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Monday, November 25, 2013
In East Africa, Tanzania’s natural gas policy moved a little bit closer to realization with its cabinet having approved it. “The final policy was approved by cabinet … and we are now in the final stages of drafting a new law to regulate the industry,” Eliachim Maswi, the energy ministry’s permanent secretary, told Reuters.
Tanzania joins its neighbors in reconfiguring their hydrocarbon policies such as Uganda, Mozambique, and Kenya following a string of oil and gas discoveries that have made East Africa the continent’s latest hot spot for international oil and gas firms.
The new regulations for Tanzania are said to be in line with the more stringent conditions laid out in the country’s new model PSA published in early November.
The new natural gas policy regulates mid and downstream activities of the industry, which include gas processing, liquefaction, transportation, storage, and distribution. It also has the domestic market taking priority over any exports.
A separate policy would be drafted to guide upstream activities such as exploration, development, and production stages of oil and gas operations.
The policy also calls for the establishment of a natural gas revenue fund to ensure transparency and accountability over collection, allocation, expenditure, and management of all natural gas revenues.
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