Petroleum is a very important commodity in Seychelles. Currently the country depends entirely on petroleum products as a source of energy. The total domestic consumption for petroleum in 2011 was 133,070 Mtons of which over 50% was used for the generation of electricity. Over the years we have seen an increase in consumption, a trend which is likely to continue as the country progresses on its economic developments. As the prices of petroleum products continue to remain high, the Government is more committed to expedite petroleum exploration in its EEZ. A discovery will not only ensure security of supply, but will also generate much needed revenue for the country. The Government is therefore putting in place fiscal and regulatory incentives that would attract and facilitate technically able and financially sound oil companies to explore and exploit hydrocarbons in the Seychelles EEZ.