Petroleum Africa
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Tuesday, July 7, 2015
Tanzania saw its legal and regulatory framework for its hydrocarbon industry approved by parliament on July 5. The 2015 Petroleum Bill will be used to regulate the country’s ever-growing oil and gas sector and pave the way for the development of a series of natural gas discoveries that have been made offshore over the past several years.
Under the terms approved by parliament, energy companies will pay a 12.5% royalty for oil and gas production in onshore or shelf areas and 7.5% for offshore output. The state’s share of profit on natural gas production would range from a minimum of 60%-85%, pegged on specific daily gas output.
There are still two other related oil bills to be voted on, the Oil and Gas Revenue Management and the Tanzania Extractive Industries (Transparency and Accountability) bills.
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