Sunday, February 5, 2023

Guyana looking to wrap up Exxon audit in coming weeks, findings to be made public

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In a matter of weeks, the Government of Guyana is looking to complete its cost audit of ExxonMobil’s Stabroek Block operations for the period 1999 to 2017. Vice President Dr. Bharrat Jagdeo made the disclosure during a press conference on Monday.

“Once that is done,” the Vice President said, “we will inform the public of the findings.”

He went on to state that by the third quarter of 2022, the audit for Exxon’s 2018-2020 costs should be completed. The contract for that audit was signed just last week. The hired consortium consists of Ramdial and Haynes Chartered Accounting and Professional Services Firm; Vitality Accounting and Consultancy Incorporated; and Eclisar Financial and Professional Services.

These companies will be teaming up with the Oklahoma-based Martindale Consultants Incorporated and Swiss technical company, SGS – which is leading the project. This audit commences this month.

The Vice President reminded during the press engagement that hiring locals to complete this audit is in keeping with the government’s commitment of upskilling the local force.

“You recall us talking about building local capacity. Through the process of this audit, we will build local capacity,” he said.

He also pointed out that the stipulated timelines outlined in the contract between the government and Exxon will not affect the ability to conduct audits.

“Exxon agreed that none of those timelines will affect our ability to audit. We have not lost the right to audit,” he stated.

He added that the purpose of the audit is to determine what should go into the cost bank, and that if the audit finds expenditure being made that should not go in, adjustments will have to be made.

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