The government of Tanzania is bracing itself to receive millions of dollars in capital gains tax following Shell’s acquisition of BG Group assets in Tanzania gas wells. The deal officially announced on February 22, 2016 amounts to $55 billion. BG Group Tanzania, with its partner Ophir Energy, has invested over $1 billion in a fast-track
By Thangapandian Srinivasalu Africa produced 8.2m b/d of crude last year – 76% came from Nigeria, Algeria, Egypt and Angola, according to PricewaterhouseCoopers’ (PWC) 2015 Africa Oil & Gas Review. But East Africa is elbowing its way under the spotlight and changing Africa’s energy map – a move easily justified by its wealth of oil
Tullow Oil Plc says it was prompted to reset the business in order to deal with the effects of the uncertain market situations as it labored deliver on key operational goals in 2015. The observations were made by Tullow’s Chief Executive Aidan Heavy as published in the company’s operational activities and trading Statement for the
Tanzania House of representatives bowed to the pressure and gave way for the Petroleum law seen as the regulatory mechanism for the nations rapidly growing oil and gas sector. Analysts had earlier said the law is urgent since the nation’s oil sector was operating without a rich legal framework. The passing of the bill presented
Tanzania’s new Oil and gas law, The Petroleum Act 2015, currently awaiting debate in National assembly highlights a number of provisions aimed at giving state an upper hand in the Oil and gas sector. The bill was presented by the government in pursuit of giving a legal and regulation framework to the country’s budding oil sector.