Overview
The Extractive Industries Transparency Initiative (EITI) is a global standard to promote open and accountable management of natural resources. It seeks to strengthen government and company systems, include civil society participation, inform public debates, and enhance trust. In each implementing country, it is supported by a Multi-Stakeholder Steering Group (MSG), which comprises government agencies, extractive companies, and civil society organizations working together.
The EITI Standard sets out the requirements that countries need to meet to be recognized, first as an EITI implementing country, and subsequently assessed against the EITI Standard. The Standard is overseen by the EITI Board, which comprises members from governments, extractive companies, and civil society. The 43rd EITI Board meeting held in Paris on 17 June 2019 adopted the 2019 EITI Standard, which became applicable from 1 January 2020.
The 2019 EITI Standard was replaced by the 2023 EITI Standard on June 12, 2023. However, EITI implementing countries will be assessed against the 2023 EITI Standard from January 1, 2025. Both EITI Standards and a summary of the changes to the 2019 EITI Standard can be found by clicking on the following links:
2019 EITI Standard
2023 EITI Standard
2023 EITI Standard: Summary of Changes
OBJECTIVES
Transparency in Guyana’s Extractive Sector
Comprehensive Reporting:
As part of the Guyana Extractive Industries Transparency Initiative (EITI), we are committed to publishing detailed reports that provide a comprehensive view of government revenues stemming from the extractive sector. This includes transparent disclosure of all significant payments made by companies involved in the oil, gas, mining, forestry, and fisheries sectors.
Our Mission:
The primary goal of the EITI report is to enhance public understanding of the extractive sector’s contributions to Guyana’s economic and social development. By fostering transparency, our aim is to elevate governance standards and transparency across every facet of the extractive industry value chain.
EITI Implementation Objectives:
Detailed objectives guiding the implementation of EITI in Guyana can be found in the EITI standard. These objectives are designed to promote transparency, accountability, and good governance within our extractive industries.
EITI in Guyana-Timeline
On 4 May 2010, the Prime Minister of Guyana expressed Guyana’s interest in implementing EITI.
On 15 May 2012, the Government of the Cooperative Republic of Guyana signed a Memorandum of Understanding (MOU) with the Extractive Industries Transparency Initiative (EITI) International Secretariat.
In 2014, Guyana commissioned a scoping study of the potential adoption of EITI in the country.
On 22 December 2015, the Minister of Natural Resources officially announced the government’s commitment to implement EITI and declared the commencement of a process to appoint the members of a Multi-Stakeholder Group (MSG).
In February 2017, the GYEITI MSG was officially formed and comprised twelve (12) members with four (4) representatives each from civil society organizations, extractive entities, and Government Agencies. Each MSG member has a designated alternate.
The Government of Guyana established the GYEITI National Secretariat within the Ministry of Natural Resources and appointed a National Coordinator and a Deputy Coordinator. The Secretariat operates under the supervision of the GYEITI MSG and is tasked with carrying out the day-to-day administrative and operational functions for the EITI implementation in the country.
In August 2017, Guyana submitted its application to the EITI International Secretariat, and on 25 October 2017, Guyana was officially accepted as an EITI implementing country.
In 2019, Guyana published its first EITI Report covering the financial year 2017, which disclosed figures related to mineral, forestry, and fisheries productions, as well as exploration activities in the hydrocarbon sector.
The second report covering the financial year 2018 was published in April 2021.
The third EITI report covering the financial year 2019 was published May 2022.
The 5th EITI Report covering financial year 2021 was published on December 29, 2023.
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.