Oil audits – silence protects Guyanese interests

Aug 30, 2026 Editorial, News

Editorial…

(Kaieteur News) – The Government of Guyana has now adopted a new posture on audits of ExxonMobil’s spending. “Silence protects your interests,” according to the Ministry of Natural Resources. Silence did nothing of the sort before, harmed the interests of citizens, and has made citizens increasingly skeptical.

The British audit firm IHS Markit did what we believe was a proper audit of ExxonMobil’s expenses for the period 1999-2017. From US$1.67B in spending claimed by ExxonMobil, IHS Markit flagged US$214M in findings. It is now over five years since the final audit report was submitted, and those findings are still unresolved. There was a development, though, that occurred under the cover of dark, which reduced the findings of the British audit firm from US$214M to US$3M. It was a mystery development that would have cost Guyana approximately over US$100M, if it was not broadcast by this paper and other media. A storm of protests resulted and, just as mysteriously as US$214M in audit findings was engineered down to US$3M, it was made to bounce back to the original US$214M in disputed expenses claimed by ExxonMobil.

In considering the above facts, which are undisputed, it would help if the same Ministry of Natural Resources that stated “silence protects your interests” could inform the public how the silence that surrounded those secret developments protects the interests of citizens. We know that a scapegoat was found in a ministry employee. But the ensuing silence that swirled around his action has only confirmed that citizens are being betrayed, rather than protected. Silence is an asset to the PPPC Government and a powerful resource to conceal its skullduggeries. The government has used it well.

Silence from leaders on how ExxonMobil can market itself as a trusted partner of Guyana, but still resists treating the Guyana Government with any respect. Silence on why ExxonMobil refuses to recognise the Guyana Government as an equal partner in the naming of a Sole Expert to resolve the disputed IHS Market findings. Silence on why it must be that ExxonMobil has the final say on who the Sole Expert should be. Silence on the issue of whether ExxonMobil had any involvement in discussions with an official of the Ministry of Natural Resources, after the GRA had stated that the US$214M in findings represented where it stood. Discussions that lead to the reducing of US$214M to US$3M, just like that.

The question that we have for the Ministry is how does any of the above instances of silence protect the interests of Guyana and its citizens. We reject the position that silence protects citizens. We take the position that silence protects ExxonMobil, because it allows its manoeuvres that benefit only itself to go undetected by citizens. Transparency on oil audits instead of silence would inform citizens about who ExxonMobil really is, and the lengths to which it would go to squeeze every last cent out of Guyana’s oil revenues.

Generally speaking, oil audits provide host countries with a fair idea of the kind of value that they are getting for the billions that their oil partners claim as expenses. The more an oil company submits as billions spent on oil operations, the less there is as oil profits for the host country. It is imperative, therefore, that the best audit teams are engaged and given a free hand, so that they give of their skills and experience for the benefit of the people paying them. The more that they find as questionable charges that should not be allowed, the more that such legitimate efforts result in higher profits for the host country. We think that Guyana got value from the IHS Markit audit. With reference to the two other audits for US$7.2B and US$19.6B that are still pending, there are too many unknowns and too much of the same crippling silence.

We do not believe that there is another country in the world where US$26.8B in oil spending can remain tied up for years, and the government’s best defence is silence. Silence serves the interests of those who have much to hide. Silence rarely can, and likely will not, “protect your interests.” Because multibillion dollar oil audits are involved, silence gives every appearance of coverups.

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Editorial, Guyanese interests, oil audits, Silence

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