VHE Consulting, a local consortium led by Chartered Accountant, Floyd Haynes, has been awarded a $312 million contract for the third cost oil audit for expenses related to the Stabroek Block.
Earlier this year, the National Procurement and Tender Administration Board (NPTAB) received three bids for consulting services to verify expenses related to the Stabroek Block. These services include conducting a cost recovery audit and validating the Government of Guyana’s share of profit oil for the years 2021-2023.
Vice President Dr Bharrat Jagdeo recently announced that Cabinet is set to approve the third cost oil audit. According to information published on NPTAB’s website, VHE Consulting was awarded the contract to the tune of $312,642,834. The Ministry of Natural Resources project was awarded by NPTAB on October 10, 2024.
VHE Consulting comprises of Ramdihal and Haynes Chartered Accounting and Professional Services Firm, Vitality Accounting and Consultancy Inc., and Eclisar Financial & Professional Services. The Guyanese consortium had submitted a bid valued at $229 million. Notably, this group previously audited the 2018-2020 costs in collaboration with Oklahoma-based Martindale Consultants Inc. and Swiss technical company, SGS.
The second bid came from the joint venture of Grant Thornton UKLLP, based in London, and PFK Barcellos Narine & Co., although the bid price was not disclosed. The third bid, priced at $202.8 million, was submitted by a joint venture between Guyanese firm N. Sookhai & Company and Nigerian company Infoworks Solutions Ltd.
