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ExxonMobil’s US$18M signing bonus earned $103M in interest- Audit Office
The Auditor General report of 2018 has revealed that $103M in interest was earned over a 26-month period from the US$18M signing bonus.
The signature bonus was a controversial sum that Guyana agreed to accept in 2016 after signing a production agreement with the US-headquartered oil giant, ExxonMobil.
Oil was discovered in 2015. Then the Coalition Government approving and signing off on the production sharing agreement (PSA).
In return, the country received a one-off US$18M bonus, which only came to light after the Government was questioned time and again.
Government later said that the money was kept under wraps as it was earmarked to fight a World Court border case against Venezuela.
The Auditor General report of 2018, which was leaked yesterday, did flag the bonus.
According to the Audit Office, on October 31, 2016, the Government of Guyana received the sum of US$18M or G$3.717B from ExxonMobil as a signing bonus. This amount was deposited into the Ministry of Finance’s ExxonMobil Account №. 845L5086 at Bank of Guyana.
The Bank maintained cash and investment accounts to independently account for proceeds from investments.
According to the audit report, during the period November 9, 2016 to November 17, 2016, amounts totalling US$15.831M or G$3.269B were transferred to the investment account and used to purchase overseas bonds.
The balance of US$2.176M or G$449M remained in the Account №. 845L5086.
“The Government of Guyana earned interest of US$498,775 or G$103.629M from its investments during the period 9 November 2016 to 31 December 2018, while Account №. 845L5086 interest totalled US$2,889 or G$598,443.”
In January 2019, the value of investments appreciated to US$14.545M from US$14.477M, an increase of US$67,705.
According to the report, the ExxonMobil Signature Bonus was transferred from Bank of Guyana and paid into the Consolidated Fund Bank Account in 2018 and 2019.
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