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Wednesday, January 20, 2021

Guyana EITI candidature application approved

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OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

The Extractive Industries Transparency Initiative (EITI) Board has approved Guyana’s EITI candidature application making the South American country the 53rd candidate of the global transparency body.

OilNOW understands Guyana’s EITI National Coordinator, Dr. Rudy Jadoopat travelled to the Philippines to attend the 38th EITI International Board Meeting in Manila at which the country’s candidacy was approved. He was accompanied by Curtis Bernard, Co-Chairman of the Multi-Stakeholder Group, representing Civil Society.

When the EITI Board admits an EITI implementing country, it establishes deadlines for publishing the first EITI Report and undertaking Validation.

Guyana’s first EITI Report must be published within the next 18 months and the country will be required to commence Validation within two and a half years. Where validation verifies that Guyana has made satisfactory progress on all of the requirements, the EITI Board will designate the country as EITI compliant. EITI compliant countries must maintain adherence to the EITI principles and requirements in order to retain compliant status.

Guyana officially submitted its candidature application to the International Secretariat of EITI in Oslo, Norway, in August.

The Extractive Industries Transparency Initiative (EITI) is a global standard to promote the open and accountable management of oil, gas and mineral resources.

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