Guyana's natural resources play an important role in the country’s economy, contributing nearly three-quarters of national export earnings in 2018. Guyana mainly produces gold, bauxite and diamonds and is also becoming a major oil producer following some of the world’s largest crude oil discoveries in recent history.
Guyana has been using the EITI platform to report on its mining, oil and gas, forestry and fisheries sectors. Guyana EITI (GYEITI) also aims to make progress on systematic disclosure of extractives data, strengthen its disclosures of extractive contracts, beneficial ownership, and inform policies and debate on the regulatory framework of the oil and gas sector and management of the country’s sovereign wealth fund.
Economic contribution of the extractive industries
- to government revenues
- to exports
- to GDP
- to employment
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- Guyana's EITI reporting addresses public demands for natural resource information beyond the mining, oil and gas sectors by also covering the forestry and fisheries sectors.
- Guyana EITI has developed innovative outreach and dissemination channels such as youth competitions, social media, newsletters and hybrid public conferences to stimulate public debate on the extractive industries. Such innovations allow continuity in the implementation of EITI In Guyana, given the political, environmental and health challenges of recent years.
Guyana’s mining sector is mainly governed by the Mining Act. The Guyana Gold Board Act grants authorisations to process, sell or export gold, and the Guyana Geology and Mines Commission Act provides stewardship of all mineral resources by promoting and supporting investment in the sector.
Companies operating in the sector are subject to a tax-royalty regime. The mining industry is regulated and administered by the Ministry of Natural Resources, the Ministry of Finances, the Guyana Geology and Mines Commission (GGMC), and the Guyana Gold Board.
Guyana’s oil and gas sector is mainly governed by the Petroleum (Exploration and Production) Act. The Environmental Protection Act regulates environmental aspects of the sector. As a new producer, Guyana is expected to continue developing its institutional and legal frameworks. Companies operating in the sector are subject to taxes and royalties in accordance with the terms set out in production sharing agreements.
The sector is mainly regulated and administered by the Ministry of Natural Resources, the GGMC, the Guyana Revenue Authority, the Department of Energy and the Environmental Protection Agency.
Mining licenses and permits are granted by the Guyana Geology and Mines Commission. The Mining Act considers three types of licenses: small scale, medium scale and large scale. There are no requirements to follow tendering procedures for granting mineral agreements.
Petroleum licenses are granted by the Ministry of Natural Resources. The Petroleum Act (1986) differentiates between prospecting licenses and production licenses in terms of eligibility. The Minister of Natural Resources has discretionary power under the Petroleum Act to grant or refuse the license in respect of any block.
Guyana does not have a legal framework mandating the disclosure of beneficial ownership. However, Guyana’s Companies Act and Anti-Money Laundering Act provide definitions of beneficial ownership. Beneficial ownership information is provided for some extractive companies in Guyana’s 2018 EITI Report (Annex 4).
Most extractive revenues are collected by the central government to be allocated as part of the national budget. A portion of revenues are collected by the Guyana Gold Board (GGB) and transferred directly to the Guyana Gold Mining Commission (GGMC). Financial reports explaining the allocation of extractive revenues collected by GGB are disclosed on the Guyana Gold Board website. No subnational payments were made in 2018.
EITI Guyana is administered by the Guyana Multi-Stakeholder Group (MSG). The MSG is hooted by the Ministry of Natural Resources and is co-chaired by Ms Euliene Watson, Technical Officer for Mining and the Ministry of Natural Resources, Mr Hilbert Shields of the of the Guyana Gold and Diamond Miners Association, and Mr Curtis Bernard, Executive Director at Conservation International Guyana . It is comprised of representatives from government, industry and civil society.
Guyana achieved a fairly low overall score in implementing the 2019 EITI Standard (52 points) in April 2022.