Latest update November 6th, 2024 1:00 AM
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Contract for third audit of Exxon expenses to be signed next month – Oil Minister
Minister of Natural Resources, Vickram Bharrat
Kaieteur News – Minister of Natural Resources Vickram Bharrat has announced that the government will be signing the award of the contract to audit the expenses of ExxonMobil for the period 2021-2023.
He made the disclosure while addressing the media at his mid-year press conference last week. Bharrat said, “With regards to the third audit I think we are well on course to ensure we sign that… in September. Again we are looking at the same model where we can have the local consortium, a local consortium to partner with an international company or companies, so that we can build capacity.”
Three proposals from local and international consultants had expressed interest in conducting the third audit. The Ministry of Natural Resources, the executing agency for the project, had previously sought consulting services for ‘Cost Recovery Audit and Validation of the Government of Guyana’s Profit Oil Share for the period 2021 to 2023.’
At the opening of tenders at the National Procurement and Tender Administration Board (NPTAB) office, it was revealed that the three bidders are: VHE Consulting (which is a registered partnership between Ramdihal & Haynes Inc; Eclisar Financial; and Vitality Accounting & Consultancy Inc.); Grant Thorton UK LLP and PKF Barcellos Narine & Company; and M. Sukhai & Company (local) in joint venture with Info Works Solutions Ltd.
According to the tender, the Terms of Reference (ToRs) said the successful consultant is required to conduct a pre-audit analysis; devise an effective audit plan inclusive of an appropriate methodology; execute the audit in adherence to the provisions of the Stabroek Block Petroleum Agreement and applicable local laws, regulations, and procedures; as well as international good practices and standards.
The scope of works also includes conducting verifications of the crude oil valuation pursuant to the provisions of the petroleum agreement for the audit period as well as verifying royalties remitted to the government for the said period. Additionally, the selected company will also be required to validate the accuracy of the total government share of petroleum for the period under review, and assessing the impact of the audit on future profit oil revenues.
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