Natural Resources Minister, Vickram Bharrat assured members of the National Assembly on Tuesday that the final report on the audit of ExxonMobil’s expenses, incurred from 2018 to 2020, will be completed no later than March 2023.
Guyana Standard previously reported that this audit was being executed by a local and international consortium. The US$751,000 (GY$157,165,299) contract was awarded to Ramdihal & Haynes Inc., Eclisar Financial, and Vitality Accounting & Consultancy Inc. They were supported by international firms–SGS and Martindale Consultants.
Minister Bharrat explained to members of the Committee of Supply that the contract was awarded last year and carried 120 working days for completion. He noted that the work undertaken was extensive and required the local counterpart to undergo a series of training exercises in Oklahoma and Huston for capacity building. He said the preliminary report was submitted and the final document is due before the end of the first quarter, following which it will be laid in the National Assembly. That report is expected to produce findings on the examination of US$7.3B recovered by Exxon and its partners in the Stabroek Block for the Liza Phase One and Liza Phase Two Projects.
With respect to the audit of ExxonMobil’s precontract costs totalling over US$460M, Bharrat recalled that it was executed by IHS Markit. Following a review by the Guyana Revenue Authority (GRA), it was found that further work was required.
He said this was done and a final report is under review by all stakeholders, including the Guyana Geology and Mines Commission (GGMC).