Tanzania Parliament pass law to regulate Oil and gas sector

TzTanzania 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 to parliament by Tanzanian cabinet two weeks ago come on a backdrop of contest and heated debate as opposition law makers asked for more time for industry players and non governmental organisations to study the law in detail.

Tanzania last month announce discovery of more recoverable reserves which put the total reserve estimates to more than 55 trillion cubic feet of natural gas as the country continue to pursue its ground wealth. The discovery has since made East Africa a new oil and gas frontier.

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See: Tanzania new Oil law seeks to strengthen state control in Oil sector 

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