Latest update February 20th, 2025 12:39 PM
Lone local company among those bidding to audit Guyana’s oil take
Kaieteur News – Eclisar Financial and Professional Services, which provides accounting assistance and financial advice for Guyanese businesses, was the only local bidder among five companies that have expressed interest in providing consulting services for cost recovery audit and validation of the Government’s profit oil share from their contract with ExxonMobil, for the period 2018 to 2020.
Managing Director of Eclisar Financial and Professional Services, Azzar Haniff.
The company, which was established back in 2012, is presently being managed by its founder and Managing Director, Azzar Haniff, a chartered and forensic accountant.
The Government previously had committed to outsourcing the country’s oil revenue, saying that all the costs being claimed by ExxonMobil and its Stabroek block partners would have to be audited. Vice President, Dr. Bharrat Jagdeo, during a press conference last year noted that the audit is essential, as it is one of the things that can affect Guyana’s share of the revenue.
The cost audit will require the provision of on-the-job training for the employees of the Guyana Revenue Authority (GRA), the Office of the Auditor General (OAG) and the Natural Resources Ministry and agencies as directed by the Government.
During the opening of tenders at the National Procurement and Tender Administration Board (NPTAB), the companies applying for the consultancy were Bayphase Oil and Gas Consultants; Rosa, Correia & Associados (RCA) Inc. in partnership with Swale House Partners; Gaffney Cline and Associates in partnership with Squire Patton Boggs; Calender Law Firm; and Eclisar Financial and Professional Services.
Bayphase, which was established in 1986, is a United Kingdom (UK) company that is a recognised leader in the assessment of all costs associated with oil and gas projects. The UK firm was hired by Guyana back in 2019 to review and evaluate the Payara Field Development Plans.
Rosa, Correia and Associados Inc., which is a Portugal company, established in 1980, provides auditing and consulting services. It is registered with the Association of Chartered Accountants, which is a part of the International Federation of Accountants (IFAC). Meanwhile, Swale House – RCA’s partner in the bid – is a US company that claims to provide a natural resource risk management services. According to the company’s page “we are a team of risk, technical and management specialists with extensive experience assisting government managers improve outcomes during natural resources and public finance transitions.”
Gaffney Cline and Associates is a petroleum consulting company that is headquartered in the UK and is a subsidiary of Baker Hughes. Baker Hughes is an American international industrial service company that has dealings in Guyana. While Squire Patton Boggs is a US law firm that was established in 2014.
Calendar Law Firm is also a US-based law firm.
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