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Petroleum is a very important commodity in Seychelles. Currently the country depends entirely on petroleum products as a source of energy. The total domestic consumption for petroleum in 2011 was 133,070 Mtons of which over 50% was used for the generation of electricity. Over the years we have seen an increase in consumption, a trend which is likely to continue as the country progresses on its economic developments. As the prices of petroleum products continue to remain high, the Government is more committed to expedite petroleum exploration in its EEZ. A discovery will not only ensure security of supply, but will also generate much needed revenue for the country. The Government is therefore putting in place fiscal and regulatory incentives that would attract and facilitate technically able and financially sound oil companies to explore and exploit hydrocarbons in the Seychelles EEZ.

 

The main policy objectives are to:

 

  • Promote petroleum exploration in Seychelles EEZ by putting in place fiscal and regulatory incentives that will attract oil companies, expedite exploration and have an early commercial discovery. A discovery will provide the country with its indigenous energy source and as the population is small only a small quantity of the hydrocarbon produced will end up in domestic consumption. The international oil company will have the large balance for export.

 

  • Ensure Energy security at a time when world prices are very volatile and demands from countries like India and China are continuously on the increase.
  • Attract Foreign Direct Investments and stimulate ancillary economic growth. The industry will need services from other sectors which will create further inflows of Foreign Exchange.
  • Build capacity and facilitate technology transfer are other policy objectives. This is to enable the eventual establishment of a Directorate of Petroleum that will be necessary to supervise and co-ordinate exploration, field development and production programmes and enhance the effective management of the resources.
  • Ensure the maximization of the economic benefit at minimum risk to safety, the environment and to capital investment.
  • Systematically build up a comprehensive data-base on all aspects of petroleum activity in Seychelles. This will entail proper collection, sorting, processing, storage and dissemination of data.

 

Promoting interest in petroleum exploration among the international oil companies will be at the highest level of priority of the policy objectives. In order to meet the policy objectives, Government created a national oil company, PetroSeychelles, to implement the petroleum policy and strengthen Government capabilities in dealing with the exploration for, the exploitation of, or other activities related to enhancing the value of the petroleum resources in Seychelles.