Tanzania plans to debate a new bill in parliament this month to guide the development of the country's nascent gas industry, officials said on Monday, adding it could be passed this month.
East Africa has become one of the world's most sought-after oil and gas regions following a string of vast discoveries off its southern coast that have attracted foreign companies seeking new sources to supply energy-hungry Asian markets.
The country has already published three separate policies on natural gas but is yet to pass long-delayed legislation to govern its hydrocarbons industry. The new law could be seen by investors as a sign of political progress on a tricky issue.
"The government will unveil the Natural Gas Bill of 2015 in parliament under certificate of urgency this month," a senior official in the ministry of energy and minerals told Reuters.
"We want the bill to be quickly debated by lawmakers and subsequently passed during the two-week parliament session that starts on Tuesday," the official said.
A statement issued by Tanzania's parliament on Monday confirmed that the gas legislation was among six emergency bills expected to be passed by lawmakers starting this week.
Officials said the government planned to fast-track the natural gas legislation to avoid political distractions with a referendum on a proposed new constitution planned for April, and presidential and parliamentary elections due in October.
Tanzania is estimated to have 53.28 Tcf of gas, and has said that could rise four-fold over the next five years, putting it on par with some Middle East producers.
The country's draft energy policy gives priority to domestic use of its hydrocarbons resources over liquefied natural gas exports, after a debate on how much of its gas reserves should be used locally and how much can be exported.
Recommended Reading
From Restructuring to Reinvention, Weatherford Upbeat on Upcycle
2024-02-11 - Weatherford CEO Girish Saligram charts course for growth as the company looks to enter the third year of what appears to be a long upcycle.
TechnipFMC Eyes $30B in Subsea Orders by 2025
2024-02-23 - TechnipFMC is capitalizing on an industry shift in spending to offshore projects from land projects.
Patterson-UTI Braces for Activity ‘Pause’ After E&P Consolidations
2024-02-19 - Patterson-UTI saw net income rebound from 2022 and CEO Andy Hendricks says the company is well positioned following a wave of E&P consolidations that may slow activity.
ProPetro Reports Material Weakness in Financial Reporting Controls
2024-03-14 - ProPetro identified a material weakness in internal controls over financial reporting, the oilfield services firm said in a filing.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions