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Extractive revenues increased by 36% in 2021- Guyana’s 5th EITI Report

Jan 06, 2024 News

Kaieteur News – Guyana recorded a 36 percent increase in revenues generated from the extractive sector in 2021.

This is according to the country’s fifth Extractive Industries and Transparency Initiative (GYEITI) Report launched and approved by the Multi-stakeholder Steering Group (MSG) on December 29, 2023.

The body in a statement to the media on Friday said the report covers the fiscal year 2021 and includes material payments made by mining, oil and gas, agriculture and forest companies to the Government of Guyana (GoG).

It noted, “The report shows an increase in extractive revenues from GYD 93.78b in 2020 to GYD 127.66b in 2021, representing a net increase of 36%.”

The Report states that for 2021, oil and gas recorded GYD 112.43B, representing 88% of revenues from the extractive sector.

Meanwhile, the revenue recorded from the mining sector accounted for 11% of the earnings, a total of GYD 13.9B.

Additionally, the forestry sector accounted for 1% of the extractive revenues earned by Guyana, a total of GYD 1.18B. Finally, the report noted that the fisheries sector contributed less than 1% of the extractive earnings, raking in only some $150M in 2021.

The MSG recruited Hart Group / BDO Guyana as Independent Administrator to produce the report. In keeping with Requirement 7.2.c of the EITI Standard, data contained in the report is also published in an Open Data format on GYEITI website at: https://eiti.gy/reports/explore-guyanas-fifth-eiti-country-report-fy-2021/

To build on these efforts, the MSG has also approved the 2024 Workplan which includes implementing the Beneficial Ownership Roadmap, feasibility study on systemic disclosures of EITI data, awareness and community outreach, publication of Guyana 6th EITI report, amongst other activities.

About GYEITI

The Guyana Extractive Industries Transparency Initiative (GYEITI) is a part of the global initiative, the Extractive Industries Transparency Initiative (EITI). EITI seeks to promote revenue transparency in the extractive sector in resource-rich countries. It strives to ensure transparency over payments made to and revenues received by the Government from companies in the extractive sectors. Guyana joined the EITI in 2017 and has published five EITI reports. GYEITI is governed by a broad coalition of government, civil society, and the private sector.

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