Jagdeo reaffirms LNG development a national priority

– rejects ExxonMobil’s “not a priority” claim; says Govt will determine country’s gas strategy
Vice President Bharrat Jagdeo has reaffirmed that developing Guyana’s Liquefied Natural Gas (LNG) resources remains a top national priority, rejecting ExxonMobil Guyana President Alistair Routledge’s recent claim that LNG is “not a priority” for the company at this stage.

Speaking during his weekly press conference at Freedom House on Thursday, Jagdeo made it clear that the Government of Guyana — not ExxonMobil — would determine the country’s gas monetisation strategy.
The Vice President underscored that Guyana intended to chart its own course when it came to resource management, ensuring decisions serve national interests rather than corporate convenience.
“Guyana will determine its own destiny regarding gas monetisation,” he said firmly. “We will not allow anyone to take options off the table that can benefit our people.”
The Vice President’s remarks come as the Government continues discussions with Fulcrum LNG, a company selected to collaborate with ExxonMobil to monetise the country’s offshore gas resources, which are estimated at over 16 trillion cubic feet. However, no formal agreement has yet been signed.
Jagdeo stressed that while the feasibility of different gas development options remained under study, LNG could not be dismissed or sidelined prematurely.
“This project has to happen, and it has to happen soon,” Jagdeo declared. “It must become a priority for everyone — for Exxon, for the Government of Guyana, and for the other partners. We want a revenue stream to flow from gas early to Guyana.”
“Developers must look at every option — bringing gas onshore for industrial use, producing LNG through a floating platform, or transporting it to Trinidad,” he explained. “But if you take LNG off the table now, you limit our options. That’s premature. We don’t want that.”

Energy policy
In the same press conference, Jagdeo also addressed regional comparisons, particularly a report that Suriname had walked back its earlier pledge to pay out oil royalties directly to citizens. He said this development vindicates Guyana’s more cautious, calculated approach to managing oil and gas revenues.
“When Suriname made that promise, there were calls for Guyana to do the same,” Jagdeo recalled. “But our approach is to remain disciplined and sustainable. The priority now is building long-term value for the country, not quick, politically-driven handouts.”
The Vice President reaffirmed that the Administration’s energy policy was guided by national interest, economic diversification, and transparency — ensuring that every project, from gas-to-energy to LNG, strengthened Guyana’s development trajectory.
The US$759 million Gas-to-Energy (GtE) Project will see the construction of a 300-megawatt (MW) combined-cycle power plant and a Natural Gas Liquids (NGL) facility at Wales, West Bank Demerara (WBD). The project aims to utilise the rich gas resources that will be brought onshore from the Stabroek Block, where oil production activities are ongoing.
Construction of both the power plant and NGL facility is underway. The contractor, Lindsayca CH4 Guyana Inc – a United States-based consortium of Lindsayca and CH4 – is expected to deliver power mid-2026. Once operational, Guyanese are expected to benefit from a 50 per cent reduction in electricity costs and a more reliable power supply.
The NGL facility will also create opportunities for downstream industries, which refine and convert oil and gas into finished products such as cooking gas – a key area of interest for Guyana.
In addition, the Government has been actively exploring ways to monetise its gas resources. To this end, it has contracted Fulcrum LNG, a US-based company, to develop monetisation options. Fulcrum is expected to work in a tripartite arrangement with the Government of Guyana and ExxonMobil to advance another potential gas project.
One avenue through which the Government plans to utilise gas is in Phases One and Two of the GtE initiative, the first phase of which is currently under construction at Wales, WBD.
The Government anticipates that the GtE Project could generate as much as US$500 million in annual savings, derived from reduced electricity costs and the sale of excess gas. Additionally, it is projected that the liquids extracted during gas processing – such as Liquefied Petroleum Gas (LPG) – could be sold, further boosting national earnings from the project.
Meanwhile, invitations for proposals have been issued for the design, construction, and operation of a 250 MW combined-cycle power plant to deliver 2100 gigawatt-hours (GWh) of electricity per year for sale to the Guyana Power and Light (GPL) Inc.
These invitations also include the development of another NGL facility, expected to produce approximately 6000 barrels of NGL products daily, including propane, butane, and C5+ gasoline.