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UK firm gets $40M contract to prepare Guyana’s 5th EITI Report

Oct 25, 2023 News

Kaieteur News – United Kingdom (UK) based firms, Hart Group and BDO- Guyana (local office) has been awarded a $40 million contract to prepare the country’s 5th Extractive Industries Transparency Initiative (EITI) Report for the fiscal year 2021.

According to information recently published on the National Procurement and Tender Administration Board (NPTAB) website, is that on October 13, it awarded the US$203,210 ($40M) contract to the firms.

On its website, Hart Group noted that it is a UK-based firm which provides specialist consultancy expertise to the oil and gas and mining sectors. While BDO Guyana stated that it is a member of BDO International, the world’s fifth largest accounting and consulting network. The company shared that its delivers assurance, tax, financial advisory, and consulting services to clients throughout the country and around the globe.

It was reported that the specific consultancy services required pertain to the role of Independent Administrator (IA) under the GUYEITI Sub-Component of the Guyana Petroleum Resources Governance and Management Project (GPRGMP), funded by a $20 million World Bank (WB) loan.

Kaieteur News had reported that the project’s objectives include tackling governance vulnerabilities in the extractive sector, fostering industry transparency, facilitating the transition to renewable energies, encouraging disclosure of licensing and environmental data, and integrating transparency data on social and environmental impacts of oil, gas, and mining projects.

Guyana’s extractives sectors are riddled with issues regarding a lack of transparency, especially in the mining sector. The country’s EITI membership had been suspended for failing to complete and submit its report by the deadline. However, Guyana’s membership has since been reinstated, following completion of the report. The government has committed to giving its support for the diligent completion of Guyana’s EITI reports.

The chosen IA, this publication understands will be expected to conduct a comprehensive gap analysis, reviewing all legislation pertaining to the extractive sector, and identifying gaps between existing and required legislation necessary for EITI Standard compliance. The analysis will consider energy transition, gender and women’s empowerment, anti-corruption efforts, and beneficial ownership.

It was noted too that the selected firm would also provide training and guidance to all reporting entities on how to complete the summary data templates. Furthermore, the IA will assess Guyana’s mining fiscal and legal regime in terms of managing potential demand booms for critical minerals needed for the growth of the renewable energy industry and within the energy transition process. As reported, consultant, BDO LLP, had prepared Guyana’s last EITI report for the fiscal year 2019.

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