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Final audit report of Exxon’s US$7.3B expenses sent to company, to be made public next week – Minister Bharrat
Minister of Natural Resources, Vickram Bharrat
Kaieteur news-Minister of Natural Resources, Vickram Bharrat, on Saturday confirmed that the final audit report on ExxonMobil’s US$7.3 billion expenses for the Stabroek Block (2018-2020) has been sent to Exxon and will be made available online next week.
The second audit was conducted by local consortium VHE Consulting, a registered partnership comprising Ramdihal & Haynes Inc., Eclisar Financial, and Vitality Accounting & Consultancy Inc., with international support from SGS and Martindale Consultants. The contract for this audit was valued at US$751,000 (GY$156 million).
On Friday evening, Chartered Accountant Floyd Haynes, one of the principals of VHE Consulting disclosed that the auditing team has submitted the final report to the Ministry of Natural Resources (MNR) and the Guyana Revenue Authority (GRA).
“It is now in their possession…Please reach out to them…” Haynes told this publication.
Haynes comments follow that of Commissioner General of the Guyana Revenue Authority (GRA), Godfrey Statia, who said last Saturday that, “The final audit will be released within the week. I have already given the go ahead to VHE for them to do so.”
Kaieteur News had reported that an analysis of the second audit report reveals missing details on key expenditures that were covered in the first oil audit that was done by British firm IHS Markit of the company’s 1999-2017 expenses. IHS had recommended that the Government of Guyana (GoG) disallow US$214 million in costs being claimed by Exxon for the misuse of Guyana’s oil profits and failure to justify expenses. The first report, commissioned by the Coalition government, provided comprehensive data on significant costs, such as those for supply vessels, drill rigs, SURF, helicopter services, and waste management, while these details are notably absent from the audit report by the local consortium.
Currently, citizens can access VHE’s “Initial Audit Report for the Stabroek Block Cost Recovery Audit – 2018 to 2020” on the Ministry of Natural Resources website. That version was published on April 12, 2024 and is 135 pages.
(Final audit report of Exxon’s US$7.3B expenses sent to company, to be made public next week – Minister Bharrat )
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