Historic Oil Legislation Signed in Tanzania

Thursday, August 6, 2015

Tanzania’s oil and gas sector saw a historic moment on August 4 when the country’s president, Jakaya Kikwete, signed into law five bills passed in the National Assembly in June. Three of the five bills cover the oil and gas sector.

The signing of the bills comes at a time when Tanzania’s natural gas sector is about to take off. Already a gas producer, discoveries off its coast in recent years have added significantly to its resources and these resources are set to be developed, making Tanzania not only a producer but an exporter of the commodity also.

The three oil sector bills were the Petroleum Act 2015, The Tanzania Extractive Industries (Transparency and Accountability) Act, 2015 as well as the Oil and Gas Revenues Management Act, 2015.

The legislation positions the country on a strong institutional, legal and regulatory platform which it can base its future in not only the industry but allow economic benefits for present and future generations.

Finance Minister Ms Saada Mkuya Salum, said the Oil and Gas Revenues Management Act, 2015 will enable the country to establish oil and gas fund to provide a framework for fiscal rules. The proposed fund, according to the minister, will be divided into two separate accounts to be maintained at the Bank of Tanzania (BoT), namely the Revenue Holding Account and the Revenue Savings Account.

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