The Government of Guyana/Ministry of Natural Resources has received financing from the World Bank toward the cost of the Guyana Oil and Gas Capacity Building Project, and intends to apply part of the proceeds for a consulting service to provide a Consultancy for a Cost Recovery Audit in Guyana.   The Project Execution Unit now invites all eligible firms to indicate their interest.


The objective of the consultancy:


The objective of the assignment is to conduct an audit of the Recoverable Contract Costs as called for in the signed Production Sharing Contract(s), taking into consideration best practices in International Accounting Standards as well as Auditing Procedures and Standards. In addition, provide on-the-job training to the staff of the Guyana Revenue Authority (GRA) and the Office of the Auditor General (OAG) on cost recovery auditing, with a particular focus on value for money.


The Consulting services include:


  1. Pursuant to the Government’s audit rights contained in the Petroleum Sharing Agreement, the Consultant, working together with a designated joint GRA/OAG team as coordinated by the Department of Energy (DoE), will audit, examine and verify all available documentation and records necessary for charges and credits relating to the Contractor’s[1] activities under the Petroleum Sharing Agreement – all books of accounts, accounting entries, material records and inventories, vouchers, payrolls, invoices and any other documents, correspondence – and determine if any required documents are yet to be submitted.


  1. Applying the terms of the Petroleum Sharing Agreement and any relevant legislation, best practice of International Accounting Standards as well as Auditing Procedures & Standards the Consultant will examine the Contract Costs submitted by the Contractor to determine:
    1. If Contract Costs have been properly assigned to the correct cost category, in the correct amount and with adequate transparency level;
    2. If Contract costs are eligible for cost recovery (including determining the fiscal year of incurred expenses and consequences for potential future uplift); and
    3. If, in the opinion of the Consultant, costs submitted by the Contractor have been incorrectly categorized and/or should be disqualified from Cost Recovery. The Consultant should clearly state the basis for the exception.


  1. Assist the relevant authorities in communicating the findings of the audit to the Contractor and, if requested, represent or accompany the relevant authorities in meetings with the Contractor.


  1. Assess the impact of the audit on future Profit Oil and Profit Gas, its subsequent petroleum tax implications and if relevant tax entitlements are optimized in the interest of the Government of Guyana.


  1. Provide on-the-job training to the staff of the Guyana Revenue Authority (GRA), Office of the Auditor General (OAG) as they are working jointly with the Consultant as well as other agencies aimed at building the capacity of these agencies to:
    1. Understand the methodology applied in conducting the audit
    2. Interpret the findings of the audit
    3. Communicate findings to the Contractor
    4. Manage future audits


The Ministry of Natural Resources now invites eligible Consulting Firms (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services.


The shortlist shall comprise of six (6) firms with a wide geographic spread, with no more than two (2) firms from any one country.


Consultants will be selected in accordance the Bank’s “Procurement Regulations for IPF Borrowers” (“Procurement Regulations”), which can be found at the following website:  and is open to all eligible bidders as defined in the policies.


Interested Consultants should provide information demonstrating that they have the required qualifications and relevant expertise to perform the services. In order to be considered for shortlisting, interested firms having the required and relevant qualifications and experience are invited to submit EOIs with no more than 10 pages, including:

  1. Legal name of the Consulting Firm
  2. Legal representative properly authorized to sign the declaration on behalf of the firm
  3. Address
  4. Telephone number and Fax
  5. Email address of contact person and website
  6. Information about the consulting firm organization and its principal areas of expertise and activities, description of specific experiences relating to contract compliance review, joint venture audits, auditing petroleum costs under production sharing contracts and other petroleum agreements and its fiscal implications with at least three (3) projects in auditing International Oil Companies.


The information requested should include, as a minimum: a description of the activities, the degree or percent of participation in the project, the execution period and dates, the level of responsibility held by the company in each project (technical, supervision and or administrative responsibility) and the country and region with the location of the project.


Interested consultant may visit our website for the draft terms of reference.  Further information can be obtained at the address below during office hours 8:00 am to 4:30 pm.


Expressions of interest must be delivered in a written form to the address below (in person, or by mail or by e-mail) by 2:00 pm October 22nd, 2018.


Ministry of Natural Resources                        

Attn: The Permanent Secretary

Ministry of Natural Resources

96, Duke Street


Georgetown, Guyana

Tel: (592) 231-2506-11


[1] The Contractor will be determined by the Client.

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