VICTORIA – The Seychelles will tender another 70 000 square km of its sea-floor for oil exploration later this year, the head of state-owned Seychelles Petroleum Company (Seypec) said yesterday.
Two private firms, Houston-based PetroQuest International Incorporated and Dubai-based East African Exploration (Eax), have already signed separate production agreements.
Those accords cover a combined 38 000 square km of seabed, which recent seismic data suggests holds large reserves of oil and natural gas, according to Seypec.
‘Further blocks will go on offer this year, totalling about 70 000 square km on the Seychelles plateau,’ the company’s chief executive Guy Adam told Reuters. ‘Companies coming in will need to do more serious seismic work.’
The world’s thirst for oil is pushing exploration companies to identify new sites in Africa amid continued instability in the Middle East and growing energy nationalism in South America.
The Seychelles – regarded as a relatively stable and prosperous nation even despite its current economic crisis – could offer an attractive alternative to some of Africa’s more volatile oil-rich states.
– Nampa-Reuters
Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for
only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!
