Wednesday, June 29, 2022

Guyana publishes 2nd transparency report for extractive industries

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Guyana has successfully produced and published its second Extractive Industries Transparency Initiative (EITI) Report on the extended deadline of March 31, 2021, narrowly averting suspension from the initiative had the deadline been missed.

The report contains reconciliation information on the extractive sectors for fiscal year 2018 as well as contextual information on the extractive sectors.

The report is a requirement for the country which became an EITI candidate on October 25, 2017 and which published its first report on April 25, 2019. EITI is a tripartite transparency mechanism for extractive industries and comprises Government, Industry and Civil Society to engender transparency in the governance of extractive resources.

The report is meant to disclose not only what companies in the extractive industries pay to government but also what government receives from these companies.

Guyana was originally due to publish the report by December 31, 2020, however as a result of the pandemic Guyana sought and was granted a three-month extension to March 31, 2021. OilNOW has learnt that the EITI International Secretariat stated that no further extension would have been entertained and that missing the deadline would have resulted in suspension from the transparency body.

Unlike the first report, this report has been compiled in accordance with the EITI Standards 2019 and includes reporting on gender and the environment with regards to the extractive sectors.

The government has been very clear on its intention to make transparency the hallmark of its governance of the oil and gas sector and has committed to making non-disclosure of revenues derived from the oil sector a crime.


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