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Oil exploration opens new vistas and opportunities


Published:2012-02-23


The seismic studies were completed, and the estimates have increased from 1 trillion to 4.3 trillion barrels of oil, and the reserves are considered still active. “The results look very good”. President James Michel is optimistic, “I was briefed about the reserves, and it is very encouraging. We could have an oil basin equivalent to the Saudi Arabian oil field.”

Drilling is ongoing and the potential is immense. Seychelles would switch from a country that relies heavily on imported oil to a major exporter of oil in as little as three to five years’ time, and cheaper fuel could become available for fishing vessels and local industry.

According to representatives of the US Treasury and Environment Departments, the Seychelles could become a major producer. SEYPEC has already consulted with the commonwealth secretariat and a number of countries including Norway and Ghana for advice on drafting legislation and guidelines, as the Seychelles’ government is wary of the potential pitfalls a country can face following major oil discoveries. Planning is already underway to ensure both resources and revenue best serve the country’s future generations.

The Seychelles’ government and SEYPEC are determined that the exciting discovery should have a minimal effect on the environment. Sustainable practices and conservation of the ecosystem are top priorities. Indeed, the steady stream of visitors and thriving fishing industry rely on conservation of the archipelago’s astounding natural beauty.