Gov’t Gives ExxonMobil May 31 Deadline to Respond to Multi-Billion Dollar Audit Queries
By Antonio Dey | HGP Nightly News |
Georgetown, Guyana – The Ministry of Natural Resources has set a May 31, 2025 deadline for ExxonMobil and its co-venturers Hess and CNOOC to respond to audit findings related to oil operations in the Stabroek Block between 1999 and 2017, totaling US$214 million.
While Hess and CNOOC have submitted preliminary updates that are now under review, ExxonMobil is yet to officially respond to the audit queries. The audit, commissioned by the Government of Guyana, seeks to determine the legitimacy of billions in cost recovery claims made by the oil companies.
The second audit, covering 2018 to 2020, reviewed US$7.22 billion in claimed expenses and resulted in the government rejecting US$65.1 million in costs.
Meanwhile, a third audit examining operations from 2021 to 2023 has been completed and submitted to the government. The Guyana Revenue Authority (GRA), which plays a critical role in the verification and oversight process, is currently analyzing the initial findings.
However, long-time oil and gas transparency advocate and chartered accountant Christopher Ram has criticized the government’s management of the sector. Ram issued pre-action legal notices to both the Ministry of Natural Resources and the Office of the Commissioner of Information, citing their repeated failure to disclose key data on the oil and gas sector in response to official information requests.
“Every single one of those requests has been ignored, dismissed, or buried under the pile of verbosity, ego, and contempt,” Ram stated.
He warned that without robust public oversight and proper scrutiny of oil sector finances, Guyana risks losing long-term value from its natural resources despite impressive headline numbers.
“We hear about how much money is being spent and put into the economy… Guyana may make up a large number, but in terms of the real value—we don’t get it. We’re losing out on oil and gas,” Ram concluded.
The government has yet to release full findings from any of the completed audits to the public, sparking calls for greater transparency and accountability in the management of Guyana’s petroleum wealth.
