10.23.08

Hopes to find Seychelles oil introduce new survey

Posted in Business and Economy at 9:11 am by Robert Klien

On October 12, an American firm called GX Technology said that all parts of Seychelles have geological conditions that are likely to produce oil and therefore it began a new survey.

According to exploration manager of GX Technology, Patrick Joseph, the East Africa region has great potential for oil and that is why Seychelles along with other countries were included in a regional survey carried out by this company.

GX Technology carrying out a survey entitled the East Africa SPAN project and it is using a seismic vessel GGS Atlantic. This vessel has been working south-east of Mahe and will altogether spent there 15 days. With the help of new drilling technology, GGS Atlantic is inspecting depths of up to 2 000 metres. It is worth noting that previously studies could take data from the just 200 metres below the surface of the sea.

Joseph said that GX Technology hopes to minimise the technical risks connected with exploration and to potentially attract more companies to the jurisdiction.

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