IHS Markit’s audit of oil expenditure by ExxonMobil’s subsidiary, EEPGL and its partners found that its annual Work Plan and Budget (WP&B) did not comply with the terms of the oil agreement nor with international best practices in the industry.
The British auditing firm, in a report submitted to the PPP/C government in March, 2021, made startling revelations including that 12.8% of the US$1.67b expense claims made by Esso Exploration and Production Guyana Limited (EEPGL) for the period 1999 to 2017 could be disputed and that that none of the companies complied with the all-important insurance requirements.
While never released by the PPP/C government, this newspaper carried details from the report in the last Sunday Stabroek and yesterday’s edition.
