US doubles support for transparency in Guyana’s extractive sector

Must Read

Iranian super tanker ‘horse’ set to violate U.S. sanctions again by shipping Venezuela crude

(Bloomberg) --After defying U.S. sanctions by shipping a cargo of oil condensate to Venezuela just last week,...

“Female-owned’ maritime institute prepping hundreds of Guyanese for deepwater operations

MatPal Marine Institute, the only maritime institution in Guyana, is equipping hundreds of Guyanese with internationally recognized...

BHP projects, amendment to Petroleum Tax can be game changers for T&T – Energy Chamber

While oil production in Trinidad and Tobago has been on the decline since the 1980’s, two current...
OilNOW
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 United States Embassy in Georgetown on Monday announced that United States’ Agency for International Development (USAID)’s support for transparency and good governance in Guyana’s extractive sector has been bolstered with an additional $500,000 grant provided for the Guyana Extractives Sector Transparency (GEST) Project.

According to an embassy press release, the additional financing increases the total project funding to US$1 million and extends the project’s end date to September 30, 2021.

“The project provides assistance to Guyana’s Extractive Industry Transparency Initiative (EITI) Multi Stakeholder Group (MSG) – a group of stakeholders responsible for governance and oversight of EITI implementation, the national Secretariat and other stakeholders,” the US Embassy said.

It noted that as Guyana prepares for validation of the country’s compliance with EITI standards and the 2nd EITI country report, “the project team is providing important technical assistance to the Secretariat, MSG and reporting organizations to streamline the validation process and collect data and other materials.”

To date, the project has worked with the Secretariat to develop terms of reference for the MSG and the Secretariat, standard operating procedures and a communications and engagement strategy. The project has also provided technical assistance, training, and equipment to build the Secretariat’s capacity to support EITI implementation.

According to the release, upcoming project activities include: providing technical assistance to the MSG to improve governance of EITI; implementing the communications and engagement strategy; developing a roadmap for systematic disclosures; developing a website that publishes Guyana’s roadmap to systematic disclosure and allows easier stakeholder monitoring of country compliance; supporting civil society monitoring of EITI compliance and; addressing obstacles affecting mainstreamed disclosures.

USAID has an agreement with the Pan American Development Foundation (PADF) to implement the project, the release said.

EITI Validation commences in October 2020 while Guyana’s 2nd EITI Country Report is due by December 31, 2020.

OilNOW understand the Independent Administrator BDO LLP which won the tender for the consultancy to compile Guyana’s 2nd Report has already been having kick-off meetings with the Project Implementation Unit and the GYEITI Secretariat and MSG to iron out the timelines for deliverables and other details.

The Independent Administrator is being funded through the Guyana Petroleum Resources Governance and Management Project which is managing a loan from the World Bank.

- Advertisement -

Latest News

Iranian super tanker ‘horse’ set to violate U.S. sanctions again by shipping Venezuela crude

(Bloomberg) --After defying U.S. sanctions by shipping a cargo of oil condensate to Venezuela just last week,...

Bidders line up for ExxonMobil’s UK North Sea oil and gas fields

(Bloomberg) -Exxon Mobil’s UK North Sea assets have attracted suitors from state-owned companies to private equity-backed firms as the U.S. oil giant...

“Female-owned’ maritime institute prepping hundreds of Guyanese for deepwater operations

MatPal Marine Institute, the only maritime institution in Guyana, is equipping hundreds of Guyanese with internationally recognized and accredited certifications for employment...

BHP projects, amendment to Petroleum Tax can be game changers for T&T – Energy Chamber

While oil production in Trinidad and Tobago has been on the decline since the 1980’s, two current events could potentially change the...

Guyanese recruitment firm hosts session on labour law

Strategic Recruitment Solutions (SRSGY) hosted a two-hour learning session titled Employee Engagement – Guyana Labour Law, on Tuesday, September 22. This session...

More Articles Like This