Seychelles: Licensing plans

The government is assessing licensing applications for two newly delineated offshore areas to the west of the archipelago. PetroSeychelles chief executive Eddy Belle told CWC’s East Africa Oil & Gas Summit on 11 June that the government would not reveal the identity of bidders until the proposals had been approved. “Last week, we received a proposal for areas 1 and 2, and we are doing due diligence on the companies,” Belle said. The Seychelles’ approach to licensing is a blend of competitive auctions and open-door policy. According to Belle, companies may apply for a production-sharing contract at any time, with PetroSeychelles undertaking financial and technical due diligence to assess the bidder’s ability to meet its work commitments.