–encourages participation of local auditing firms

THE Private Sector Commission (PSC) has welcomed the assurance from President Dr. Irfaan Ali that the Government of Guyana will conduct forensic audits of the US$9.5 expenses claimed by ExxonMobil and its operations.

In a press statement on Saturday, the local business community said that it also endorses the government’s decision to coordinate a group of fully qualified Guyanese auditing companies to participate in conducting the audit.

To this end, the PSC is encouraging all Guyanese audit companies to participate in this important auditing process, and to collaborate where necessary in order to acquire “sufficient capabilities”.

The PSC, in its brief media release, said it has taken note of the fact that the pre-2017 audit of ExxonMobil’s claims was left outstanding for a lengthy period, and that going forward, it “expects that such a situation is not allowed by any government to ever occur again”.

The Commission went on to emphasise that given that Guyana’s burgeoning oil-and-gas sector is critical to national development, every effort should be made by the government to ensure that the sector benefits from “full accountability, including comprehensive and timely audits”.

“The PSC, therefore, looks forward to a prompt and transparent audit process of the Exxon expense claims, and expects the full and unqualified cooperation of ExxonMobil in the conduct of this audit,” the statement posited.

Vice-President Dr. Bharrat Jagdeo had said that the government will complete the audits of costs claimed by ExxonMobil for its operations, in keeping with its mandate to ensure that Guyana’s interests will be protected.

More specifically, it was explained that the hiring of a firm to conduct the audits relies heavily on the availability and preparedness of local auditors to be an integral part of the process.

“We have made it clear what our intention is; to have local people involved,” Dr. Jagdeo told the Department of Public Information (DPI) last Wednesday.

“The government is seeking to assemble a group of Guyanese in the sector who demonstrate strong auditing capabilities in this area, and would be able to collaborate with a reputable international firm for the audit of ExxonMobil’s post-2017 costs,” the DPI noted.
Nonetheless, the PSC, in a separate statement, on Saturday announced its support for the upcoming International Energy Conference and Expo slated for February 15 – 18, 2022.

The Commission said that it is of the firm view that the business partnerships that will result from this venture will greatly enhance the business sector, thereby building capacity, and lending to national development.

In keeping with its commitment to develop a robust and dynamic private sector, where local businesses are able to capitalise on the opportunities being presented in the energy sector, the PSC wants local businesses to be part of the ‘Expo’, and to capitalise on opportunities to build capacity through partnership with other local and international players within the sector.

The conference, which is being held under the theme, ‘Chartering a sustainable Energy Future’, is being promoted locally, regionally and internationally to ensure maximum exposure to the energy sector in Guyana. The conference is expected to have a number of panel discussions, and the PSC will be participating in these discussions to ensure effective local representation.

To this extent, the various Business Support Organisations and membership of the Private Sector Commission will be participating in the Conference and Expo.

A number of reputable organisations have already signalled their intention to be part of the conference. Added to that, Ghana’s President Nana Addo Dankwa Akufo-Addo is also expected to be in Guyana for the conference.