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Jagdeo directs KNews reporter to Exxon for explanation of financials
Kaieteur News – Vice President Bharrat Jagdeo is not willing to provide an explanation to the nation of the massive expenses racked up by United States oil major, ExxonMobil.
Vice President, Bharrat Jagdeo
He said during his weekly press conference on Thursday that Kaieteur News should seek clarity from Exxon.
This publication had asked the politician, who is charged with oversight of the petroleum sector, to provide an explanation on the $133B depreciation and amortization costs that were charged to Guyana’s oil revenue by Exxon.
The Vice President in his response said that while the Ministry of Natural Resources is privy to what is being depreciated and amortized by Exxon, he will not share any details in that regard.
Instead, he directed Kaieteur News to write their questions to Exxon. “Yes, the Ministry would know what is depreciated and stuff like that but I’m not gonna go through any financials here because I think Kaieteur has even a more rudimentary understanding of the financials than I do and two, that it can’t be done at a press conference. If you want to have that why don’t you submit in writing to Exxon, ask them, we have noted this- the following things,” Jagdeo said.
He went on to note that even if he did provide the information that it would be misconstrued.
“You know why I’m not too, even if I gave you the correct answer, you’re gonna change it. You’re gonna change it in any case. When it goes to Glenn Lall he will put a different headline, he will say Jagdeo defending Exxon etcetera,” the Vice President explained.
Jagdeo had previously turned away questions posed to him on the oil sector, instructing that they instead be raised with Exxon.
Kaieteur News had previously asked Jagdeo about the interest rates being charged by the oil company when he said it should be addressed by the company. Exxon’s Country Manager, Alistair Routledge told reporters at a press conference last year that Guyana is not being charged an interest rate on its multibillion-dollar investments in the Stabroek Block.
This is contrary to the information publicly available and highlights the need for government to fulfill its responsibilities to the nation in sharing credible information. This government has however been selective in the information it reveals to the public pertaining to the oil and gas sector.
For years, this publication was on the forefront of calls for full transparency on the daily production statistics for instance. Government finally made this information available through the Petroleum Management Programme’s website.
It has however been reluctant to release the breakdown of the company’s multibillion expenses, leaving citizens in the dark. Similarly, the two audit reports completed to date have not been shared by the government but were leaked to sections of the media.
This sparks serious concern about the selective release of information by the government and more importantly raises questions about the secrecy surrounding the massive expenses being incurred by the oil giant.
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