Mid-Atlantic Oil and Gas, a Junior partner in the Canje Block offshore Guyana, continues to support the efforts of the Extractives Industry Transparency Initiative (EITI) through the work of its local body, GYEITI.
The Guyanese-owned company has been submitting all documentation requested by the transparency body for compilation of its annual report.
Every country that is a member of EITI is required to produce and publish these reports covering the payments made by extractive entities, revenues received by Government agencies and other material payments and benefits to Government agencies as per Requirement 4.1 of the EITI Standard.
Guyana has so far submitted two reports, the last of which covered the fiscal year 2018.
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In correspondence dated October 6, 2020, seen by OilNOW, the GYEITI National Secretariat issued a letter of acknowledgement to Mid-Atlantic for receipt of its audited 2017 financial statement.
“Our meeting at the GYEITI Secretariat in August 2019 is an encouragement as it reflects your company’s interest and endeavour in enhancing transparency efforts,” the letter, signed by GYEITI National Coordinator, Dr. Rudy Jadoopat, stated.
He said GYEITI recognizes the cooperation of Mid-Atlantic and is grateful for its pledge to continue to support the work of the transparency body.
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The objective of the 2018 Report was to provide an understanding of the extractive sector’s level of contributions to the economic and social development of Guyana. It is expected that such understanding will improve transparency and good governance at all levels of the industry value chain.
The 2016 EITI Standard, which guided the preparation of Guyana’s 1st EITI Report for year 2017, had recommended that implementing countries maintain a publicly available register of the beneficial owners of the corporate entity or entities that bid for, operate or invest in extractive assets, including the identity or identities of their beneficial owner(s), the level of ownership and details of how ownership or control is exerted. “Where possible, beneficial ownership information should be incorporated in existing filings by companies to corporate regulators, stock exchanges or agencies regulating extractive industry licensing,” the 1st EITI Report states.
Guyana’s Ministry of Natural Resources recently appointed a new 12-member multi-stakeholder group (MSG) to oversee the implementation of the country’s obligations to EITI. Member countries are required to appoint a group comprising representatives from government, civil society and the extractive industry.