Seychelles has been accepted by the Extractive Industries Transparency Initiative (EITI) Board as a\u00a0Candidate country\u00a0to the EITI, the global transparency\u00a0standard.<\/p>\n
Seychelles joins 45 other countries that have signed up to the EITI Standard, which requires extensive disclosure and measures to improve\u00a0accountability\u00a0in how oil, gas and\u00a0minerals\u00a0are managed.<\/p>\n
A candidature country is one that has fully, and to the satisfaction of the EITI Board, completed the four sign-up steps set out in the EITI Standard. EITI Candidature is a temporary state which is intended to lead, in a timely fashion, to compliance with the EITI Standard. When the EITI Board admits an\u00a0EITI Candidate, it establishes deadlines for publishing the first\u00a0EITI Report\u00a0and undertaking\u00a0Validation. The first EITI Report must be published within 18 months and Validation must commence within two and a half years<\/p>\n
This comes as three international companies are exploring for hydrocarbons in Seychelles\u2019 vast territorial waters although there have been no commercially viable discoveries \u00a0to date \u00a0but hopes are high as extensive gas reserves have been found along the East African coast.<\/p>\n
Implementing the EITI is part of the country\u2019s wider efforts to prepare for possible oil and gas production. The government, civil society and companies are working together to ensure a framework is in place for the prudent management of resources and revenue.<\/p>\n
Minister of Finance, Trade and Investment Pierre Laporte welcomed the Board\u2019s decision. \u201cSeychelles is fully committed to ensuring the highest degree of transparency in the management of any potential oil discovery\u201d, Minister Laporte said. Seychelles\u2019 EITI work plan includes developing a revenue management mechanism and mapping out the environmental impact of the industry. Focus is also set on building stakeholders\u2019 knowledge of the petroleum sector.<\/p>\n
\u201cThe EITI Board admits Seychelles as an\u00a0EITI Candidate\u00a0country on 6 August 2014. In accordance with the EITI Standard, Seychelles is required to publish its first\u00a0EITI Report within 18 months of becoming a Candidate (6 February 2016). If the EITI Report is not published by this deadline, Seychelles will be suspended.\u00a0Validation\u00a0will commence within 2.5 years of becoming a Candidate (by 6 February 2017).\u201d Read the Board\u2019s decision in full.<\/p>\n
Tanzania and Mozambique are the other Eastern African countries with an EITI candidature that have already met all the requirements in the EITI standards while Ethiopia despite receiving the candidature in 2011 is yet to publish any report.<\/p>\n
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