US$214M still with Exxon - AFC warns of quiet deal as audit dispute drags on

US$214M still with Exxon – AFC warns of quiet deal as audit dispute drags on

Apr 06, 2026 News

(Kaieteur News) – The Alliance For Change (AFC) is contending that US$214 million belonging to the people of Guyana remains in the possession of ExxonMobil, while raising concerns over the government’s handling of the long-standing audit dispute.

In a statement on Thursday, the party said that after five years of delays and indecision, the administration has only now moved to address the issue, warning that the latest step could pave the way for a quiet settlement.

The AFC was referring to a March 17, 2026 announcement by Minister of Natural Resources, Vickram Bharrat, who indicated that the government and ExxonMobil have agreed to appoint a sole independent expert to resolve the matter.

However, the party argued that the move raises red flags and could allow the dispute to be settled behind closed doors, avoiding full arbitration.

“The AFC urges Guyanese not to forget the circumstances under which this scandalous audit became public. It was not voluntarily disclosed, it was leaked,” the party stated.

It added that attempts were made to shift blame onto a single employee, who remains employed and has since been promoted, raising questions about accountability and transparency.

The controversy stems from a 2019 audit conducted by IHS Markit, which examined ExxonMobil’s expenses between 1999 and 2018. Of the US$1.67 billion reviewed, approximately US$214 million was flagged as unsupported or potentially not allowable under the Production Sharing Agreement (PSA).

According to the AFC, ExxonMobil has already recovered these costs from Guyana’s oil revenues. If the expenses are ultimately disallowed, the sum would have to be deducted from the company’s recoverable costs, resulting in increased profit oil for Guyana.

Against this backdrop, the party is calling for the parliamentary opposition to play a role in selecting the independent expert, arguing that such involvement is critical to ensuring fairness and public trust.

“This is about ensuring the process is transparent and free from manipulation. The involvement of the opposition would help determine whether Exxon is held accountable or allowed to walk away with what rightfully belongs to the people,” the AFC said.

The party also pointed to what it described as a troubling pattern of alignment between the government and ExxonMobil, citing a high court ruling by Justice Sandil Kissoon, who found that the state had “abdicated” its statutory responsibilities and acted “in unison” with the oil company.

“As the saying goes, you cannot put a cat to watch milk,” the AFC added, underscoring its call for broader oversight.

The party further reminded that ExxonMobil had previously proposed to return just US$3 million of the disputed sum.

Meanwhile, Minister Bharrat has maintained that the process is moving forward in accordance with the provisions of the 2016 PSA. He clarified that reports suggesting the government was moving toward arbitration were inaccurate.

“The next step is the sole expert agreed upon between the two parties, Exxon and the Guyana Revenue Authority. We are at the stage of finalising this,” the minister said.

He noted, however, that the timeline for appointing the expert depends on both parties advancing the process.

With the US$214 million still unresolved, the AFC is urging greater scrutiny, insisting that the matter involves funds that rightfully belong to the Guyanese people.

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

AFC, Audit, ExxonMobil, natural resources, Vickram Bharrat

Latest News