Tanzania
Oil and Gas Revenues Management Act
Chapter 328
- Commenced on 25 September 2015
- [This is the version of this document at 30 November 2019.]
Part I – Preliminary provisions
1. Short title
This Act may be cited as the Oil and Gas Revenues Management Act.2. Application
3. Interpretation
In this Act, unless the context otherwise requires–"additional profit tax" means a tax imposed on additional gains due to higher price or lower cost of production;"Bank" means the Bank of Tanzania established by the Bank of Tanzania Act;[Cap. 197]"Board" means the Investment Advisory Board established under section 12;"contractor" means a company or group of companies that have entered into a production sharing agreement with the Government;"fiscal rules" means the fiscal rules stipulated by section 16;"Fund" means the Oil and Gas Fund established under section 8 of this Act;"government profit share" means the remaining balance of profit gas or profit oil payable to the Government after deducting contractor’s profits of oil or gas;"Minister" means the Minister responsible for finance;"oil and gas revenues" include–(a)royalty in cash payable by a licensed producer or its subsidiaries or a company under a Production Sharing Agreement;(b)Government profit share;(c)taxes payable by licensed upstream, midstream and downstream operators;(d)Government participating interest;(e)dividends from the National Oil Company for Government’s equity interest;(f)returns on investment income derived from the Fund;(g)signature bonus, training fees and surface rentals paid by licensed producers; or(h)any other revenue determined by the Minister to constitute gas revenue, derived from upstream, midstream and downstream operations;"participating interest" means the interest held in petroleum operations by a party to production sharing agreement; and"surface rental" means fees or charges payable by a contractor for conducting oil and gas activities over a licenced area.Part II – Administrative provisions
4. Functions of Minister
The functions of the Minister shall be to–5. Functions of Bank
The Bank shall, in respect of the management of the Fund–Part III – Collection and auditing of oil and gas revenues
6. Collection of oil and gas revenues
7. Auditing of reserves, exploration, and costs
Part IV – Establishment, sources and management of the Fund
8. Oil and Gas Fund
9. Sources of Fund
Sources of the Oil and Gas Fund shall be–10. Management of Fund
11. Restrictions on use of revenues of Fund
The amount of money deposited in the Fund shall not be used–12. Portfolio Investment Advisory Board
13. Functions of Board
14. Secretariat of Board
There shall be a Secretariat of the Board constituted by the Bank.15. Oversight of and reporting on Fund
Part V – Fiscal rules
16. Objectives and principles of fiscal rules
17. Fiscal rules
18. Transparency and accountability of revenues
Part VI – Financial provisions
19. Annual budget of Board
20. Accounting and audit of Fund
Part VII – General provisions
21. General offences
22. Inconsistence with other laws
Where there is inconsistence between this Act and any other written law relating to management of oil and gas revenues to which this Act applies, the provisions of this Act shall prevail over to the extent of such inconsistence.23. Minister to make regulations
History of this document
25 September 2015
Commences.