The Ministry of Natural Resources (MNR) on Friday disclosed that an audit by VHE Consulting has confirmed that Guyana received its rightful share of oil for the period 2018 to 2020. It made this announcement in response to “another blatant lie” by Kaieteur News on the audit report capturing ExxonMobil Guyana Limited’s US$7.3 billion expenditure for the Stabroek Block.
Debunking the article titled, “Mystery over final report of ExxonM’s US$7.3 billion audit” the ministry firmly stated that not only does the final report exist, but it is publicly accessible via its official website. The report, prepared by VHE Consulting, was also submitted to ExxonMobil and its Stabroek Block co-venturers for their review and response.
Of the US$7.3 billion audited, only US$65,193,546.93 was flagged as questionable and potentially ineligible for cost recovery in accordance to the Production Sharing Agreement (PSA) governing the Stabroek Block.
The ministry also reported that the auditors confirmed cost recovery calculations were conducted in accordance with the PSA, further reinforcing the accuracy of the revenue split with the Government of Guyana.
The ministry was keen to note that this latest correction of the Kaieteur News adds to a growing list of falsehoods published by the entity regarding the oil and gas sector. It was highlighted by the ministry that in the past eight days alone, it has had to clarify or correct at least five separate misleading reports from the newspaper.
Describing Kaieteur News’ reporting as hysterical and riddled with fabrications, the ministry questioned the publication’s credibility in analysing complex technical documents, including forensic audits. It further urged the public to scrutinize the source of such claims and rely on facts rather than sensationalism.
