Govt. now contracts law firm to implement beneficial ownership register

Feb 25, 2024 News, Oil & Gas

Kaieteur News – The National Procurement and Tender Administration Board (NPTAB) has awarded Barker, Barron and Law, the contract to support the Guyana Extractive Industries and Transparency Initiative (EITI) in the Implementation of Beneficial Ownership Roadmap in Guyana.

According to information provided on NPTAB website, the contract was awarded on February 20, 2024 to the entity and is valued US$47,447. Barker, Barron and Law is among four entities that submitted bids for the Ministry of Natural Resources project.

The ministry had issued a tender seeking proposal for individual consultancy services to execute the task.

Kaieteur News reported that the EITI, a global standard to promote transparency and accountability in the oil, gas and mining sectors require all implementing countries, including Guyana to implement a register of the beneficial owners of the corporate entity (ies) that apply for or hold a participating interest in an exploration or production of oil, gas or mining licence or contract.

According to the 2019 EITI Standards, countries are required to maintain a public register of beneficial owners that demonstrates the level of ownership and details about how ownership or control is exercised. The 2019 EITI Standard requires that, as of January 1, 2020, implementing countries request, and companies publicly disclose, beneficial ownership information.

It was reported that four years after the timeline set out by EITI, Guyana has not yet developed a register of beneficial owners that hold lucrative mining licenses in the extractive sectors.

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Barker, Barron and Law, contract awarded, EITI, Ministry of Natural Resources, NPTAB

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