President Ali,
Your announcement on Tuesday,18th August, that Guyana is now entitled to 39.8% of crude production from the Stabroek Block, following the reported recovery of approximately US$55 billion in project costs by the ExxonMobil led consortium, is of significant national importance.
An announcement of this magnitude cannot end with a percentage. Guyanese are entitled to know what that percentage means in actual production, revenue, and money received by Guyana.
The limited information provided at the press conference did not sufficiently answer the central questions now being asked. The government must now make clear what information will be provided, in what form, and how soon it will be made available.
The questions are simple. What has been produced and sold? What costs have been declared for recovery? What costs has Guyana accepted or rejected? What remains under dispute? And how did your government accounting arrive at 39.8%?
These questions are necessary because the government’s own past audits of ExxonMobil have already identified significant costs requiring challenges.
The audit covering 1999 to 2017 identified approximately US$214.4 million in disputed expenses. The 2018 to 2020 audit examined approximately US$7.2 billion in declared expenses and identified US$65.1 million that was not accepted by Government. A third audit, covering 2021 to 2023 and involving approximately US$19.6 billion, has also been under review.
Against this background, Guyanese cannot simply be asked to accept ExxonMobil’s declaration of what has been spent and recovered. ExxonMobil has a commercial interest in its accounts. Your government has a national duty to verify them.
This is not anti-investment, and it is not anti-ExxonMobil. It is about protecting Guyana’s interest. The Production Sharing Agreement gives the Government the authority to audit and verify costs, and that responsibility must be exercised with the seriousness demanded by the value of our natural resources.
Therefore, President Ali, show the audits. Show the disputed costs. Show what has been accepted and rejected. Show the calculation that produces 39.8%. Show the production, sales, cost-recovery, and revenue figures. Most importantly, tell the nation what Guyana will actually receive.
Oil has transformed the scale of Guyana’s economy, but it must not lower the standard of accountability. The country’s wealth cannot be measured only by what is announced from a podium. It must be measured by what is independently verified, transparently accounted for, and ultimately delivered to the people.
The lights and cameras have now gone. What remains is the responsibility of your Government to the Guyanese people.
The people are entitled to the figures, the documents, and the accounting.
Make them available.
The oil belongs to Guyana. Guyanese have a right to know exactly what is theirs.
Yours truly,
Member of Parliament.
APNU Rep for Natural Resources .
