The country does not currently commercially produce oil, gas or minerals, although international companies are exploring for petroleum offshore. A commercially viable discovery could have a significant impact on a country with a population of around 90,000 and an economy dominated by 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.
Objectives of beneficial ownership transparency in Seychelles
- Promoting good governance
Progress on implementing beneficial ownership disclosure
Seychelles requested reporting companies to disclose beneficial ownership in its 2015/16 EITI Report published in January 2018 although there are no obligations or restrictions on the disclosure of beneficial ownership information by the Government, state-owned enterprises and private companies under the current Petroleum Legislation.
Seychelles is fully committed to ensuring the highest degree of transparency in the management of any potential oil discovery.
Seychelles comprises 115 islands spread over 1.4 million sq. km in the western Indian Ocean, covering only 455 sq. km in land area. In 2012, the US Geological Service conducted an assessment of oil and gas resources along the coast of East Africa between Tanzania, Mozambique and Seychelles, yielding encouraging results. In 2013 Seychelles and Mauritius established a Joint Management Zone.
|Oil||N/A||Prospecting offshore is ongoing.|
The latest EITI disclosures show that Seychelles received total revenues received from the extractive sector amounted to SCR 24,590,036.34 and SCR 11,534,242.55 in FY 2015 and FY2016 respectively.Two companies accounted for three quarters of these revenues. The Seychelles Revenue Commission (SRC) is the main body responsible for collecting taxes paid to central government, while the Ministry of Finance, Trade and the Blue Economy (MFTBE) manages various application and rental fees levied by PetroSeychelles.
The EITI encourages multi-stakeholder groups to explore innovative approaches to make the EITI more relevant and useful.
The 2013 and 2014 EITI Reports provide the first comprehensive description of the nascent oil and gas sector in Seychelles.
On the basis of preliminary geological data, the Seychelles Government has revised its petroleum legislation, including the fiscal regime, and Model Petroleum Agreement.
- PetroSeychelles, the national oil company, has implemented an “Open Filing” procedure for accepting applications for petroleum concessions.
Seychelles EITI is currently updating its work plan, which includes plans for developing a three-year beneficial ownership roadmap and assessing options for embedding EITI reporting in government systems. Seychelles EITI is also considering including relevant aspects to EITI reporting such as assessing the environmental impacts of the sector and designing a revenue management mechanism.
Seychelles has been an EITI Candidate since August 2014. The government issued a press release on 19 June 2013 announcing its intention to apply for EITI Candidature and reiterated this commitment in the 2014 Budget speech on 10 December 2013. The multi-stakeholder group, chaired by HE Patrick Payet, Principal Secretary for Finance, adopted its ToR on 15 May 2014 with 2.5 year term limits renewable two years.
This EITI Report covers Seychelles' extractive sector in 2015 and 2016. It was published in January 2018.
This is the Seychelles EITI 2016 Annual Progress Report (in accordance with Requirements 7.4. and 8.4.) The report assesses progress made by the country against the EITI requirements, and reviews the outcomes and impact of EITI implementation on natural resource governance.
This EITI Report covers Seychelles' extractive sector in 2013 and 2014. It was published in February 2016.
This is the Seychelles EITI 2014-2016 work plan (in accordance with Requirement 1.5).
Ines Schjolberg Marques
Ines Schjolberg Marques is part of the Anglophone and Lusophone Africa team focussing on Eastern and Southern Africa, and supports wider policy work at the EITI International Secretariat.
EITI responsibilities: Implementation and outreach. Oversight for finance, human resources, communications, and the Global conferences.
Eddie Rich has been Deputy Head of the EITI since the International Secretariat was established in 2007.