PROMOTING TRANSPARENCY
in Guyana’s Extractive Sectors
The Extractive Industries Transparency Initiative (EITI) is a global standard that promotes transparency and accountability in the oil, gas and mining sectors. It has a robust yet flexible methodology for disclosing and reconciling company payments and government revenues in implementing countries.
We are committed to delivering on the promise of the EITI to realise greater transparency in Guyana’s extractive sectors so that citizens benefit from the resources that belong to them.
Guyana’s extractive sectors continued to play a major role in the national economy in 2023, with the oil and gas industry accounting for the largest share of GDP, government revenues, and exports as follow:
- Oil and gas contributed 68.38% of GDP (GYD BIL 2,687.63)
- The sector generated 58.01% of government revenues (GYD BIL 384.26)
- Oil and gas accounted for 87.67% of total exports (GYD BIL 2,414.74)
Meanwhile, mining remained the second-largest extractive contributor, while forestry and fisheries made smaller contributions across all three areas.
Validation
Validation is the EITI’s quality assurance mechanism to assess implementing countries on their ability to meet the provisions of the EITI Standard. The Validation Report outlines the full assessment of Guyana’s Validation by requirement. It is based on extensive stakeholder consultations and a review of three templates that reflect the components of EITI Validation, namely “Outcomes and impact”, “Stakeholder engagement” and “Transparency”. The Board decision, including corrective actions needed before Guyana’s next Validation, is published in the decisions register.
Latest News
Multi-Stakeholder Group
Overall, the MSG is a critical element of the EITI process, as it ensures that the initiative’s principles of transparency, accountability, and inclusivity are upheld in the governance of a country’s extractive industries. Learn more
