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Govt. yet to close 1999 to 2020 audit of ExxonM’s expenses Aug 24, 2024 News Minister of Natural Resources, Vickram Bharrat – but says “at least we are doing them” Kaieteur News – Come next month, the Government of Guyana (GoG) will award a contract for the third audit of ExxonMobil’s multibillion-dollar expenses, incurred between 2021 and 2023, however, two previous reviews of the company are yet to be closed. For the Minister of Natural Resources, Vickram Bharrat, completing the audits is not as important as starting the review process. The minister was asked at his mid-year press conference by Kaieteur News to say why there was a delay in the completion of the audits, especially when the 2016 Production Sharing Agreement (PSA) sets a strict timeline for the completion of such reviews. Bharrat said that the Vice President, Bharrat Jagdeo previously addressed this concern, and he could not provide a different response. He nonetheless conceded that the audits have been delayed but noted “the point is that we are doing the audits.”  The minister in an attempt to deflect responsibility for the incomplete audits pointed out that the PPP government was pushing for the audits to be completed. To qualify his position, Bharrat said, “Many other audits were delayed, no other audit was done from 2016 to 2020, not a single one. Whether it’s in the CGX, Demerara-Berbice, Kanuku or whichever (oil) block. We started to push these audits and we are moving now to the third audit so the commitment is there by the government and by the operator to ensure that we get this audit done and I think that is important and to be done properly too.” Audits are critical to ensuring that the country was not cheated by the oil companies through the procurement of goods and services from the company’s contractors. This process is particularly important since the oil contract with Exxon provides for the operator to deduct 75% of the monthly revenues generated to clear its expenses. The remaining 25% is then shared with Guyana as profits. Without finalizing the audits Guyana would not be able to reclaim the illegal costs claimed by the oil company. To date, two audits of the company’s expenses have been conducted but are yet to be closed. The first audit was done by a British firm, IHS Markit for the period 1999 to 2017. That audit examined expenses totalling US$1.7B. Auditors had recommended US$214M be contested by the state and while the government has accepted this recommendation, there has been no move to the next step to reclaim the cost. The process is still stalled with discussions ongoing between the GoG and Exxon. Meanwhile, the second audit was conducted by a local group, Ramdihal & Haynes Inc., Eclisar Financial, and Vitality Accounting & Consultancy Inc. That audit examined expenses totalling US$7.3B covering the period 2018 to 2020. Based on the agreement, Guyana can conduct an audit within two years from the end of each calendar year. At the conclusion of the process, the Contractor must be furnished with the report and its findings within 60 days to provide a response. The response from Exxon will detail its objection or acceptance of the audit claim, along with explanations thereof. The contract also allows the subject Minister to conduct further investigations within 60 days of receiving the Contractor’s response. It must be noted that the PSA makes it clear at Section 1.5 (b) that: “…If within sixty (60) days of the Minister’s further investigation, the Parties are unable to agree to the disposition of the Minister’s audit claim, the claim shall be submitted to the sole expert in accordance with Article 26 of the Agreement.” Article 26 of the contract sets out the conditions as it relates to arbitration. Related Similar Articles

Israel’s evacuation orders have displaced 90% of Gaza residents, UN says Aug 24, 2024 News AP – Successive Israeli evacuation orders in Gaza, including 12 just in August, have displaced 90% of its 2.1 million residents since the Israel-Hamas war began in October, the top U.N. humanitarian official for the Palestinian territory says. U.S. Vice President Kamala Harris says she and President Joe Biden are working to end the war in Gaza, where the International Rescue Committee says the polio virus has been circulating for the first time in a quarter-century because of the destruction of hospitals and water infrastructure, along with overcrowded living conditions. Israeli Prime Minister Benjamin Netanyahu’s Office says a delegation from the country has arrived in Cairo to resume efforts to salvage a cease-fire deal. The talks are being mediated by the United States, Egypt and Qatar. A crucial sticking point involves Israel’s demand for lasting control over two strategic corridors in Gaza. The war began on Oct. 7, when Hamas and other militants stormed Israel, killed around 1,200 people — mostly civilians — and abducted around 250. About 110 hostages are still inside Gaza, a third of whom are believed to be dead. The Israeli offensive launched in response has killed more than 40,000 Palestinians in Gaza, according to the local Health Ministry, which doesn’t say how many were militants or civilians. Related Similar Articles

Woman killed after crashing car into bridge rail Aug 24, 2024 News The crashed car Kaieteur News – A 34-year-old woman was early Friday morning killed after the car she was driving crashed into the rail of a bridge along the Number 43 Public Road, Corentyne Berbice, Region Six. Melena Stephen The dead woman has been identified as Melena Stephen of Lot 65 Roxanne Burnham Gardens Georgetown. Four passengers including a nine-year boy were travelling with her at the time and are presently hospitalized at the New Amsterdam Hospital. According to police the accident took place around 04:00 hrs. Police investigations revealed that Stephen was speeding south when she lost control of the car and crashed into the bridge’s rail on the western side of the road. Stephen was left pinned in her seat and unconscious. Her passengers were also trapped but conscious. Public spirited citizens who rushed to their rescue freed the passengers and rushed them to the Port Mourant Public Hospital. They were later transferred to the New Amsterdam Hospital. Stephen was removed from the car by firefighters who cut her out of the vehicle. She was taken to the Skeldon Public Hospital where doctors pronounced her dead on arrival. The passengers aged 9, 54, 28 and 41 remain hospitalized with fractures and other body injuries. They are in listed as stable. Investigations are ongoing. Related Similar Articles

Inmate shot while trying to escape from Camp Street Prison Aug 24, 2024 News Kaieteur News – A convicted inmate was on Friday shot by prison officers while trying to escape from the Camp Street Prison, the Guyana Prison Service (GPS), disclosed. Shot inmate, Bevon Griffith The inmate was identified as  Bevon Griffith better known as “Spoony”. He is currently serving time for killing a Sophia man. According to the GPS, Griffith tried to escape during the lock down process. He reportedly ran out of his cell and attempted to scale the prison’s fence but was shot in the process. “Griffith was placed on restrain before he was transferred to the Georgetown Public Hospital Cooperation (GPHC), where he is receiving medical attention”, the GPS said. Related Similar Articles

PNCR says Govt. 10% salary increase vindictive, disrespectful to teachers Aug 24, 2024 News Kaieteur News – The People’s National Congress (PNC) has once again called out the government on the salary increases offered to the teachers. On Friday, the party released a statement calling the 10% increase signed between the Guyana Teacher’s Union (GTU) and the Ministry of Education disrespectful and vindictive. “The People’s Progressive Party’s offer to the Guyana Teachers Union of a 10% increase on teacher’s salary is ridiculous, disrespectful, vindictive and a reflection of the disdain that the regime has for teachers and other public officials.” On Wednesday, despite objections from a section of its General Council as well as rank and file members, President of the Guyana Teacher’s Union (GTU) Dr. Mark Lyte signed a multi-year agreement with the government accepting the 10% percent pay hike for teachers and a slew of other benefits none of which accorded with the demands of the union. “It must be recalled that both Bharrat Jagdeo and Irfaan Ali demanded that the APNU+AFC government pay teachers 50%. They made this demand under the then government before the discovery of oil, claiming that the then government could afford it. Now when there is oil the said government is contending that they cannot afford to pay teachers 50% increase. This is the level of hypocrisy, disdain, vindictiveness and trickery that Bharrat Jagdeo and Irfaan Ali are meting out to the hard working teachers of this nation,” the PNC said Friday. Furthermore, the party said that “the so-called package delivers little or nothing to teachers and is a mere smoke screen for concealing the fact that the government is unprepared to treat teachers fairly.” “When it is recognised that the infrastructure budget is $666B and the main fund for PPP corruption, then it is obvious that the PPP is deliberately impoverishing our teachers and have no interest in improving the quality of their lives,” the PNC noted. Meanwhile, just last week the Opposition party said that it supported the GTU’s rejection of the proposal. “The PNCR fully supports Guyana Teachers’ Union (GTU) and all teachers in rejecting the PPP government’s insulting proposal of 10% salary increase for 2024, 8% for 2025, and 9% for 2026. Jagdeo’s claim that the union’s rejection results, from GTU General Secretary Coretta McDonald’s attempts to derail the union politically is politically hypocritical and comical. It is the same Jagdeo in 2018 who, as opposition leader, stated that teachers should be given 40% – 50% salary increases for the year. Now that the PPP is in government, with access to vast oil resources, its hypocrisy is on full display in its treatment of the nation’s teachers with its meaningless proposals of 8% – 10% salary increases.” Furthermore, the party said that as the next government, it intends to ensure that “the teachers receive compensation retroactively and that all public servants enjoy livable wages across the board. The nation’s human resources are our most valued asset, and as the next government, our policies will reflect that.” Related Similar Articles

No clarity from Govt. on Guyana’s actual oil reserves Aug 24, 2024 News Vice President, Dr. Bharrat Jagdeo One week later… Kaieteur News – One week after Minister of Natural Resources Vickram Bharrat held a press conference to provide updates on the sector, the government is yet to clarify what is the actual figure of the country’s oil reserves. Bharrat announced that the country’s reserve has moved up some 600M barrels putting the current reserves at 11.6B barrels. This disclosure comes two years and eight new discoveries after the last reserve update. It is important to note that earlier this year Exxon’s partner in the Stabroek Block China National Offshore Oil Corporation (CNOOC) released its 2023 annual report which stated that the Lancetfish discovery has averaged some 100 million tons, which is equivalent to 746 million barrels of oil. This publication has reached out to the minister on multiple occasions and he is yet to respond to inquiries, opting instead to read the messages and leave them there. Calls to the minister have also gone unanswered. Turning to chief policymaker in the sector, Vice President (VP) Bharat Jagdeo for clarity, but he said: “You had an opportunity there to deal with all these things…so let me just say on reserves. On the reserves we have…I told you that there is a submission that Exxon makes to us. The submission showed a minimal increase from the last quarter…” Jagdeo went on to say: “we have gone out to contract someone to do an audit of these reserves. So we saw what Exxon submitted and we are going to do an audit of the reserves. So that we can get the full picture and this will be a technical audit by hiring consultants to do that. So the issue has come up we are addressing it all the other issues we will deal with at that level.” The oil minister revealed last week that a contract was awarded to a French company to conduct an the of Guyana’s reservoir saying that, “ he said it is something that should have done a long time now, “but I’m happy that we’re going to start this soon.” Earlier this year, the Ministry of Natural Resources issued Epression of Interest for “Consulting Services for Conducting Petroleum Resources and Reservoir Audit.” This process had initially attracted three proposals, Egyptian company Stratoil Energy Services, French company Beicip Franlab, and DeGolyer & Mac Naughton Corp (D&M) of Texas, USA. The ministry’s advertisement stated that the Government of Guyana (GoG) has received financing in the amount of US$20 million from the World Bank (WB) towards the cost of the Guyana Petroleum Resources Governance and Management Project (GPRGMP) and intends to apply part of the proceeds to pay a consulting firm to provide advisory services, technical support and training and capacity strengthening services to the GoG. Related Similar Articles

CDB launches knowledge exchange lab to advance gender equality in Caribbean Aug 24, 2024 News Kaieteur News – Recognising the critical need for a collaborative platform to advance gender equality in the region, the Caribbean Development Bank (CDB) has launched the Gender Equality Knowledge Exchange Lab (GEKEL) in partnership with the UN Women Multi-Country Office – Caribbean. The Lab is designed to foster collaboration and knowledge-sharing on gender equality among partners in the Bank’s client countries, including national gender machineries, governmental and non-governmental organisations, civil society, the private sector, academia, and youth organisations. In a press release CDB said the initiative is a key component of CDB’s broader commitment to promoting capacity-building, technical assistance, and financing across the Caribbean to achieve gender equality and enhance sustainable development. The Lab is rooted in CDB’s 2019 Gender Equality Policy and Operational Strategy, serving as a crucial platform for bringing together diverse stakeholders to address challenges and develop solutions to promote gender equality. A central feature of the Lab is its quarterly online peer-to-peer knowledge exchange sessions, facilitated by CDB in collaboration with UN Women Caribbean, the United Nations Entity for Gender Equality and Empowerment of Women. These two-and-a-half-hour sessions provide a platform for stakeholders to discuss specific topics across various sectors and explore innovative solutions. Participants can also request customised training during these sessions. The Gender Equality Knowledge Exchange Lab was piloted on 18 September 2023, following the flagship Gender Seminar at CDB’s 53rd Annual Meeting of the Board of Governors in Saint Lucia. The pilot session attracted over 50 participants from 19 Caribbean countries and focused on implementing national gender focal point systems, showcasing regional and global best practices. The positive response from participants, who expressed strong interest in continued training through a coordinated network on gender equality themes, led to the formal establishment of the Lab. On 24 July 2024, in conjunction with GEKEL’s official launch, CDB and the UN Women Multi-Country Office – Caribbean held a second training session on Gender Mainstreaming in Trade Policy. Facilitated by the International Trade Centre (ITC), the training brought together 99 trade officials, policymakers, and representatives of national gender machineries from across the region. The session focused on the policy environment for women in business and trade, as well as strategies and options for integrating gender considerations into trade and trade-related policies. During the training, CDB’s Vice President of Operations (Ag.), Mrs. Therese Turner-Jones, reaffirmed the Bank’s commitment to empowering women and promoting gender equality in the region, stating: “By bringing together key stakeholders, we can identify solutions to the challenges hindering gender equality in trade and develop policies that promote inclusive and equitable growth.” UN Women Caribbean Representative, Ms. Tonni Brodber, emphasised the importance of inclusive policies, stating: “This is not just about women, it is about understanding where the women and men are in trade and how best we can understand the trade policies and develop policies and practices that can serve women and men, highlight their successes and importantly not block their opportunities.” “Public procurement accounts for 12% of the Caribbean’s GDP, but less than 5% of public tenders go to women-owned businesses. Helping women become more competitive in trade and in public procurement is a big part of what we do at ITC and is the reason why we partnered with UN Women to launch the Global Campaign on Gender-Responsive Public Procurement. I call on Caribbean countries to join our campaign to leverage sourcing as a driver of gender equality,” said Ms Pamela Coke-Hamilton, Executive Director of ITC, during her opening remarks at the webinar. To date, the Gender Equality Knowledge Exchange Lab has trained 150 individuals, underscoring CDB’s ongoing efforts to promote gender-inclusive and sustainable development in the Caribbean. Related Similar Articles