A contract has been signed between a consortium of local auditors and an international company, with the Government of Guyana, to undertake a US$751,000 contract to audit US$9 billion in cost oil from ExxonMobil’s operations in the Stabroek block.
The cost recovery audit contract, which covers profit oil from the years 2018, 2019 and 2020, was signed in a room full of stakeholders on Tuesday.
The local auditors are Ramdihal and Haynes Chartered Accounting, as well as Vitality Accounting, were present at the signing.
According to Natural Resources Minister Vickram Bharrat, these local companies will also be partnering with an international consultant, Martindale Consultants.
The duration of the contract is for four months. The duration of the US$751,000 contract is for four months.
Bharrat explained that part of the contract entails the international company training the local auditors and accountants. This, he said, is to build capacity locally.
He explained that they were able to negotiate with the company and bring down the cost by almost half.
“Initially we had, I think was over a million dollars they asked for, but because we would have negotiated with the consortium, and they would have also consulted with their international partners, we managed to bring it down to, I think its US$751,000…”
