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Oil exploration in Seychelles waters attract more interest - PetroSeychelles receives two new applications

21/08/2014 by

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The Seychelles government has received applications for hydrocarbon exploration in two new areas situated a little more than 200 kilometres South of the main island of Mahé.

In a press statement issued this afternoon, the state-owned company responsible for regulating the hydrocarbon sector of the Indian Ocean archipelago, PetroSeychelles, said it is now inviting other interested companies to bid for two new areas for which it has received the new applications. After conducting several assessments in the 1990s, Seychelles decided to freeze all exploration efforts in order to review domestic legislation pertaining to the energy sector.

It was in June last year that the island nation invited oil and gas exploration companies to bid for exploration blocks after the lapsing of a two-year moratorium.

According to the press statement, under the “Seychelles Licensing Initiative”, which was announced in June 2013, oil companies may submit applications for specific areas of the Seychelles Exclusive Economic Zone, not exceeding 10,000 square kilometres per application, for Petroleum Exploration. The company is qualified once its financial and technical capabilities have been assessed and thereafter other companies are given 90 days to bid on the same area.

In the case of the two new areas for which it has received applications, PetroSeychelles is giving other interested companies until November 17 to submit their own proposals.“All proposals will be opened at the end of the 90 day period and one company will be selected to negotiate a Petroleum Agreement with the Government for the Area.”

Since the beginning of this year oil exploration in the Seychelles waters has been attracting more interest with several foreign companies currently involved in collecting seismic data of the rock formations for processing.

This article has been extracted from http://www.seychellesnewsagency.com/, please click on this link to read the article in full
http://www.seychellesnewsagency.com/articles/1193/Oil+exploration+in+Seychelles+waters+attract+more+interest+-+PetroSeychelles+receives+two+new+applications

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