A big deal: Transparency in Guyana’s booming oil sector

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A note from the Extractive Industries Transparency Initiative

Recent oil discoveries looked certain to transform Guyana’s economy. But the oil price shock could alter Guyana’s expected windfall and prospects of becoming a leading oil-producing nation. Faced with the repercussions of Covid-19, the publication of Guyana’s contracts and sales agreements becomes even more timely and urgent.

Fine print: In June 2016, ExxonMobil confirmed one of the largest crude oil discoveries about 200 kilometres offshore Guyana. The following year, the government made the agreement publicly available, enabling public scrutiny of the terms and fiscal provisions of one of the most important oil deals in recent years.

For sale: Public demands for information persist, particularly related to the agreements that govern oil sales. In February, the government committed to providing data on these agreements. This will enable citizens to hold companies and its government accountable as they execute transactions that have a significant impact on public revenues.


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