Q1: What was the topic of Mr. Ram’s recent column in the Stabroek News?
A1: Mr. Ram started his column again in Stabroek News with the message that every man woman and child in Guyana must become oil minded.
Q2: What type of audit did Mr. Ram say the agreement between Guyana and ExxonMobil provides for, that is different from a statutory audit?
A2: Mr. Ram said the agreement provides for a ministerial audit, which is different from a statutory audit conducted by an entity like the Guyana Revenue Authority. The ministerial audit focuses specifically on auditing costs and expenses related to the agreement.
Q3: What did Mr. Ram say about ExxonMobil’s claim that the Guyana Revenue Authority is the ultimate authority regarding the $214 million audit dispute?
A3: Mr. Ram said that is baloney. He said the ministerial audit called for in the agreement is completely separate from any audit conducted by the GRA for tax purposes.
Q4: How much in costs did IHS Markit’s audit find were improperly charged by ExxonMobil, according to Mr. Ram?
A4: Mr. Ram said the IHS Markit audit found around $214 million were improperly charged by ExxonMobil.
Q5: What did Mr. Ram say about ExxonMobil’s record retention policy contributing to lack of documentation for the audit?
A5: Mr. Ram said Exxon told the auditors they no longer had accounting records prior to 2004 due to their document retention policy.
Q6: What two main benefits did Mr. Ram cite for Guyana adopting a gross split model for oil revenues?
A6: Mr. Ram said a gross split model would save Guyana lots of money on audits, and it would encourage oil companies to be more cost efficient.
Q7: What did Mr. Ram say about the legality of the 2016 Exxon deal based on a CDE report?
A7: Mr. Ram said the CDE report found the 2016 Exxon deal was itself illegally renegotiated beyond the limits allowed under Guyana’s petroleum laws.
Q8: According to Mr. Ram, who actually wrote the cabinet paper that was presented regarding the 2016 Exxon deal?
A8: Mr. Ram said the CDE report revealed that the cabinet paper was actually written by Exxon staff, not the Guyana government.
Q9: What did Mr. Ram say about ExxonMobil’s practices based on books about the company?
A9: Mr. Ram described Exxon as an international bully, saying they bullied Guyana’s representatives during negotiation of the 2016 deal.
Q10: Does Mr. Ram have an official copy of the IHS Markit audit report?
A10: No, Mr. Ram said he does not have an official copy of the audit report, as it does not seem to have been officially released yet.
Q11: What is Mr. Ram’s view on auditors getting a percentage of cost savings as an incentive on oil audits?
A11: Mr. Ram said he does not favor contingency fees for auditors, as they could compromise independence and professionalism.
Q12: What is the time limit for Guyana to initiate a ministerial audit of a given year’s costs under the Exxon deal?
A12: Mr. Ram said Guyana has 2 years from the end of a calendar year to initiate an audit of that year’s costs.
Q13: What power does Mr. Ram say Guyana’s minister has, that could achieve ringfencing without actual contract renegotiation?
A13: Mr. Ram said the minister has the power to set conditions on production licenses, which could achieve ringfencing effects without renegotiating the Exxon contract.
Q14: Who does Mr. Ram say should initiate arbitration if Guyana wants to challenge issues with the Exxon deal?
A14: Mr. Ram said only the government or Exxon itself as parties to the agreement can initiate arbitration.
Q15: What does Mr. Ram think about the prospects for increased future oil revenues cited by VP Jagdeo to justify concessions now?
A15: Mr. Ram is skeptical due to potentially falling oil demand and prices in the future as renewable energy advances.
Q16: What does Mr. Ram think about smaller political parties in Guyana regarding the oil sector?
A16: Mr. Ram said he has no time for small parties in Guyana, saying many have sold out regarding oil sector oversight.
Q17: What saying did Mr. Ram quote from Raphael Trotman’s mother about politics?
A17: Mr. Ram quoted her as saying “politics is a horse game.”
