Guyana's Ministry of Natural Resources announced that a newly established company, Fulcrum LNG, headed by a former Exxon Mobil Corporation (NYSE:XOM) executive, has been reportedly selected to collaborate with the Guyana government and Exxon on creating a new independent natural gas development in the country.

The government announced in a statement that Fulcrum LNG provided "the most comprehensive and technically sound proposal" among 17 bidders, reported Reuters.

Jesus Bronchalo, who spent 20 years at Exxon, most recently as a vice president in Guyana, founded Fulcrum LNG in July last year in Nevada.

As per the report, the ministry has engaged Fulcrum LNG and Exxon to commence the project, with preliminary discussions currently underway.

The government of Guyana stated that "Bronchalo's past relationship with Exxon was not seen as presenting a conflict of interest since he had severed all ties with said company."

The ministry said, "As the development of the gas resource is not an immediate priority for the company, our government decided to seek a capable independent third-party operator to either work with ExxonMobil or carry out this activity on its own."

As per government data, Guyana's lucrative agreement with an Exxon Mobil-led consortium in the South American country generated $6.33 billion for the partners.

According to the U.S. Energy Information Administration, the country has an estimated 16 trillion cubic feet of gas off its Caribbean coast.

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