize their gas resources, thereby incentivizing the development of those resources. “The project is expected to deliver significant economic benefits, including job creation, significant foreign investment and enhanced energy trade relations,” Fulcrum LNG said.
As Kaieteur News continues to uncover more details about the company and the government’s dubious contract awards, Fulcrum LNG’s ability to develop the country’s natural gas resources becomes more questionable. Just yesterday, this newspaper reported Broncharo appears to be one of two registered employees of the company.
Research by This publication It was revealed that Brunchalo, who left ExxonMobil in February 2023, is not only the CEO of Fulcrum LNG, but also holds several other professional positions in the company he registered in July 2023.
Bronchalo is also the company’s secretary, treasurer, director and president, according to corporate records viewed by this publication.
All indications are that he only employed 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 the business address of Fulcrum LNG. The energy company’s business premises appear to be a two-story guest house located at 937 TAHOE Boulevard in Incline Village, Nevada, United States. According to company records, Fulcrum LNG’s business premises is Suite 130B.
The CEO’s ties to US oil giant ExxonMobil have raised concerns among Guyanese, but the government has ruled out the possibility of a conflict of interest. In fact, Vice President Bharrat Jagdeo told reporters at a press conference on Thursday that Fulcrum LNG’s proposal was the most welcoming to the government.
“He had left Exxon, but if anything, maybe the evaluators thought he had the data on the gas,” Jagdeo said. “I don’t know if they actually did that… On the face of it, I think this was the best proposal that the evaluators came up with and the one that we wanted, so I don’t see any issues with the bid evaluation or anything major wrong with it other than he used to work for Exxon.”
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.
This newspaper has been trying to contact the company for comment since Saturday but has not been successful.
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