Statement on audit of ExxonMobil’s expenses

The Minister of Natural Resources, Hon. Vickram Bharrat, M.P endorses the position outlined by Hon. Vice President, Dr. Bharrat Jagdeo that the Guyana Revenue Authority (GRA) is the competent authority to lead all audits for expenses incurred by ExxonMobil Guyana Limited and other oil companies.

Like Vice President Jagdeo, the Minister Bharrat stands by GRA’s no-objection to the US$214M in disputed costs flagged by IHS Markit in its audit of ExxonMobil’s US$1.7B in expenses incurred for the period 1999 to 2017.

The Ministry’s Petroleum Unit which is assisting in the audit process had engaged in an unauthorized examination of documents submitted by Exxon. Both the Vice President and Minister Bharrat were under the impression that the information submitted to them on subsequent reductions emanated from the GRA which is not the case.

The Minister wishes to state emphatically that upon learning of this development, corrective action was taken immediately and staff was instructed to cease such engagements and deliberations.