Petroleum Africa
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Tuesday, August 20, 2013
According to reports, two African island nations plan to join forces in the hunt for hydrocarbons in an area in the Indian Ocean that they both own. Seychelles and Mauritius will establish a joint licensing area and split the revenues on a 50/50 basis.
“An Authority will be established to deal with the licensing and to oversee the activities in the Joint Management Area (JMA). All revenues will be split 50:50,” Eddy Belle, CEO of state-run PetroSeychelles told Reuters.
“Mauritius and Seychelles are still working on the legal framework that will dictate oil exploration and exploitation in the JMA. No deadline has been set for the opening of the area.”
Earlier this year Seychelles invited oil and gas companies to bid for exploration blocks, bringing to an end a two-year moratorium, and introducing new rules for bidders after completing a review of laws regulating the sector.
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