The third of expenses for the ExxonMobil-operated Stabroek Block is expected to be completed by March 2025, said Permanent Secretary of the Ministry of Natural Resources, Joslyn McKenzie on Tuesday.
At the ministry’s end-of-year press conference, PS McKenzie disclosed that the third audit for the period 2021 to 2023 totals US$19.6 billion. In October 2024, VHE Consulting, a local consortium led by Chartered Accountant, Floyd Haynes, was awarded a $312 million contract to conduct the audit.
McKenzie told reporters that VHE will be working along with Martindale Consultants, an international firm that they worked with on the second oil audit. Also working on the third audit are petroleum geologists from Norwegian firm IKM Acona AS.
Notably, VHE Consulting comprises of Ramdihal and Haynes Chartered Accounting and Professional Services Firm, and Vitality Accounting and Consultancy Inc.. However, Haynes was reported in the media stating that Eclisar Financial & Professional Services is not involved in the third audit, though it was part of the other two projects.
Moreover, the PS disclosed that the auditors have already commenced field activities. “That that audit commenced in November of 2024, and is expected to be completed by March of 2025,” McKenzie said.
He added that the auditors have already submitted some documents to the Guyana Revenue Authority (GRA). “There’s been technical working sessions with the Guyana Revenue Authority and the auditors, along with Exxon, who’s been providing all the necessary documents,” he said underscoring that there has been full cooperation by Exxon. McKenzie described the process so far as progressing smoothly.
In relation to the timeline the auditors have to complete the audit, the PS assured, “The duration is in keeping with the audit charter and the GRA ensured us that the work will be completed within that timeframe and all the bidders who submitted their bids also said the same thing that the timeframe is adequate.”
McKenzie also noted that by the end of March when the audit report is submitted to GRA, the tax body will advise the Minister of Natural Resources, Vickram Bharrat on the way forward.
Further, he outlined that GRA is lead on the audits, while the Ministry of Natural Resources provides technical and regulatory support.
