Guyanese firms among bidders to audit Exxon’s 2021-2023 Stabroek Block expenses

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Guyana’s National Procurement and Tender Administration Board (NPTAB) recorded three bids for the provision of consulting services to verify Stabroek Block expenses. Specifically, the services include a cost recovery audit and validation of the Government of Guyana’s profit oil share for 2021-2023. 

VHE Consulting has submitted a bid, priced at GY$229 million (approximately US$1.1 million). The firm consists of Ramdihal and Haynes Chartered Accounting and Professional Services Firm, Vitality Accounting and Consultancy Inc., and Eclisar Financial & Professional Services.

The Guyanese group worked on the last audit of the 2018-2020 costs, while partnered with Oklahoma-based Martindale Consultants Inc. and the Swiss technical company, SGS. The government had included a clause in the contract that required foreign experts to train locals. Having built experience, VHE’s bid does not include a foreign supervisor this time around. 

The second bid is from a joint venture of the London-based Grant Thorton UK LLP and PFK Barcellos Narine & Co. A bid price still needs to be recorded. 

The third bid is a joint venture of the Guyanese N. Sookhai & Company and the Nigerian firm, Infoworks Solutions Ltd. The group’s bid is priced at GY$ 202.8 million (approximately US$973,520). 

The local inclusion in the bids reflects a note in the request for proposals which noted that preference will be given to local companies engaged in partnerships with globally acknowledged firms. 

This procurement process follows previous audits undertaken for cost recovery and validations of the government’s profit oil share for periods dating from 2020 all the way back to 1999 when the first petroleum agreement was signed with ExxonMobil for the Stabroek Block.

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