Natural Resources

INTERVIEW-Cash-strapped Seychelles has high hopes for oil

Reuters - Fri, 09 January 2009

VICTORIA, Jan 9 (Reuters) - Oil could become a leading source of income for the heavily indebted Seychelles if recent seismic surveys suggesting large hydrocarbon reserves are correct, the Indian Ocean nation's president said on Friday. The tropical archipelago signed a production agreement in November with East African Exploration (EAX) for a largely overlooked area of seabed that the Dubai-based company thinks could hold billions of barrels of oil. ...more