Press Release: Guyana Accepted Into Extractive Industries Transparency Initiative (EITI) Global Movement
The Trinidad and Tobago Extractive Industries Transparency Initiative (TTEITI) Steering Committee congratulates the Government and people of Guyana after the country was officially accepted as a member of the Extractive Industries Transparency Initiative (EITI) today at the 38th EITI Board meeting in the Philippines. The EITI is the global gold standard for resource revenue transparency for countries rich in oil, gas, minerals and other natural resources.
The EITI’s mandate is to collect and disseminate independently verified information on revenue payments made to government from the oil, gas
and mining companies operating in a country’s extractive sectors, audited and reconciled with government’s declared corresponding receipts, so as to promote greater revenue transparency and accountability for citizens. The initiative promotes tripartite cooperation and, in any country, EITI implementation must be managed by a board consisting of civil society, Government and extractive company representatives. Guyana is the third Caricom country to join the EITI alongside Trinidad and Tobago and Suriname.
Victor Hart, Chair, TTEITI said, “Guyana is developing its oil and gas industry at a rapid pace and, by joining the EITI, the country’s citizens will have greater assurance on what they earn from their hydrocarbon resources and if there are any revenue leakages. Through the EITI citizens will have independently verified data to help guide discussions on how best the revenue earned can drive Guyana’s sustainable development.” He foresees Guyana partnering with Trinidad and Tobago in the EITI. And, he notes this partnership would help to strengthen the ties between the energy sectors of the two countries that is being fostered by government and private sector associations such as the Energy Chamber.
The TTEITI Steering Committee and Secretariat have a storied history of acting as an EITI Champion within Caricom and have held several capacity building workshops and stakeholder engagement sessions in Guyana, Suriname and regionally to promote the initiative. Currently, the TTEITI in partnership with the British High Commission, is embarking on the second phase of a series of regional capacity building workshops to promote best practice in natural resources management in CARICOM. The current target countries include Barbados, Belize and Jamaica and the project is being funded under the UK’s Foreign and Commonwealth Office’s Prosperity Fund Project. These workshops will seek to promote transparency, accountability and improved natural resources management in the extractive sectors (oil, gas and mining) of the countries through EITI adoption and implementation. The first phase of the project was undertaken in 2015, with workshops in Jamaica, Suriname and Guyana. The result saw Suriname becoming an EITI member in May 2017 and now Guyana joining the global initiative.
For further information please contact Sherwin Long, Head TTEITI Secretariat, at email@example.com o r(868) 225 4334 ext 1