Petro Seychelles

[Rosalie Checca]

Seychellesdoes not produce oil, gas or minerals, although international companies are exploring for petroleum offshore. A commercially viable discovery could have a significant impact on the island nation, which has a population of around 90,000 and an economy dominated by tourism and fisheries.

In November 2023, the EITI Board decided to pause EITI implementation in Seychelles, given the lack of extractive industry activities in the country. Prior to this, Seychelles had been using the EITI platform to strengthen the legal and policy framework for its extractive sector, including on beneficial ownership disclosure and licensing transparency.

Seychelles adopted a Beneficial Ownership Act in March 2020, which includes a definition of beneficial owners and requires extractive companies to disclose comprehensive beneficial ownership information. The law came into effect in January 2021. Extractive companies are the only sector where beneficial ownership disclosures are to be made publicly available.

Seychelles EITI (SEITI) is administered by the Seychelles Multi-Stakeholder Group (MSG). The MSG is hosted by PetroSeychelles under the Ministry of Fisheries and Blue Economy and chaired by Mr Patrick Payet, Secretary of State of the Ministry of Finance, Trade, Investment and Economic Planning. The MSG is comprised of representatives from government, industry and civil society.

Seychelles was found to have made meaningful progress in implementing the 2019 EITI Standard in September 2020, following its third Validation. Seychelles has fully addressed three of the eight corrective actions identified in its previous Validation. The next Validation is expected to commence in January 2023.

Adamantine Energy Seychelles (AESL), a wholly owned subsidiary of Adamantine Energy, has announced the signing of a petroleum agreement to formally acquire a 100% operated stake in two blocks offshore the Seychelles.

"This transaction is the result of years of geological and geophysical review and analysis of the region by our team," said AESL CEO Chris Matchette-Downes. "This stake in the Beau Vallon and Junon blocks directly supports our strategy to be a key part of the delivery of the stable, secure energy resources the world needs today, and upon success will diversify the Seychellois economy while providing the nation critical energy security."

Monday 21st December 2016: Victoria- Members of the SNYA are now more knowledgeable on the Blue Economy Concept and the Extractive Industry Transparency Initiatives, EITI, after following a half-day session.

The session was organized by the Blue Economy Department, with the aim of engagingandfamiliarizing the youth on the Blue Economy Concept. It was also aimed atincreasing their participation and involvement in the Blue Economy and EITI activities.

The Principal Secretary for the Blue Economy, Ms. Rebecca Lalanne, Mr.Patrick Joseph from PetroSeychelles and Ms. Fatime Kante, facilitated the session. Mr. Philippe Michaud, the Special Advisor for the Blue Economy, Ms. Aurore Arcambal, member of the Multi-Stakeholder Group, Mr. Alvin Laurence, CEO for SNYC, Ms. Jeanetta Ally, SNYA Coordinator and Mrs. Marie-May Bastienne, were also present at the dissemination session.

Members of the SNYA proposed that an internship programme be introduced for the Blue Economy, conduct field visits at Petro Seychelles, amongst other things. P.S Lalanne pointed out that the internship programme already exists at UNISEY. Mr. Joseph, on his part welcomed the idea of the field visit, stating that this is an ongoing initiative. Students have conducted visits on a regular basis at Petro Seychelles and that the SNYA is most welcomed to contact the office to effect a visit.

The CEO for SNYC, Mr. Alvin Laurence, encouraged the participation of SNYA in the Blue Economy and EITI activities. He pointed out that now members are better equipped with new information, and proposed that a motion to raise public awareness with the aim of bringing more clarity on what is going on in the petroleum sector, the EITI and the Blue Economy be tabled next year. This, he said will also encourage youth involvement and participation.

(Seychelles News Agency) - PetroSeychelles CEO, Eddy Belle has revealed that the state-owned hydrocarbon exploration regulator is currently active in its negotiations with an as-yet-unnamed company for two more oil exploration contracts 200 kilometres south of the main island of Mahe.

Under the Seychelles Licensing Initiative which was announced in June 2013, oil companies may submit applications for specific areas of the Seychelles' vast 1.4 million square kilometre Exclusive Economic Zone, not exceeding 10,000 square kilometres per application, for petroleum exploration.

In the case of the two new areas for which it had received applications, PetroSeychelles gave other interested companies until November 2014 to submit proposals, after which one company is selected to negotiate an agreement with the government for rights to explore the area.

This report, an update of our 2021 Beyond Petrostates report, finds that petrostates are facing substantial risks from the energy transition, as falling oil and gas demand is set to put downward pressure on commodity prices and place future government revenues in jeopardy.

The increasing economic competitiveness of clean technologies has given governments (mainly in the Global North) the confidence to announce future bans on the sale of new petrol and diesel vehicles and gas boilers, wiping out a substantial proportion of fossil fuel demand permanently.

There is growing momentum around COP28 for governments to agree on a target of tripling renewable energy capacity by 2030 and a doubling of energy efficiency measures, setting a clear direction of travel.

In the face of these risks, petrostates must consider a series of measures that would reduce their vulnerability to the energy transition. These include economic diversification, fossil fuel subsidy reform, the creation of sovereign wealth funds, and the establishment of new taxes (e.g. on fuel and VAT). The adoption of forward-looking policy approaches, which address the transition and can mitigate its negative impacts, is increasingly urgent.

Many countries have undertaken such reforms and could serve as models for others to follow. Fora including OPEC or the Beyond Oil and Gas Alliance would be well-suited to facilitate peer-to-peer learning and share best practice.

The international community more broadly has a clear stake in supporting petrostates through this process, both for development reasons and to mitigate the very real risk of conflict and instability if these countries are hit hard by the energy transition. Just Energy Transition Partnerships could be extended beyond coal to oil and gas as a means of financing the necessary changes.

Carbon Tracker is an independent financial think tank that carries out in-depth analysis on the impact of the energy transition on capital markets and the potential investment in high-cost, carbon-intensive fossil fuels.

This website is maintained by Carbon Tracker Initiative Limited (No. 06888857) set-up to share new thinking on climate risk and funded by a range of UK, European and American foundations. Carbon Tracker is an initiative under Tracker Group alongside Planet Tracker.

Please refer to our terms of use and our privacy and cookie policy. 2024 Carbon Tracker Initiative. All Rights Reserved.

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Petro-SIM process simulator is a proven software underpinned by a solid engineering framework combined with digital platforms, artificial intelligence and machine learning. Our technologies enable the process industries to make fast optimal decisions that result in meeting product specifications, maximizing yields and margins, while reducing energy usage and emissions. The Petro-SIM simulation models also enable the determination of optimal decarbonization strategies.

Petro-SIM process simulator models individual units and integrates them into the supply chain-wide simulation from well-head to feedstocks to refining and petrochemical end products. This capability is due to both the software's fluid characterization and the open platform, which enables integration and collaboration such as native data historians and database connection.

Different business teams in different physical locations need to work together with the common objective of maximizing facilities profit margins. Petro-SIM centralizes and validates plant data enabling automated reporting of unit key performance indicators (KPIs) and targets. Using real-time connected technology with advanced analytics, it delivers a single version of the truth across the value chain. This brings unique alignment between business teams.

Business managers are pressured to reduce their carbon footprint and keep their facilities profitable. A Petro-SIM process and utilities integrated model facilitates energy transition, meeting decarbonization goals to reach low cost and low carbon intensity, spotting opportunities across utility systems, and tracking projects to simplify capital decisions.

The Petro-SIM simulation with advanced instrumentation and controllers creates an impressive technology stack that can be applied to tackle the challenges of running a polymer plant such as optimizing grade transition, product yield, energy integration, and emissions.

The integrated Predici polymer modeling software with Petro-SIM process simulation provides an opportunity for engineers to simulate and optimize the entire refinery petrochemical polymer supply chain. Predict yield, polymer properties, minimize emissions, determine optimal decarbonization and plastic recycling strategies as part of achieving the circular economy.

3a8082e126