Clyde & Co recently published an energy briefing exploring the new Petroleum Act 2015 Bill supplement related to upstream, midstream and downstream petroleum activities. However, that is not the only piece of legislation which is proposed to be enacted by the Tanzanian Government and which is relevant to those involved in the extractive and energy sectors.
Continuing on from our previous briefing, in this update we will outline the Tanzania Extractive Industries (Transparency and Accountability) Act 2015, the Oil and Gas Revenues Act 2015 and the Finance Act 2015 (which proposes amendments to the Tanzania Investment Act).
With the upcoming referendum on a new constitution for Tanzania and the spate of proposed legislation, it is clear that the Government is in the process of a radical overhaul of the regulatory and statutory regime governing the energy and extractive sectors in Tanzania. Alongside the proposed Petroleum Act 2015, the Government is proposing to enact the:
- Tanzania Extractive Industries (Transparency and Accountability) Act 2015
- Oil and Gas Revenues Act 2015, and
- Finance Act 2015
These Acts all remain in draft form so they may be amended before being passed and coming into force. We are reporting on the contents of the Acts, as published on 25 June 2015.
Please click below to read the update in full.