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, inform public debates, and enhance trust. In each implementing country, it is supported by a Multi-Stakeholder Group (MSG) comprising government representatives, extractive company officials and civil society organisations working together.
The Extractive Industries Transparency Initiative (EITI) was first announced at the World Summit on Sustainable Development in Johannesburg in 2002 (the Earth Summit 2002) and was officially launched in London in 2003. EITI is currently being implemented in 55 countries in Africa, Asia, Europe and the Americas.
The EITI Standard sets out the requirements which countries need to meet to be recognised, first as EITI Candidates and subsequently as being an EITI Compliant country. The Standard is overseen by the EITI Board, which comprises 20 members representing implementing countries, supporting countries, civil society organisations, and industry and institutional investors.
The 43rd EITI Board meeting held in Paris on 17 June 2019 adopted the 2019 EITI Standard, which became applicable from 1 January 2020. It is the sixth version since the EITI Principles were agreed in 2003. The 2019 EITI Standard can be found at the following link - eiti.org/files/documents/eiti_standard2019_a4_en.pdf. It encourages countries to make use of existing reporting systems for EITI data collection and make the results transparent at source.
The 2019 Standard introduced new aspects on environmental, social, and gender impacts. It also breaks ground for the disclosure of the identity of the real owners - the 'beneficial owners' - of the companies that have obtained rights to extract oil, gas and minerals starting from 2020.
Revised GYEITI Report
This revised GYEITI Report for the Fiscal Year 2018 is a result of updates made to the GYEITI Report submitted on 30 March 2021 to the GYEITI MSG, which was approved for publication. The GYEITI MSG subsequently agreed to include the latest information provided by the Guyana Geology and Mines Commission (GGMC) on 30 March 2021. The Independent Administrator was requested to consider this latest information from GGMC. As a result, a revised report with updated Annexes was prepared and resubmitted to the GYEITI MSG for approval. The specific changes made to the previous version are as follows:
- Annex 1.2. Mining Permits has been updated;
- Annex 1.3. Prospecting Permits Medium Scale has been updated;
- Annex 1.6. Claim licenses has been updated;
- The last paragraph of Section 'Scope of work' on page 9 has been added;
- A footnote has been inserted in Section 1.4 on page 18;
- A third paragraph has been included in Section 3.4.1 on page 81;
- The company name of Repsol Exploration Guyana has been amended to 'Repsol Exploracion Guyana S.A.' in the report, namely in tables 13, 47, 49, 92, 94, 99, 100, 103, 104, 120 and 129.