02/05 Closing Prices / revised 02/06/2025 07:34 GMT | 02/05 OPEC Basket  $77.17 +$0.27 cents | 02/05 Mexico Basket (MME)  $67.24 –$1.36 cents | 12/31 Venezuela Basket (Merey)  $61.13   +$1.55 cents  02/05 NYMEX Light Sweet Crude  $ 71.03   -$1.57 cents | 02/05 ICE Brent  $74.61 +-$1.59 cents  02/05 Gasoline RBOB NYC Harbor  $2.0507 –0.0483 cents 02/05 Heating oil NY Harbor  $2.3842 -0.0456 cents | 02/05 NYMEX Natural Gas  $3.360 +0.107 cents | 01/31 Baker Hughes Rig Count (Oil & Gas)  582 +6 | 02/06 USD/MXN Mexican Peso  $20.6325 (data live) | 02/06 EUR/USD Dollar  $1.0388 (data live) | 02/06 US/Bs. (Bolivar)  $59.46050000 (data BCV) | Source: WTRG/MSN/Bloomberg/MarketWatch/Reuters

Guyana Takes ExxonMobil to Court Over Misstated Value of Equipment

    Audit to cover invoices over several years, VP Jagdeo says
Companies summoned to court over alleged cost overstatement
Audit to cover invoices over several years, VP Jagdeo says. Companies summoned to court over alleged cost overstatement.

Denis Chabrol, Bloomberg News

GEORGETOWN
EnergiesNet.com 05 07 2024

Guyana’s tax agency is taking Exxon Mobil Corp. to court after one of the company’s suppliers said it mistakenly inflated the value of oil-well equipment by 200 times to about $12 billion.

The Guyana Revenue Authority issued a summons to the oil giant, with a hearing is scheduled for May 10, according to the agency’s Commissioner-General Godfrey Statia.

Exxon and Ramps Logistics, a Trinidad-based company, said the overvaluation stemmed from a clerical error that denoted the sum in US dollars instead of Guyanese dollars. A Guyana dollar is worth about one-half of a US cent. 

The error was “caught early,” and “nobody suffered any loss,” Exxon country manager Alistair Routledge said. The company has updated its procedures to make sure it won’t be repeated, he said.

Under Guyana’s production sharing contract with Exxon, the government only receives its share of production after costs are deducted, making accurate declarations vital to the country’s oil revenue. Exxon recently approved its sixth development that will help double its production capacity to 1.3 million barrels a day by 2027. 

“We are now ensuring that before we finalize the second audit that the GRA will go back and check all the back invoices for the past several years to see that there has been no overstatement,” Guyana Vice President Bharrat Jagdeo said at a new conference Thursday. 

Exxon has agreed to comply with the audit. 

Ramps called the error “unfortunate” and said it would be resolved.

“It was a mistake,” Chief Operating Officer Shaun Rampersad said Friday in an interview. “There were some issues that happened in the system, and it is something that we are committed to working with them on.”

bloomberg.com 05 06 2024

Share this news

Leave a Comment


 EnergiesNet.com

About Us

 

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas,
Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2024, Petroleumworld.com
, EnergiesNet.com™  /
Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the materia

 

Energy - Environment

No posts found!

Point of View

EIA Total Energy Review
This Week in Petroleum