Guyana’s Minister of Natural Resources, Vickram Bharrat, said the government is on track to issue a contract award in September for the audit of Stabroek Block expenses for the period 2021-2023.
“We’re looking at the same model where we can have a local consortium to partner with international companies so that we can build capacity,” Bharrat said at an August 14 press conference in Georgetown.
The first such employment of that model occurred when the government contracted a joint venture (JV) to audit the 2018-2020 Stabroek Block costs. The JV, called VHE Consulting, consisted of Guyanese firms Ramdihal and Haynes Chartered Accounting and Professional Services Firm, Vitality Accounting and Consultancy Inc., and Eclisar Financial & Professional Services. They had partnered with Oklahoma-based Martindale Consultants Inc. and the Swiss technical company, SGS.
VHE Consulting has submitted a bid to conduct the 2021-2023 audit, this time without a foreign supervisor, public documents indicate. The National Procurement and Tender Administration Board recorded three bids for the job in March. The second bidder is a joint venture of the London-based Grant Thorton UK LLP and PFK Barcellos Narine & Co. The third bid is a joint venture of the Guyanese N. Sookhai & Company and the Nigerian firm, Infoworks Solutions Ltd.
The winning group will be expected to conduct a cost recovery audit and validation of the government’s profit oil share for 2021-2023.
The Stabroek Block partners continue to invest in exploration and development projects offshore Guyana. By the end of 2024, it is expected that the Exxon-led group will recover an accumulated US$31 billion. However, their accumulated committed investments exceed US$50 billion and are set to increase with new projects in contemplation. ExxonMobil is considering its seventh potential Stabroek Block development, which could add substantially to the cost bank.
Exxon has a 45% stake (Operator) in the Stabroek Block, alongside Hess (30%) and CNOOC (25%).
