Opposition must pick audit dispute expert

Dear Editor,

Kaieteur News’s (KN) March 17, 2026 edition reported Minister Vickram Bharrat’s announcement that the “Govt and Exxon agree on expert to settle the US$214M audit dispute”.^[1] To the casual eye, this comes across as a positive step after the Govt’s pussyfooting for five years, but not so fast! This is nothing but a slick move to avoid arbitration and quietly cut a deal with Exxon, splitting the difference somewhere between the US$214 M Exxon hoist and its ridiculous counter of only US$3M. MARK MY WORD!

Further, lest we forget that this scandalous audit result may not have seen the light of day had it not been leaked, not to mention the coverup which followed with the Govt scapegoating an employee who is back in his saddle and alleged to have been rewarded with a graduate study scholarship. Lest we also forget the 6-year Govt blackout of information on oil & gas including reserves estimate, and how Govt officials habitually pretzel themselves to subserviently parrot whatever Exxon ordains.

By reason of the above, plus the innumerable instances of the Govt and Exxon teaming up against the country, the people have had enough of this betrayal, and so, have absolutely no trust in their Govt. The people have seen that scary movie over and over before and despite VP Bharrat Jagdeo’s belief that Guyanese are “stupid”, they are not glutton for punishment. The Honorable Judge Sandil Kissoon’s evidence driven words say it all in his landmark ruling in favor of the people against Team Exxon-Govt, concluding that the Govt has “abdicated the exclusive statutory responsibilities entrusted to it” and “acted in unison with Exxon which is engaged in a course of action made permissible only by the omissions of a derelict, pliant and submissive Govt”.^[2]

As normal leaders would do to save face and soothe any suspicion, this Govt’s only recourse is to involve at least one member of the Opposition to select the expert who will decide whether the US$214M grab stays in Exxon’s pockets or the rightful share returned to people. Addedly, this expert must also be tasked to review the failed audit process; for, if not fixed, such improprieties are bound to be repeated in perpetuity with the Guyanese people losing US$ Billions that go into Exxon’s pockets.

The US$214 M is the minimum damage discovered, since audits are conducted on a very small sample typically 5-10% of activities; hence, one could only imagine the real extent of Guyana’s shortfall, especially when Exxon refuses access of auditors to key information such as oil meters and production data. In this case, poor Guyana has effectively given filthy rich Exxon an interest free loan of US$107 M (Guyana’s share) for five years and counting, for Exxon to use and make more money as it pleases, while Guyana borrows and spends with hefty interest attached. Simply put, while Exxon makes massive amounts of money from the disputes regardless of outcome, Guyana loses huge sums from cost of loans in lieu of keeping its money such as its US$107M which could go a long way in a country suffering from a 58% poverty rate, and the highest child malnutrition rate in the Caribbean and Latin America Region.

Unfortunately, the Govt’s knowledge of standard audit processes leaves much to be desired and unquestionably manifesting Guyana’s ending up on the short end of the stick with Exxon having a field day taking full advantage of this incompetence. It is most bizarre seeing the Govt handing over full control of audits to its sub-contractor, when the standard practice calls for the Govt to lead all audits from start to finish. The sub-contractor has no contractual authority to direct Exxon, and reason why Exxon refuses their access to critical information.

The standard process starts on the first day in-briefing when rules are laid down by the lead Govt official and when specialist teams consisting of representatives of the Govt, Exxon and the audit company are identified to focus on their specialty areas. A general closeout meeting is held at each day’s end when questions and issues are identified, discussed, clarified, fixed, or tabled for further review. As a result, all remaining issues are fully understood by all parties and documented by the end of the final day with very little, if any surprises in the final report; thus, avoiding the Team Exxon-Govt shenanigans and loss of money to Guyana as in the US$214 scandal. Undoubtedly, Exxon fully adheres to this standard practice in the USA, but takes advantage of an unknowledgeable, derelict, pliant and submissive Govt at the dire expense of the Guyanese people.

References

1. Govt. and Exxon agree on expert to settle US$214M audit dispute — kaieteurnewsonline.com ↩
2. Oil pollution prevention bill is naked attempt to cancel Justice Kissoon’s decision - Stabroek News — www.stabroeknews.com ↩