Pres Ali touts joint aluminium plant with Suriname

– as Guyana turns to Fulcrum LNG to monetise gas resources

The Guyana Government has disclosed that United States energy firm Fulcrum LNG Inc is the shortlisted company that would push its ambitious gas monetisation plans, which could potentially include an aluminium plant with neighbouring Suriname.
Last month, it was revealed that a potential investment partner was shortlisted from the 17 Expressions of Interest (EoIs) that were submitted in February to monetise the country’s natural gas resources.
During a press conference last week, President Dr Irfaan Ali disclosed that the selected company was Fulcrum LNG Inc – which has partnered with Governments and companies to develop the necessary gas infrastructure to produce and sell natural gas and LNG (Liquified Natural Gas) to deliver reliable energy while transitioning to more sustainable energy sources.
Fulcrum LNG will now work on developing a gas project, via a tripartite arrangement with the Government and ExxonMobil, which, along with its partners, operates the Stabroek Block offshore Guyana, where several gas fields have been discovered.
“That company, with the Government of Guyana and Exxon as partners, will now have to have discussions and we will have to, together, arrive at a model and a plan as to how we will advance this major gas development in our country.”
According to the Head of State, his Government has already identified a technical team that will work with Fulcrum and Exxon to determine the technical and financial viability of a gas project(s), come up with a model, and negotiate a potential agreement.
However, the President noted that while they want to monetise the gas resources as fast as possible, it is important to first conduct the necessary studies to determine the viability of any future gas development plans.
“We can’t know the level or degree of opportunity until the full analysis – technical and financial analysis – is completed so we can know what [gas resources and how much of it] we have,” he added.
The Guyanese Leader further outlined some of the initiatives that his Government hopes to come out of these plans to monetise the country’s gas resources, which will be independent of the model Gas-to-Energy (GtE) Project is currently under construction and will utilise natural gas from the Liza Fields in the Stabroek Block.

Aluminium plant
Among the projects being considered are a shore base facility, an additional power plant as well as a potential aluminium plant facility joint venture between Guyana and Suriname.
“We have to examine several possibilities. One is the export of energy – the development of an energy corridor to Northern Brazil and to Suriname; …having a trail of opportunities in terms of LNG also and then integrating that into the Regional Energy Security Programme.
“The other thing is that you know, we have 1.5 billion tonnes of bauxite reserves between Guyana and Suriname. So, depending on the cost structure, this might be an opportunity that makes an aluminium plant and the operationalisation of such a project, which will be a joint project, viable now… All of these options are being examined… in the conversation and then a viable option – the most competitive, cost-effective, profitable option will be presented,” President Ali posited.
The Guyana Government has been touting an aluminium plant here since August 2022 – something which the Guyanese Leader recommitted to establishing during the Energy Conference held in Georgetown back in February.
Nevertheless, President Ali indicated last week that the Government anticipates an agreement on a potential gas model by next year.
In the Stabroek Block, some 17 trillion cubic feet of gas have already been found with the Pluma and Haimara wells being proven gas fields. The People’s Progressive Party/Civic (PPP/C) Government is seeking to develop this gas.
Back in 2019 and 2023, ExxonMobil drilled for gas at the Haimara-1 and 2 wells, and emerged with varying degrees of success. It was revealed recently that the US oil giant’s drill programme for Guyana for this year and beyond includes plans to further appraise the Haimara 3 and 4 well sites to gauge the commercial potential for gas in the Haimara gas field.
With this drive to push gas development, the Government has already informed ExxonMobil that it would have to relinquish the gas fields if it did not seek to develop the gas.
In fact, Vice President Bharrat Jagdeo has stated that Exxon’s upcoming relinquishment of 20 per cent of the Stabroek Block in October this year may very well include the areas with gas potential.
Recently, Jagdeo reiterated that Guyana cannot miss this opportunity to monetise its gas resources. He revealed that Guyana has attracted interest from “deep-pocket” firms to develop its gas.
“There’s a big, very powerful firm that can find the US$10 billion to US$15 billion that you would need to invest in that [gas development] …When I say US$10 billion to US$15 billion, that’s about twice as much as our total savings gathered in Guyana in the banking system. So, it’s a lot of money,” the Vice President explained.
Meanwhile, the Government released the draft National Gas Monetization Strategy to the public for their feedback last October. (G-8)