According to a recent report by Reuters, natural gas deposits found in Tanzania and Mozambique along with oil discoveries in both Kenya and Uganda make East Africa a “focal point for exploration.”

Seychelles and Mauritius are pursuing similar opportunities by jointly exploring areas in the Indian Ocean owned by both nations.

“Mauritius and Seychelles are still working on the legal framework that will dictate oil exploration and exploitation in the Joint Management Area (JMA). No deadline has been set for the opening of the area,” Eddy Belle, chief executive officer of Seychelles upstream regulator PetroSeychelles said in the report.

Belle also said that an authority would oversee exploration activities. In addition, profits from offshore gas and oil findings will be split 50/50. Last year, Seychelles and Mauritius received a green light from the United Nations to extend their coastal shelves. According the Reuters, the implementation of the joint exploration rights were established to prevent territorial disputes.

London-based Afren Plc and Australia’s WHL Energy are the only two companies that have taken Seychelles up on a new exploration licensing contract, offered for the first time in June of 2013, Reuters reported.

In addition to exploring jointly with Mauritius, Seychelles has also offered exploration blocks to other countries and companies with interest. According to Reuters, in August, PetroSeychelles received two new applications under the Open File Licensing Initiative.