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Tanzania passes petroleum bill lessening foreign grip on domestic oil industry

Jul 06, 2015    

Tanzania:Tanzanian lawmakers have passed a new petroleum bill that creates a regulatory and legal framework to manage discoveries and control of the East African nation's natural gas reserves and possible future oil finds, officials said.Tanzania has an estimated 55.1 trillion cubic feet of gas reserves, the second-largest in the region after Mozambique, and the new law is aimed at speeding up the development of the sector.It was passed late on Sunday amid stiff opposition and days of debate. Some 40 opposition lawmakers were suspended from parliament after disrupting sessions on Saturday, com...

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