An independent administrator will soon be hired, as part of the requirement by the international body of the Guyana Extractive Industries Transparency Initiative (GYEITI), to support the South American country with the compilation of its first report.
This was disclosed by National Coordinator of GYEITI, Dr. Rudy Jadoopat, during an interview at the Ministry of Natural Resources on Thursday last.
He explained that, “Right now, we are soliciting bids for an independent administrator and that process is expected to be completed by 17th of April and we are expected to have an independent administrator commencing work towards the preparation of Guyana’s first EITI report.”
However, given the fact that Guyana may not possess human resource skills that are experienced in compiling EITI reports, he pointed out that, “What normally happens is that international auditing firms would normally establish partnership arrangements with local auditing firms and together they will submit their bids and the best offer will be accepted by our tender board.”
Guyana was granted approval for candidacy to the international body on October 25, 2017 and as part of that approval, the country is tasked with compiling annual reports.
To this end, Guyana’s first report is due on April 25, 2019.
Additionally, as part of its candidacy, GYEITI will request that all companies in the extractive sector reveal elements of financial arrangement with the Government, among other things. “The first report will capture, among other things; contracts, licensing, exploration and production, revenue collection and revenue allocation, social and economic spending and public benefits.”
The Extractive Industries Transparency Initiative (EITI) is a global standard to promote the open and accountable management of oil, gas and mineral resources.