MP Solomon Raises Concerns Over Undisclosed Exploration Costs in Guyana's Oil Sector

Kaieteur News reported on November 8, 2026, that ExxonMobil Guyana Limited (EMGL) has initiated an extensive exploration campaign within the Stabroek Block offshore Guyana. The costs linked to these operations, which Guyana may ultimately be required to cover via cost recovery, remain largely undisclosed, according to the report, as the government reportedly restricts critical information from parliamentary review.

Member of Parliament (MP) Sharma Solomon, representing the Opposition, recently highlighted the lack of transparency in Exxon's operations, asserting that the situation affects every citizen because the nation's oil profits are involved. Solomon referenced a recent permit granted to ExxonMobil for a new exploration well at the Jacunda-1 site, which Kaieteur News reported on Friday. This permit, issued on September 23, 2026, authorized the twenty-second well under the company's 35-well exploration program and is valid for five years.

Solomon explained that exploration is more than just a technical activity for an oil company. Under the 2016 Production Sharing Agreement, exploration spending is part of the costs that can be claimed back against petroleum revenues, meaning the company's exploration activities directly impact the funds that reach Guyana.

Despite this, the Shadow Natural Resources Minister contended that the operator continues to secure permits, drill wells, and evaluate new findings while the nation lacks knowledge about the associated bills and, more importantly, the outcomes of these activities. He stated that Parliament does not have sufficient access to the annual exploration programs, budgets, and supporting data needed to independently examine these activities.

Solomon pointed out that the country only became aware of a recent "big discovery" through an overseas interview, which was subsequently confirmed by the Minister of Natural Resources, Vickram Bharrat. He remarked that the recent Rockhead-1 discovery illustrates the weakness in how vital information regarding national resources reaches Guyanese people, stating that the oil company knows its discoveries, the government knows what it approved, and Guyanese are left waiting for information to surface elsewhere.

The politician subsequently reiterated his demand for the creation of a Verified Natural Resources and Revenue Evidence Bank, described as a portal allowing citizens easy access to information concerning the oil and gas sector. He urged the need for one central, searchable, and properly maintained system that links exploration permits, work programs, annual budgets, well results, recoverable costs, production figures, petroleum receipts, cost audits, and withdrawals from the Natural Resource Fund.

Solomon further insisted that significant figures must have a verifiable source and that expenditures must be traceable, ensuring every outstanding audit or unanswered question can be identified. He clarified that the Evidence Bank is intended not just as a document storage area, but as a means to connect the evidence so that Parliament and the public can examine the entire resource management chain.

The MP also noted that an October 2026 assessment by the International Monetary Fund (IMF) called for the resolution of outstanding cost oil audits and the strengthening of audit capacity within the oil and gas sector, alongside more timely public financial reporting. Solomon emphasized that this is crucial for oversight and governance, helping to determine if Guyana can properly verify the costs charged against its oil revenues and safeguard the national interest.

Solomon concluded by stating that Guyana's natural wealth should not be managed through scattered documents, selective disclosures, or information that only becomes public following an overseas publication, which raises questions. Instead, he urged that Guyanese possess the right to know what is being explored, what is being charged, what is being collected, and how the proceeds are being utilized, adding that the country's focus cannot solely be on counting barrels and celebrating discoveries; accountability for every dollar of extracted wealth must be possible.