The Oil and Gas Revenues Management Act

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CHAPTER 328
THE OIL AND GAS REVENUES MANAGEMENT ACT
[PRINCIPAL LEGISLATION]
Arrangement of Sections
Section Title
part i
PRELIMINARY PROVISIONS
1. Short title.
2. Application.
3. Interpretation.
part ii
ADMINISTRATIVE PROVISIONS
4. Functions of Minister.
5. Functions of Bank.
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.
10. Management of Fund.
11. Restrictions on use of revenues of Fund.
12. Portfolio Investment Advisory Board.
13. Functions of Board.
14. Secretariat of Board.
15. Oversight of and reporting on Fund.

f revenues of Fund.
12. Portfolio Investment Advisory Board.
13. Functions of Board.
14. Secretariat of Board.
15. Oversight of and reporting on Fund.

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396
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 the Fund.
part vii
GENERAL PROVISIONS
21. General offences.
22. Inconsistence with other laws.
23. Minister to make regulations.
SCHEDULE

and audit of the Fund.
part vii
GENERAL PROVISIONS
21. General offences.
22. Inconsistence with other laws.
23. Minister to make regulations.
SCHEDULE

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PART I
PRELIMINARY PROVISIONS
1. This Act may be cited as the Oil and Gas Revenues
Management Act. 2.–(1) This Act shall apply-
(a) to Mainland Tanzania in relation to management
of oil and gas revenues derived from exploration,
development and production of oil and gas activities;
and
(b) to Mainland Tanzania and Tanzania Zanzibar in
relation to management of oil and gas revenues derived
from exploration, development and production of oil
and gas activities undertaken under joint petroleum
operations or petroleum activities in specific areas
or overlapping blocks in accordance with the law
governing petroleum upstream operations, midstream
and downstream petroleum activities. (2) Oil and gas revenues derived from oil and gas
operations or activities undertaken within Tanzania
Zanzibar shall be governed and administered in accordance
with the laws of Tanzania Zanzibar.

gas
operations or activities undertaken within Tanzania
Zanzibar shall be governed and administered in accordance
with the laws of Tanzania Zanzibar.

Short title
Application
CHAPTER 328
THE OIL AND GAS REVENUE MANAGEMENT ACT
An Act to provide for the establishment and management of the Oil and
Gas Fund, to provide for the framework for fiscal rules and management
of oil and gas revenues and to provide for other related matters. [25th September, 2015]
[GN No. 457 of 2015]
Act No. 22 of 2015

rules and management
of oil and gas revenues and to provide for other related matters. [25th September, 2015]
[GN No. 457 of 2015]
Act No. 22 of 2015

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398
3.

ed. No part of this book may be reproduced or distributed without permission of OAG.THE OIL AND GAS REVENUE MANAGEMENT ACT [CAP. 328 R.E. 2023]
398
3.

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;
“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
Interpretation
Cap.

erations;
“participating interest” means the interest held in
petroleum operations by a party to Production Sharing
Agreement; and
Interpretation
Cap.

197

197

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THE OIL AND GAS REVENUE MANAGEMENT ACT [CAP. 328 R.E. 2023]
“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. The functions of the Minister shall be to-
(a) manage oil and gas revenue in accordance with
this Act;
(b) formulate and supervise all policy matters relating to
the Fund; and
(c) formulate and monitor broad investment strategies
and operation guidelines for Revenue Saving Account
of the Fund. 5. The Bank shall, in respect of the management of the Fund-
(a) open accounts of the Fund;
(b) act as an agent of the Government in carrying out, on
daily basis, the investment strategies and operational
guidelines;
(c) set and implement benchmarks and risk limits for
investment strategies; and
(d) report performance of the Fund to the Minister. PART III
COLLECTION AND AUDITING OF
OIL AND GAS REVENUES
6.–(1) The Tanzania Revenue Authority and the National Oil
Company shall be collectors of oil and gas revenues due to the
Government.

AND GAS REVENUES
6.–(1) The Tanzania Revenue Authority and the National Oil
Company shall be collectors of oil and gas revenues due to the
Government.

(2) The oil and gas revenues derived from-
(a) taxes and levies shall be assessed, collected and
accounted for by the Tanzania Revenue Authority;
(b) non-tax oil and gas revenues shall be collected and
accounted for by the National Oil Company. Functions of
Minister
Functions of
Bank
Collection of oil
and gas revenues

revenues shall be collected and
accounted for by the National Oil Company. Functions of
Minister
Functions of
Bank
Collection of oil
and gas revenues

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400
(3) Subject to section 8, surface rentals or annual block fees,
signature bonuses and training fees shall be retained by the
National Oil Company for purposes of enhancing development
of oil and gas subsector. (4) Notwithstanding subsection (1), the Minister may, by
notice published in the Gazette, appoint another Government
entity to collect oil and gas revenues in place of the National
Oil Company in the event any of the following occurs:
(a) the National Oil Company floats or issues its shares to
the public or to any other private entity or person;
(b) the National Oil Company is in the continuous state of
insolvency or is under state of bankruptcy; or
(c) there is change of policy on oil and gas revenue
collection. 7.–(1) The regulator shall conduct audit of cost recovery on
exploration, development, production and sale of oil and gas
to determine Government profit share and royalty.

shall conduct audit of cost recovery on
exploration, development, production and sale of oil and gas
to determine Government profit share and royalty.

(2) For purposes of this section “regulator” means the
Petroleum Upstream Regulator Authority established pursuant
to the Petroleum Act. PART IV
ESTABLISHMENT, SOURCES AND
MANAGEMENT OF THE FUND
8.–(1) There shall be the Oil and Gas Fund. (2) The Fund shall consist of the Revenue Holding Account
and the Revenue Saving Account. (3) The objectives of the Fund shall be to ensure that-
(a) fiscal and macroeconomic stability is maintained;
(b) the financing of investment in oil and gas is guaranteed;
(c) social and economic development is enhanced; and
(d) resource for future generations is safeguarded. 9. Sources of the Oil and Gas Fund shall be-
Auditing
of reserves,
exploration, and
costs
Cap. 392
Oil and Gas Fund
Sources of Fund

ns is safeguarded. 9. Sources of the Oil and Gas Fund shall be-
Auditing
of reserves,
exploration, and
costs
Cap. 392
Oil and Gas Fund
Sources of Fund

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THE OIL AND GAS REVENUE MANAGEMENT ACT [CAP. 328 R.E. 2023]
(a) royalties;
(b) Government profit share;
(c) dividends on Government participation in oil and gas
operations;
(d) corporate income tax on exploration, production and
development of oil and gas resources; and
(e) return on investment of the Fund. 10.–(1) The Paymaster General shall be the accounting officer
of the Fund. (2) The Bank shall be the operational manager of the Fund. (3) The Revenue Holding Account shall receive all revenues
of the Fund. (4) The Revenue Saving Account shall receive revenue from
Revenue Holding Account. (5) The revenue deposited in the Revenue Saving Account
shall be as stipulated under this Act. 11. The amount of money deposited in the Fund shall not be
used-
(a) for providing credit to the Government, public
enterprises, private sector entities or any other person
or entity;
(b) as collateral or guarantees, commitments or other
liabilities of any other entity; and
(c) for rent seeking or be the subject of corrupt practices,
embezzlement or theft.

rantees, commitments or other
liabilities of any other entity; and
(c) for rent seeking or be the subject of corrupt practices,
embezzlement or theft.

12.–(1) There is established a Portfolio Investment Advisory
Board. (2) The Board shall be comprised of five persons who
possess knowledge, skills and experiences in fields of financial
investment, portfolio management or investment law. (3) The Chairman and other four members shall be
appointed by the President. (4) The provisions of the Schedule shall apply to the Board
in the conduct of its business. Management of
Fund
Restrictions on
use of revenues
of Fund
Portfolio
Investment
Advisory Board

hall apply to the Board
in the conduct of its business. Management of
Fund
Restrictions on
use of revenues
of Fund
Portfolio
Investment
Advisory Board

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402
13.–(1) The functions of the Board shall be to-
(a) advise the Minister on portfolio investment strategy of
the Revenue Saving Account of the Fund; and
(b) report periodically to the Minister responsible for
finance on the governance and overall performance of
the Revenue Saving Account of the Fund. (2) Any advice by the Investment Advisory Board on
investment strategy of the Revenue Saving Account of the
Fund shall take into account-
(a) overall objective for the benefit of current and future
generations;
(b) current economic conditions, opportunities and
constrains in the investment markets and constrains
under which the Bank and other relevant institutions
operate; and
(c) the need to ensure sufficient funds are available when
the need for transfer to meet unanticipated oil and gas
revenue shortfall arises. (3) Where the Minister declines to take the advice of
the Board he shall refer the matter to the President for
determination. 14.

ue shortfall arises. (3) Where the Minister declines to take the advice of
the Board he shall refer the matter to the President for
determination. 14.

There shall be a Secretariat of the Board constituted by the
Bank. 15.–(1) The Board shall submit to the Minister quarterly
reports on the performance assessment of the Fund. (2) The Governor shall report quarterly to the Minister
on the governance and overall performance of the Revenue
Holding Account and Revenue Saving Account of the Fund. (3) The Controller and Auditor-General shall make
quarterly audit of the reports submitted under subsections (1)
and (2). Functions of
Board
Secretariat of
Board
Oversight of and
reporting on
Fund

ake
quarterly audit of the reports submitted under subsections (1)
and (2). Functions of
Board
Secretariat of
Board
Oversight of and
reporting on
Fund

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THE OIL AND GAS REVENUE MANAGEMENT ACT [CAP. 328 R.E. 2023]
PART V
FISCAL RULES
16.–(1) Management of expenditure of designated oil and gas
revenue of the Fund shall be done in conformity with the fiscal
rules as provided for under this Act. (2) The following shall be the objectives of the fiscal rules:
(a) financing of the Government budget;
(b) financing of the National Oil Company investment;
(c) fiscal stabilisation; and
(d) saving for the future generations.

g of the Government budget;
(b) financing of the National Oil Company investment;
(c) fiscal stabilisation; and
(d) saving for the future generations.

(3) The fiscal rules shall be based on the following principles:
(a) safeguard of the economy against inherent volatility of
the oil and gas revenue;
(b) presence of uncertainty of the timing and size of the
revenue flow;
(c) adherence to fiscal convergence criterion for the East
Africa Monetary Union;
(d) maintenance of expenditure growth that is consistent
with the absorption capacity of the economy;
(e) avoidance of borrowing where Government holds
financial savings;
(f) diversification and unlocking of the economy for
sustainable development;
(g) ensuring collection efforts of revenue from non oil and
gas sources are not neglected; and
(h) safeguard interests of future generation through
expenditure on alternative investments, including
human capital development and financial savings. (4) Any change to the fiscal rules shall require support of
not less than two thirds of the total number of Members of
Parliament. (5) Any change of the rates stipulated in the fiscal rules may
be made after every five years commencing from 1st July, 2015. Objectives and
principles of
fiscal rules

the rates stipulated in the fiscal rules may
be made after every five years commencing from 1st July, 2015. Objectives and
principles of
fiscal rules

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404
(6) Subject to subsection (4), the fiscal rules may only
be amended, altered or otherwise changed once after every
five years.

CAP. 328 R.E. 2023]
404
(6) Subject to subsection (4), the fiscal rules may only
be amended, altered or otherwise changed once after every
five years.

17.–(1) The following shall be the fiscal rules applicable under
this Act:
(a) exclusion of designated oil and gas revenue from the
domestic revenue source in estimating fiscal deficit
from the year 2016/17 onwards (that means, treating
the designated oil and gas revenue as part of financing);
(b) maintenance of fiscal deficit excluding designated oil
and gas revenue at 3% of the GDP when such revenue
attains a level of at least 3 % of the GDP;
(c) operation of the Fund shall be in the manner that-
(i) all designated revenue are deposited into Revenue
Holding Account where-
(aa) in any fiscal year, at most an amount equal
to 3% of the GDP is transferred to the
Consolidated Fund for budgetary use, and
at least 60% of such transfer is dedicated to
funding strategic development expenditure
including human capital development,
particularly in the area of science and
technology;
(bb) any amount of money, in Revenue Holding
Account which is in excess of 3% of the
GDP is automatically transferred to the
Revenue Saving Account;
(ii) in the event the designated oil and gas revenue
falls short of 3% of the GDP in any particular
fiscal year, money sufficient to offset the shortfall
in the budget should be drawn from the Revenue
Saving Account and deposited to the Consolidated
Fund, and in the event Revenue Saving Account
has no sufficient money to offset the shortfall, the
Government may borrow to offset the shortfall.

ated
Fund, and in the event Revenue Saving Account
has no sufficient money to offset the shortfall, the
Government may borrow to offset the shortfall.

Fiscal rules

Fiscal rules

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THE OIL AND GAS REVENUE MANAGEMENT ACT [CAP. 328 R.E.

ts reserved. No part of this book may be reproduced or distributed without permission of OAG.405
THE OIL AND GAS REVENUE MANAGEMENT ACT [CAP. 328 R.E.

2023]
(d) maintenance of an orderly and reasonable growth of
expenditure, where-
(i) annual growth of recurrent expenditure is not in
excess of annual growth of the nominal GDP;
(ii) total Government expenditure in a year is not in
excess of 40% of the GDP;
(e) availability of fund for investment by National Oil
Company, where-
(i) recurrent expenditure is financed through the
budgetary process;
(ii) surface rentals, signature bonuses and training fees
are retained by the National Oil Company under
normal supervision of the Treasury Registrar;
(iii) money equivalent to 0.1% of the GDP is ring-
fenced annually into the Revenue Saving Account
of the Fund National Oil Company strategic
investment to be spent through the normal
budgetary process, so that-
(aa) in the event the Revenue Saving Account has
no sufficient fund to that level, direct budgetary
allocation is made to the Revenue Saving
Account for that purpose, provided that the
strategic investment projects are approved;
(bb) in the event the National Oil Company has
special needs for investment that requires
money over 0.1% of the GDP, such money
is made from the Fund available through the
normal budgetary process, provided that:
(aaa) the Revenue Saving Account has
money from the Revenue Holding
Account;
(bbb) the amount does not exceed 1% of
GDP; and
(ccc) the request is proposed by the Minister
responsible for energy and approved
by the Minister for finance before
submission to the National Assembly.

c) the request is proposed by the Minister
responsible for energy and approved
by the Minister for finance before
submission to the National Assembly.

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406
(2) Notwithstanding the provisions of subsection (1), in the
event-
(a) of an occurrence of a major disaster or war, Government
may temporarily suspend the fiscal rules to allow
organising of emergency funding commensurate to
the emergence need and report the expenditure in full
details in the next session of the National Assembly; or
(b) Government plans a major strategic investment that
requires suspension of any part of the fiscal rules, a
proposal for suspension shall require support of not
less than two thirds of all members of the National
Assembly. (3) Local government authorities to which oil and gas
activities are undertaken shall receive revenue from service
levy of the oil and gas as shall be approved by the National
Assembly. (4) The Minister for finance in consultation with the Minister
responsible for local government shall, by regulations, establish
fiscal rules for local governments to guide expenditure and
saving.

ith the Minister
responsible for local government shall, by regulations, establish
fiscal rules for local governments to guide expenditure and
saving.

(5) For purposes of subsection (2), “major disaster” means
any natural or man-made act which has a global, national
or regional impact such as environmental catastrophe, wide
spread epidemic diseases or any other such act. 18.–(1) Collection and deposit of oil and gas revenues into the
Fund shall be done in a transparent and accountable manner. (2) Disbursement of funds from the Fund shall be made in
a transparent and accountable way. (3) For the purposes of subsections (1) and (2) the laws for
the time being governing collection disbursement and audit
of Government funds shall apply in relation to the Fund and
exercise of powers vested in the Minister, Governor of the Bank
and any such Government officer charged with any function
or duty under this Act. Transparency and
accountability of
revenues

er, Governor of the Bank
and any such Government officer charged with any function
or duty under this Act. Transparency and
accountability of
revenues

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THE OIL AND GAS REVENUE MANAGEMENT ACT [CAP. 328 R.E. 2023]
(4) For the purposes of transparency and accountability, the
records of oil and gas revenues and expenditure in whatever
form, shall simultaneously be published by the Minister in the
Gazette. (5) The information required to be made public shall also
be published online on the website of the Government and
Ministry of finance. (6) The record of oil and gas revenue and expenditure shall
be the subject of Parliamentary oversight. (7) The Bank shall report on the operational performance of
the Fund and publish an audited report in the official Gazette
and website of the Bank. PART VI
FINANCIAL PROVISIONS
19.–(1) Before the end of each financial year, the Board shall
prepare budget for receipts and expenditures. (2) The Board shall submit to the Minister budgets estimates
of annual budget for scrutiny and approval. (3) Upon approval the Minister shall incorporate the budget
estimates of the Board into the general budget estimates of the
Ministry of finance.

oval. (3) Upon approval the Minister shall incorporate the budget
estimates of the Board into the general budget estimates of the
Ministry of finance.

20.–(1) The Bank shall keep and maintain the proper books of
accounts with respect to-
(a) sums of moneys received and expended;
(b) assets and liabilities of the Fund; and
(c) income and expenditure statement of the Fund. (2) Within three months of the close of every financial year,
the Controller and Auditor-General shall audit the accounts of
the Fund. (3) Every income and expenditure accounts and audited
balance sheet shall be placed before a meeting of the Bank
and, if adopted, it shall be endorsed with a certificate to that
effect. Annual budget of
Board
Accounting and
audit of the Fund

a meeting of the Bank
and, if adopted, it shall be endorsed with a certificate to that
effect. Annual budget of
Board
Accounting and
audit of the Fund

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408
(4) The Minister may, where the report submitted has
anomalies, direct the Bank to correct or furnish adequate
explanation and the Bank shall give effect to such directions. (5) The Minister shall, after receiving the report, lay before
the National Assembly the audited accounts of the Fund
together with the auditor’s report. PART VII
GENERAL PROVISIONS
21.–(1) A person who misapropriates the proceeds of the Fund
commits an offence and, on conviction, shall be liable to a fine
of not less than the amount that the person has misappropriated
or to imprisonment for a term of not less than thirty years or
to both.

able to a fine
of not less than the amount that the person has misappropriated
or to imprisonment for a term of not less than thirty years or
to both.

(2) A person who-
(a) defrauds, attempts to defraud or conspires with another
person to defraud the Government in relation to the
proceeds of the Fund;
(b) attempts to use or conspires with another person to
use information on the Fund or documents relating to
the Fund for personal benefit or advantage of another
person,
commits an offence and on conviction, shall be liable to a fine
of not less than the amount the person has defrauded or to
imprisonment for a term of not less than thirty years or to
both. (3) In addition to the penalty imposed under paragraph (a),
the court may make an order for forfeiture of assets or freezing
bank accounts in relation to the offence which was committed. (4) An offence commited under this Act shall be deemed
to be an economic offence triable in accordance with the
Economic and Organised Crimes Control Act. 22. Where there is inconsistence between this Act and any other
written law relating to management of oil and gas revenues to
General offences
Cap. 200
Inconsistence
with other laws

e between this Act and any other
written law relating to management of oil and gas revenues to
General offences
Cap. 200
Inconsistence
with other laws

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THE OIL AND GAS REVENUE MANAGEMENT ACT [CAP. 328 R.E. 2023]
which this Act applies, the provisions of this Act shall prevail
over to the extent of such inconsistence. 23.–(1) The Minister may make regulations for better
implementation of the provisions of this Act. (2) Without prejudice to subsection (1), the Minister shall,
in consultation with the Minister responsible for oil and gas,
make regulations in relation to collections and accountability
of oil and gas revenue collectible by the National Oil Company
and the Tanzania Revenue Authority. SCHEDULE
(Made under section 12(4))
TENURE AND PROCEDURES OF THE PORTFOLIO
INVESTMENT ADVISORY BOARD
1. The members shall elect from amongst their number a Vice-
Chairman. 2.–(1) The Chairman or member of the Board shall, unless his
appointment is terminated or ceases in any other way to be a member,
hold office for a period of three years and may be eligible for re-
appointment for one more term.

rminated or ceases in any other way to be a member,
hold office for a period of three years and may be eligible for re-
appointment for one more term.

(2) A member of the Investment Advisory Board shall cease to be a
member if the member-
(a) dies or resigns for any reason;
(b) is convicted of a criminal offence for a term of or beyond six
months;
(c) becomes mentally ill; or
(d) is disqualified to practice under this Act. (3) A member of the Board may at any time resign from office in
writing addressed to the President. (4) The President may, by letter addressed to a member, revoke the
appointment of such member. 3.–(1) The Board shall ordinarily meet at least once in every three
months at such times and places as it deems necessary for transaction
of its business. (2) In the absence of the Chairman and Vice-Chairman, members
present shall appoint a member from amongst themselves to preside
over the meeting. Minister to make
regulations
Appointment of
Vice-Chairman
Tenure of office
Meetings

oint a member from amongst themselves to preside
over the meeting. Minister to make
regulations
Appointment of
Vice-Chairman
Tenure of office
Meetings

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410
(3) A member who is absent from two consecutive meetings of the
Board without sufficient cause shall cease to be a member of the Board
and his vacancy shall be immediately replaced. 4.–(1) The Board may co-opt any person who is not a member to
provide technical expertise but such person shall not have a power to
vote. (2) A member or co-opted member of the Board who has an interest
in a matter for consideration by the Board shall disclose the nature of
that interest to the Board and excuse himself from participating in the
deliberation relating to the matter in which such member has interest. 5.–(1) The quorum at any meeting of the Board shall be three members
in office. (2) Matters proposed at a meeting of the Board shall be decided by a
majority of the votes of the members present. (3) The validity of any act or proceedings of a properly constituted
Board meeting shall not be affected by reason of absence of any member
or by the defect subsequently raised by the absent member. 6.

perly constituted
Board meeting shall not be affected by reason of absence of any member
or by the defect subsequently raised by the absent member. 6.

The Board shall cause to be recorded and kept minutes of all business
conducted or transacted at the meeting and the minutes of each
meeting of the Board shall be read and confirmed or amended at the
next meeting of the Board and signed by the person presiding and the
secretary to the meeting. 7. Members of the Board shall be paid allowances as determined by the
Minister. 8. Subject to this Schedule, the Board shall regulate its own proceedings. Co-opted
member
Quorum
Minutes of Board
allowances
Proceedings