Guyana consultation and professional services

Re: Guyana, South America

Guyana is the new oil-resource rich county, which is only a stone through from the U.S. It is a fast-developing story. Key stakeholders are the government that took office after a contested election concluded in August 2020 and Exxon Mobile. While Repsol, Tullow Oil, Hess, and China National Offshore Oil Corporation have joined the exploration frenzy, Exxon is currently the market-maker.

Meanwhile, the change is fast, stressing, and straining the underdeveloped commercial and regulatory infrastructure the Guyanese must work with until proper tools and know-how are in place. At the same time, considerable dollar value multi-year contracts and obligations are being signed.

Guyana is a new member of the Extractive Industries Transparency Initiative (EITI) (https://eiti.org/) that has the mandate of reducing the pitfalls of natural resource curses. EITI requires member nations to track and report revenue (not expenditure). The below link is the Guyana EITI 2020 Work Plan. Lots of Objectives are “In Progress.” I agree data collection, analysis, reporting, and compliance, all in the name of transparency are mandatory checks-and-balance. However, it doesn’t have to be unreasonably expensive. Consultation and professional services will be an expense line item that needs monitoring, which is after the fact and is too late. Therefore, inhouse expertise is paramount in all sectors.

 https://gyeiti.org/wp-content/uploads/GYEITI-Workplan-2020.pdf