Seychelles was accepted today by the EITI Board as a Candidate country to the EITI, the global transparency standard.
It joins 45 other countries that have signed up to the EITI Standard, which requires extensive disclosure and measures to improve accountability in how oil, gas and minerals are managed.
Three international companies are exploring for hydrocarbons in Seychelles’ vast territorial waters. To date no commercially viable discoveries have been made, but hopes are high as extensive gas reserves have been found along the East African coast.
Implementing the EITI is part of the country’s wider efforts to prepare for possible oil and gas production. The government, civil society and companies are working together to ensure a framework is in place for the prudent management of resources and revenue.
Minister of Finance, Trade and Investment Pierre Laporte welcomed the Board’s decision. “Seychelles is fully committed to ensuring the highest degree of transparency in the management of any potential oil discovery”, Minister Laporte said. Seychelles’ EITI work plan includes developing a revenue management mechanism and mapping out the environmental impact of the industry. Focus is also set on building stakeholders’ knowledge of the petroleum sector.
The Board’s decision in full:
The EITI Board admits Seychelles as an EITI Candidate country on 6 August 2014. In accordance with the EITI Standard, Seychelles is required to publish its first EITI Report within 18 months of becoming a Candidate (6 February 2016). If the EITI Report is not published by this deadline, Seychelles will be suspended. Validation will commence within 2.5 years of becoming a Candidate (by 6 February 2017).
