US$500,000 transparency project for oil, other extractive industries

The US Embassy in Georgetown on Friday announced a US$500,000 project to promote and enhance transparency in petroleum and other extractive industries.

The funding comes under the United States Agency for International Development and is intended to build capacity for administration and governance of Guyana’s extractive resources and address gaps identified in Guyana’s first published report under the Extractive Industries Transparency Initiative (EITI).

It was announced that the project will also address required changes in data collection, monitoring and reporting systems that support Guyana’s attainment of EITI standard.

“Activities will include streamlining systematic public disclosure of data from the oil, gas, mining, forestry and fishery sectors; and raising awareness among citizens about the importance of transparency and accountability in the extractives sector,” the US Embassy said in a statement.

It noted that the discovery of vast offshore oil reserves in 2017 constituted a milestone for Guyana’s economic prospects and is expected to rapidly propel Guyana’s economy upward.

“During this transition period, transparency, accountability and good governance will determine Guyana’s ability to responsibly manage its extractive resources and ensure revenues benefit the Guyanese people, and this program supports attainment of these standards.”

Partners in the project include the Guyana Extractive Industry Transparency Initiative (EITI) secretariat, the Multi-Stakeholder Group and other stakeholders from government, industry and civil society.

The Pan American Development Foundation (PADF) is implementing this programme, which concludes in September 2020.

Editor’s note: The US Embassy in a statement said the project was valued at US$500M but the News Room has learnt that the amount is actually US$500,000