The Ministry of Finance, Trade and the Blue Economy is responsible for the oil and gas sector. The Ministry also has oversight of the parastatal company PetroSeychelles, which is responsible for regulating the upstream petroleum sector and overseeing exploration activities. Based on preliminary exploration data, PetroSeychelles has revised its model petroleum agreement, including the fiscal regime.
The Seychelles Revenue Commission collects and accounts for revenues, including from the extractive sector. While the Seychelles Petroleum (Taxation) Act defines the Petroleum Income Tax (PIT), the model petroleum agreement defines the tax base and the allowable deductions and expenditure from the tax base.
Licences
Oil and gas exploration and production licenses are awarded on the basis of competitive tender. Only exploration licenses have been awarded to date. An updated map of active permits has been published on the website of PetroSeychelles.
Social and economic contribution
The extractive sector in Seychelles is still nascent, and the social and economic contribution to the sector is minor (less than 1% of GDP, exports and employment).