The bill was presented by the government in pursuit of giving a legal and regulation framework to the country’s budding oil sector. However, the Law is silent on Local content strengthening.
The parliament of Tanzania is set to debate the law which in its current form gives Tanzania Petroleum Development Corporation (TPDC) mandate to will undertake upstream, midstream and downstream operations and participating interests of the Government in the petroleum and natural gas agreements.
It calls for Government maintenance of not lesser than 51% shares in the TPDC at all times.
The law on the other hand seeks the creation of Oil and Gas Advisory Bureau in the office of the President whose role is to advise the Cabinet on strategic matters relating to oil and gas economy.
The law has also spearheaded the formation of the Petroleum Upstream Regulatory (PURA) as a semi-autonomous body to supervise and regulate upstream petroleum operations in all gas exercises in the country.
The National Petroleum and Gas Information System (NPGIS) will be another institution under the new law, which will act as strategic planning tool for the Government and other interested parties and for informing the public periodically, about the status of the gas industry
The government also under the law seeks to establish an Oil and Gas Revenues Fund to ensure transparency and accountability in collection, allocation, expenditure and management of oil and natural gas revenues.
See bill below for more details especially on rates, Tariffs and and chargesTags: East Africa Oil and gas Latest on Tanzania oil Ombeni Y. Sufue Tanzania oil and gas Tanzania Petroleum Development Corporation