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Cabinet reviewing findings into probe of Exxon’s US$214M audit fiasco

Oct 06, 2023 ExxonMobil, News, Oil & Gas

Kaieteur News – Vice President, Bharrat Jagdeo on Thursday disclosed that Cabinet is reviewing the findings of an investigative report into the Ministry of Natural Resources’ mishandling of ExxonMobil Guyana Limited’s audit.

The probe was launched after the ministry’s Petroleum Unit engaged ExxonMobil in an “unauthorised” reduction of US$214M in questionable expenses to US$3M. The US$214M was first flagged by British company, IHS Markit which was hired back in 2019 to audit Exxon’s expenses totalling US$1.7B. Those costs were expended by Exxon and its partners in the search for oil in the Stabroek Block offshore Guyana from 1999 to 2017.

The Guyana Revenue Authority (GRA) is the government’s designated advisor on all oil expense audits and had given its no-objection to the US$214M that was flagged. GRA also recommended to the ministry on August 8, 2023 to have the audit closed. The ministry’s Petroleum Unit deviated from GRA’s advice and engaged Exxon in the reduction of the sums to US$3M.

This state of affairs led to many stakeholders calling for an immediate investigation, which President, Dr. Irfaan Ali ordered.  Jagdeo said today that the report on the investigation has been submitted to Cabinet which began a review of its findings yesterday.

During his press conference he said, “The report was being discussed when I left the Cabinet and the discussions are ongoing. I will go back to them and as soon as that matter is completed, the president will address it. We are taking it seriously.” Once this aspect of the fiasco comes to an end, Guyana is expected to formally notify Exxon that the audit is closed at US$214M. Both parties would seek to resolve the disputed sums via arbitration.

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