Contract signed for cost recovery audits of Exxon’s expenses

The Ministry of Natural Resources on Tuesday signed a contract with a consortium of Guyanese auditors to the tune of some US$751,000 to conduct a cost recovery of ExxonMobil’s post-2017 (2018-2020) expenses.

The contracts were awarded to Ramdihal & Haynes Inc., Eclisar Financial, and Vitality Accounting & Consultancy Inc. The local consortium is supported by international firms- SGS and Martindale Consultants.

Minister of Natural Resources, Vickram Bharrat, M.P witnessed the signing between Permanent Secretary of the Ministry, Joslyn McKenzie and representatives of the auditing agencies at a sensitisation workshop targeting contractors and sub-contractors on licencing requirements under the Local Content Act, at the Duke Lodge, Duke Street, Kingston.

The cost recovery audit is expected to be completed by September. Minister Bharrat explained that as part of the contract, the local companies will benefit from capacity building which could see them conducting such audits independently.

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In addition to setting the stage for local audit firms to benefit from involvement in cost recovery audits, the government will also build the capacity of the Guyana Revenue Authority (GRA) to conduct its own cost audits for the oil sector.