Seychelles publishes its first EITI Report covering the extractive sector.
Seychelles published its first EITI Report 2013 and 2014 in February 2016 covering oil and gas. The report shows that the sector, which is still in the exploration phase, did not yet make a significant contribution to the national economy in 2013 or 2014.
There is currently no oil production in Seychelles, but petroleum exploration activities are ongoing offshore. An oil discovery could have a significant impact on the country which has a population of just 90,000 people.
The recently published report provides an overview of the extractive sector, the relevant regulatory frameworks, information about payment flows and the contribution of extractives to the national economy. The report also shows where it is possible to find data on current licenses and explains the license allocation process. This allows the public to understand who is exploring for oil in and makes it possible for companies to see where there are ongoing activities.
There are hopes regarding the potential of the Seychellois petroleum sector, but there are also concerns about its impact on the marine ecology and other sectors such as tourism and fisheries. EITI reporting can provide insights to management of the nascent oil sector in the Seychelles including information on environmental risks associated to offshore oil exploration and production. The multi-stakeholder group has engaged with stakeholders to start a public discussion about the development of an environmentally-conscious petroleum strategy and developing best practices in environmental risk management.
Read the Seychelles 2013-2014 Report
For more information about extractive transparency in Seychelles, visit the country page on eiti.org.