A Guyanese group, VHE Consulting, was hired to audit Stabroek Block expenses for the period 2021-2023, Guyana’s National Procurement and Tender Administration Board (NPTAB) said.
The Ministry of Natural Resources awarded the US$1.5 million (GY$312.6 million) contract on October 10 to the group, which consists of Ramdihal and Haynes Chartered Accounting and Professional Services Firm, Vitality Accounting and Consultancy Inc., and Eclisar Financial & Professional Services.
Specifically, the services include a cost recovery audit and validation of the Government of Guyana’s profit oil share for 2021-2023.
The Guyanese group, which worked on the last audit with Martindale Consultants and SGS, has gained enough experience to bid without a foreign supervisor, following a government clause requiring local training.
A prior audit of ExxonMobil’s pre-2018 expenses resulted in a disagreement between the government’s auditors and ExxonMobil over the validity of some expenses the company has claimed as recoverable. The matter could proceed to arbitration, but Exxon is hopeful for an amicable resolution before that stage.
ExxonMobil, Hess and CNOOC—Stabroek Block co-venturers—have recovered more than US$25 billion in expenses up to the midpoint of 2024. The companies have committed more than US$50 billion in development projects through 2027. Their investments have so far added projects that produce oil at a combined rate of more than 600,000 barrels per day (b/d). This rate is expected to increase to 1.3 million b/d by the end of the period.
