(Kaieteur News) – Guyana has yet to complete its first audit of ExxonMobil’s expenses for the 1999–2017 period — a gap the Institute for Energy Economics and Financial Analysis (IEEFA) has flagged since 2021 as clear evidence that the government lacks the capacity to properly assess the company’s claims. Roughly US$1.6 billion in costs Guyana is obligated to reimburse for exploration activities in the Stabroek Block, is at stake.

Tom Sanzillo, IEEFA’s Director of Financial Analysis, said the unfinished audit points to a deeper problem than a missed deadline. “The inability to complete an audit of costs that were incurred more than 20 years ago demonstrates that the Guyanese government is not capable of assessing a claim for payment,” he said. “The implications go far beyond the audit and affect the ability of Guyana to protect its interests.”

The initial audit was carried out by IHS-Markit, a British consulting firm. The team identified US$214 million in costs it said had been wrongfully added to the cost bank expenses Guyana would otherwise absorb through reduced future revenue and recommended the government pursue recovery of that sum.