This EITI Report covers Seychelles' extractive sector in 2013 and 2014. It was published in February 2016.
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 first EITI Report published in February 2016. Some companies provided information on their shareholders. Considering the small size of the sector and that most companies operating in the country are publicly listed, much of the information on company ownership is made available though existing company regulations.
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 (2014) show that Seychelles received USD 350,000 from extractive industry license fees. 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 is the Seychelles EITI 2015 Annual Progress Report (in accordance with Requirements 7.4 and 8.4).
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 and supports wider policy work at the EITI International Secretariat. She holds an MSc in Development Studies from London School of Economics,
EITI responsibilities: Africa and Middle East. 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.