"Guyana Government Receives Final Audit Report of ExxonMobil's US$7.3B Expenses | News Guyana"

We have the latest on the audit of ExxonMobil's expenses in Guyana. The Guyana Government has received the final report from the team of auditors that reviewed ExxonMobil's US$7.3 billion expenses between 2018 and 2020. Let's dive into the details.

ice President Bharrat Jagdeo announced during a press conference on Thursday that the report has been received, and the technical teams are presently reviewing the document. According to him, the report has been concluded, and it's now with the technical people, including the Guyana Revenue Authority and the technical group, who will review it and make a pronouncement.

Jagdeo clarified that the audit team has helped to identify the weaknesses in the Exxon contract and has assisted the government in understanding the sector to a greater extent. He also emphasized that the government is not hiding the report to protect the oil companies, but rather has a big team going through the audits to strengthen any areas that need improvement.

It's important to note that the Stabroek Block PSA allows for audits to be conducted within two years, from the end of each calendar year. At the conclusion of the process, the Contractor must be furnished with the report and its findings within 60 days to provide a response. The response from Exxon will detail its objection or acceptance of the audit claim, along with explanations thereof. The contract also allows the subject Minister to conduct further investigations within 60 days of receiving the Contractor's response.

The US$7.3 billion audit was awarded by the current administration back in May 2022 and was conducted by VHE Consulting, which is a registered partnership between Ramdihal & Haynes Inc, Eclisar Financial, and Vitality Accounting & Consultancy Inc. The Local Consortium is supported by International firms – SGS and Martindale Consultants for the 'Cost Recovery Audit and Validation of the Government of Guyana's Profit Oil Share'. To this end, the audit zoomed into ExxonMobil's expenses between the years 2018 to 2020, which have already been billed to the country.

When President Irfaan Ali was asked to give an update on the audit during his last press conference in Region Three, he told this newspaper that the issue would be addressed at "the appropriate time."

And that's all for our news update.