|

It is unlikely, for example, that Seychelles will refine any oil found locally as the process is considered dirty but will probably export what is extracted from the estimated billions of barrels under the seabed.

Talking to Reuters on Friday in the presence of Seychelles Nation,  the President said while modern technology allows oil exploitation to be carried out in such a way that the environment is not affected, refining it is still a dirty business so it is not likely to be done here.

“Our environment protection policies must remain as they are key to the sustainability of our economy,” he said.
“I think it’s also our duty to maintain and sustain the environment. Today we have become like a part of the paradise that existed a long time ago and which we invite people to come and share.

“We will ensure that the environment is protected in whatever relations we develop. Whatever exploitation is done, it is important that we preserve the environment of Seychelles.”

Mr Michel said the country holds billions of barrels of oil, according to recent seismic data.
“There are huge reserves within the offshore sectors of Seychelles. Striking oil will transform Seychelles,” he said but added that the country needs to learn from the mistakes of others.

“There are other African countries where a lot of mistakes have been made. All our negotiations with the companies that will explore and drill are being done correctly so Seychelles will get the right benefit and what is really due in terms of our natural resource,” he said.

“That will entail continued negotiations…both in the interests of the companies and of Seychelles. Some negotiations have already started taking place, others will continue, to ensure Seychelles gets maximum benefit out of this resource.”

Mr Michel said that if found and exploited, oil has the potential to become the leading source of revenue for Seychelles and will further diversify the country’s economy. This is important since now, for example, world economic difficulties are affecting the tourism industry.

“It doesn’t mean we will stop the others, but of course you have to diversify and broaden your base of economic potential,” he said.

“Diversification is very important. Now with the world crisis where tourism is bound to be affected, it is crucial you have other sectors…we also have fishing and the offshore sector.

“Diversification is key to economic sustainability, especially in small island states with vulnerable economies.”
In a separate interview, Rolph Payet, special adviser on the environment to President Michel, said Seychelles’ latest strategy is to encourage property developers to set up independent trust funds to finance environmental projects in local communities.

“What we have done is bring tourism developers to the table and say you may have destroyed other environments, you may have made quick money elsewhere, but you won’t do it here,” he said.

He said such funds were probably the last thing on a developer’s priority list, but it was the unique ecosystem that drew visitors to Seychelles in the first place.

“The environment commands a price, but developers forget that part of the equation,” added Mr Payet.