Guyana officially submitted its candidature application to the International Secretariat of the Extractive Industries Transparency Initiative (EITI) in Oslo, Norway, on Friday. The application was submitted by Minister of Natural Resources, Raphael Trotman, in the presence of members of the Multi-Stakeholder Group (MSG) to EITI Regional Director, Latin America & the Caribbean, Francisco Paris, via Skype from the Ministry’s Brickdam, Georgetown office.
Commenting on what is a significant step in Guyana’s push to implement robust systems in preparation for first oil in 2020, Mr. Trotman said this is part of a number of measures the Government of Guyana is taking to ensure transparency and accountability, not only in the oil and gas sector, but in the entire extractive industry.
Once Guyana’s application is successful, the country will become the 53rd candidate of EITI, which is a global standard that promotes revenue transparency and accountability in the extractive sector. As mandated; companies publish what they pay and governments publish what they receive from exploitation of natural resources.
Guyana will also be expected to publicly disclose contracts and agreements with companies under EITI requirements.
According to the EITI Standard 2016, reports from implementing countries should document the government’s policy on disclosure of contracts and licenses that govern the exploration and exploitation of oil, gas and minerals.
US Ambassador to Guyana, Perry Holloway, said in July he is optimistic that Guyana’s candidacy will be approved this year. This is a view shared by other officials, as well as experts in the field, since the country has been meeting requirements at every stage of the process. Guyana’s application will be reviewed and evaluated by EITI’s international board in October.
In February 2017, the MSG was established to identify national priorities for the extractive sectors and is tasked with determining which companies would be obligated to make public declarations.
ExxonMobil’s Country Manager in Guyana, Rod Henson, representing industry on the MSG, was among those present for the occasion.