The Tanzania’s CEOs (CEORT) welcomed the three new legislation on oil and natural gas that were passed by the Parliament in July and eventually signed by President Kikwete last week.
The legislation included the Petroleum Act 2015, the Oil and Gas Revenues Management Act 2015 as well as the Tanzania Extraction Industries (Transparency and Accountability) Act 2015.
The CEORT brings together over 100 companies doing business in Tanzania. The companies contribute about 40 per cent of revenues collected by the government.
Speaking at the monthly dinner meeting organized by CEORT on Tuesday, the Executives viewed the enactment as a right step to guide the promising industry.
According to BG’s President and Asset General Manager for East Africa, Mr. Derek Hudson, it was highly important for in place laws, since oil and gas industry is still a new industry in Tanzania.
The Chairman of CEORT, Ali Mufuruki, urged stakeholders to thoroughly go through the new laws before criticizing them.
He went on to add that members of the round-table are keen to continue engagement with the government to ensure challenges identified in the new laws are addressed.
At the same occasion, Deputy Minister for Energy and Minerals, Mr. Charles Mwijage noted that the government recognized the role of the private sector as an engine of the economy and was keen to engage it on issues of national interests.
The three legislation’s aim 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.