Seychelles learns to manage offshore oil and gas resources from US

Posted in Business and Economy, International relations at 3:28 pm by Robert Klien

Seychellois officials received training on how to manage offshore oil and gas resources as oil has been discovered in Seychelles’ waters.

The representatives of the jurisdiction learned how to manage the above-mentioned resources through a 3-day workshop. The event was run by the US Department of the Interior’s Bureau of Ocean Energy Management (BOEMRE), in collaboration with the Seychelles Petroleum Company (Sepec).

The workshop that opened on August 23 was aimed at officials involved in petroleum engineering, environment, regulatory formulation, revenue management and legal affairs. The opening of the workshop took place in the presence of the Vice-President and Minister for Finance Danny Faure and finance principal secretary Ahmed Afif.

It should be mentioned that this is the 3rd visit to Seychelles by the US Department of the Interior since 2010. It comes at a time when 2 foreign companies are active in exploring a total area of about 36,000 sq km of Seychelles’ exclusive economic zone. Both companies are committed to drill wells in 2012.

The workshop included discussions on how issues relevant to Seychelles’ oil and gas sectors are handled in the US. The issues under discussion include tendering, licencing, geologic and economic modelling, managing transactions and revenue and environmental review and compliance.

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