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Seychelles: Oil
Country Study > Chapter 3 > The Economy > Oil

OIL


Seychelles depends on imported petroleum to meet its domestic power requirements. Following the increase in oil prices in 1990, fuel accounted for nearly 8.6 percent of the nation's import bill, exclusive of reexports. The possibility of commercially exploitable offshore oil led to the granting of exploration rights in 1977 to a consortium headed by Amoco Oil Company. Amoco later bought out its partners and acquired additional exploration rights but ceased drilling in 1986 when all of its test wells proved dry.

The government embarked on a new program to interest oil companies in exploration in 1985 with technical assistance from Norway in preparing feasibility studies. In 1987 the British Enterprise Oil Company and the United States Texaco Corporation, obtained rights for areas south and west of Mahé. After completing promising seismic studies, Enterprise announced plans to begin drilling in 1995. The Seychelles government retains rights to participate in joint development of the concession if commercial quantities of oil are found. In August 1990, Ultramar Canada, Inc. stated that it had an agreement to search 10,200 square kilometers of seabed northeast of Mahé.

Data as of August 1994




Last Updated: August 1994


Editor's Note: Country Studies included here were published between 1988 and 1998. The Country study for Seychelles was first published in 1994. Where available, the data has been updated through 2008. The date at the bottom of each section will indicate the time period of the data. Information on some countries may no longer be up to date. See the "Research Completed" date at the beginning of each study on the Title Page or the "Data as of" date at the end of each section of text. This information is included due to its comprehensiveness and for historical purposes.

Note that current information from the CIA World Factbook, U.S. Department of State Background Notes, Australia's Department of Foreign Affairs and Trade Country Briefs, the UK's Foreign and Commonwealth Office's Country Profiles, and the World Bank can be found on Factba.se.

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