Oil & Gas
The Government’s announced intention to seek investors in a new bauxite mine in the Corentyne River follows several statements from President Ali reinforcing the priority the new Government assigns to mining. In the same vein, the Guyana Geology & Mines Commission (GGMC) has just announced new procedures to allow river dredges to move from one site to another
The state of unreadiness for the advent of ‘first oil’ in Guyana in both technical and political terms is a matter of major concern. While a range of factors have contributed to the lack of technical readiness, the source of political unreadiness is readily located in the absence of a bi-partisan political culture, following decades of dysfunctional politics.
A Citizens Assembly held at the Nurses Association on Saturday, February 8th attempted to provide ordinary Guyanese an opportunity to think through key issues related to oil and gas, such as who the oil belongs to and how the money it generates should be used. Additionally, should Guyana’s climate commitments be set aside in favour of oil production?
Guyanese understanding of the oil industry has been decisively influenced by oil company’s public relations campaign that oil is a risk-free, win-win, wonderful-for-everyone adventure. To this extent, they have successfully distracted Guyanese from addressing key issues, including the concept of a Citizens’ Dividend, equal rights of all citizens to share the benefits, the implications of inter-generational equity, and
Extractive Sector Corruption: What we have learned? There is a global consensus that in many countries, extractives sector corruption can deprive the population of resources needed to reduce poverty. At the same time, many good practice options are emerging as models for improving transparency in regulatory governance of these sectors. Among these include systems to verify the ‘fitness
The EITI value chain Strengthening governance along the extractive industries value chain The EITI Standard requires countries and companies to disclose information on the key steps in the governance of oil, gas and mining revenues: Natural resources Contracts & licenses Production Revenue collection Revenue allocation Social & economic spending Public benefit Here is a short overview what the
9 December marks the UN’s “anti-corruption day”. What is there to celebrate and lament in 2017, and have we finally ‘drained the swamp’? A slogan that helped carry Donald Trump to the White House sent a message that opaque dealings, lobbyists and contractors have a parasitic role in the democratic process that would no longer persist. Yet for
EITI Chair Fredrik Reinfeldt's end-of-year message Dear EITI supporters, 2017 has been a busy year for our countries. Almost half have completed Validation, we have seen unparalleled political commitments on beneficial ownership transparency and most are accelerating the process of mainstreaming transparency into government and company systems. We welcomed three countries to our family in 2017 –
Civil society representatives on the international Board of the Extractive Industries Transparency Initiative (EITI), a multi-stakeholder initiative founded in 2002 to foster greater transparency in the extractive sector, are pleased to announce their collaboration with the Consensus Building Institute over the coming six months to undertake an independent review of the EITI civil society constituency guidelines. Ahead of
Where the Rubber Meets the Road: Winning Conditions for Effective Implementation of OGP Natural Resource Commitments Everyone knows that implementation of commitments is at the core of the Open Government Partnership (OGP)’s mission for transformational reforms. However, more than a third of commitments reviewed to date by the Independent Reporting Mechanism have not been implemented. For natural resource
When asked about the most expensive oil grade out there, those working in the oil industry are caught blindsided because there’s no easy way to answer this question. The price of crude oil is determined by its physical characteristics (low-density, low-sulphur grade blends generally cost more, but there are several exceptions to this rule), classic supply-demand conditions, distance
Oil prices started the year on a high note as some geopolitical tension pushed aside bearish concerns. Both WTI and Brent opened above $60 per barrel for the first time in years. The protests in Iran were the main driver of the bullish sentiment in the oil market. Anti-government demonstrations swept across the country in recent days, and
New index shows promise in some developing countries, but raises alarms over sovereign wealth funds and citizens’ freedom to hold governments to account The majority of governments inadequately govern their oil, gas and mining sectors, according to the 2017 Resource Governance Index. Sixty-six countries were found to be weak, poor or failing in their governance of extractive industries.
Publish What You Pay-Canada welcomes the public disclosure of hundreds of reports detailing payments to governments by Canadian extractive companies. For most companies, this represents the first time these payments have been made public. “With more than 1200 Canadian-listed extractive companies operating in over 100 countries, the disclosure of payments in Canada will increase the transparency of the extractive