Tanzania president Jakaya Kikwete has signed into law three pieces of legislation intended to provide a regulatory mechanism to the nations Oil and gas industry.
Speaking at signing, the Tanzania Chief Cabinet secretary Ambassador Ombeni Sefue said the laws guarantee a regulatory mechanism, geared at securing a bright future for the national oil and gas industry
“The legislations seek to position Tanzania on a strong institutional, legal and regulatory platform upon which to build oil and gas economy for the benefit of present and future generations. Sefue said.
Meanwhile Tanzania Energy and Minerals minister George Simbachawene took pride in the state’s enactment of the Petroleum act 2015 saying it will provide the value chain systems needed to harness the proceeds from the Oil sector to the benefit of the population.
“The new law consolidates legislation of the petroleum sub-sector through governing of the entire value chain namely upstream, midstream and downstream operations,” Simbachawene explained.
Finance Minister 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 bill was presented by the government in pursuit of giving a legal and regulation framework to the country’s budding oil sector. By endorsing it, the law now repeals The Petroleum (Exploration and Productions) Act, 1980 and The Petroleum Act, 2008.