{"id":1147,"date":"2023-05-01T12:30:56","date_gmt":"2023-05-01T12:30:56","guid":{"rendered":"https:\/\/tanz.indiafin.com\/index.php\/2023\/05\/01\/oil-and-gas-revenues-management-act\/"},"modified":"2023-05-01T12:30:56","modified_gmt":"2023-05-01T12:30:56","slug":"oil-and-gas-revenues-management-act","status":"publish","type":"post","link":"https:\/\/tanz.indiafin.com\/index.php\/2023\/05\/01\/oil-and-gas-revenues-management-act\/","title":{"rendered":"OIL AND GAS REVENUES MANAGEMENT ACT"},"content":{"rendered":"\n<p class=\"title\">\u00a0<\/p>\n<p class=\"heading\">OIL AND GAS REVENUES MANAGEMENT ACT<\/p>\n<p class=\"Centered\">[PRINCIPAL LEGISLATION]<\/p>\n<p class=\"ListingCentered\">ARRANGEMENT OF SECTIONS<\/p>\n<p class=\"ListingRI\"><i>\u00a0\u00a0\u00a0\u00a0Section<\/i><\/p>\n<p class=\"ListingCentered\">Title<\/p>\n<p class=\"ListingCentered\">PART I<br \/>PRELIMINARY PROVISIONS<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s1]\">1.<\/a>\u00a0\u00a0\u00a0\u00a0Short title.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s2]\">2.<\/a>\u00a0\u00a0\u00a0\u00a0Application.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s3]\">3.<\/a>\u00a0\u00a0\u00a0\u00a0Interpretation.<\/p>\n<p class=\"ListingRI\">\u00a0<\/p>\n<p class=\"ListingCentered\">PART II<br \/>ADMINISTRATIVE PROVISIONS<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s4]\">4.<\/a>\u00a0\u00a0\u00a0\u00a0Functions of the Minister.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s5]\">5.<\/a>\u00a0\u00a0\u00a0\u00a0Functions of the Bank.<\/p>\n<p class=\"ListingRI\">\u00a0<\/p>\n<p class=\"ListingCentered\">PART III<br \/>COLLECTION AND AUDITING OF OIL AND GAS REVENUES<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s6]\">6.<\/a>\u00a0\u00a0\u00a0\u00a0Collection of oil and gas revenue.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s7]\">7.<\/a>\u00a0\u00a0\u00a0\u00a0Auditing of reserves, exploration and costs, etc.<\/p>\n<p class=\"ListingRI\">\u00a0<\/p>\n<p class=\"ListingCentered\">PART IV<br \/>ESTABLISHMENT, SOURCES AND MANAGEMENT OF THE FUND<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s8]\">8.<\/a>\u00a0\u00a0\u00a0\u00a0Oil and Gas Fund.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s9]\">9.<\/a>\u00a0\u00a0\u00a0\u00a0Sources of the Fund.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s10]\">10.<\/a>\u00a0\u00a0\u00a0\u00a0Management of the Fund.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s11]\">11.<\/a>\u00a0\u00a0\u00a0\u00a0Restrictions on the use of the revenues of the Fund.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s12]\">12.<\/a>\u00a0\u00a0\u00a0\u00a0Portfolio Investment Advisory Board.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s13]\">13.<\/a>\u00a0\u00a0\u00a0\u00a0Functions of the Board.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s14]\">14.<\/a>\u00a0\u00a0\u00a0\u00a0Secretariat of the Board.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s15]\">15.<\/a>\u00a0\u00a0\u00a0\u00a0Oversight of and reporting on the Fund.<\/p>\n<p class=\"ListingRI\">\u00a0<\/p>\n<p class=\"ListingCentered\">PART V<br \/>FISCAL RULES<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s16]\">16.<\/a>\u00a0\u00a0\u00a0\u00a0Objectives and principle of fiscal rules.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s17]\">17.<\/a>\u00a0\u00a0\u00a0\u00a0Fiscal rules.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s18]\">18.<\/a>\u00a0\u00a0\u00a0\u00a0Transparency and accountability of revenues.<\/p>\n<p class=\"ListingRI\">\u00a0<\/p>\n<p class=\"ListingCentered\">PART VI<br \/>FINANCIAL PROVISIONS<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s19]\">19.<\/a>\u00a0\u00a0\u00a0\u00a0Annual budget of the Board.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s20]\">20.<\/a>\u00a0\u00a0\u00a0\u00a0Accounting and audit of the Fund.<\/p>\n<p class=\"ListingRI\">\u00a0<\/p>\n<p class=\"ListingCentered\">PART VII<br \/>GENERAL PROVISIONS<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s21]\">21.<\/a>\u00a0\u00a0\u00a0\u00a0General offences.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s22]\">22.<\/a>\u00a0\u00a0\u00a0\u00a0Inconsistence with other laws.<\/p>\n<p class=\"ListingRI\">\u00a0\u00a0\u00a0\u00a0<a href=\"#[22,2015s23]\">23.<\/a>\u00a0\u00a0\u00a0\u00a0Minister to make regulations.<\/p>\n<p>\u00a0<\/p>\n<p class=\"ListingCentered\">SCHEDULE<\/p>\n<p class=\"heading\">OIL AND GAS REVENUES MANAGEMENT ACT<\/p>\n<p><b>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.<\/b><\/p>\n<p align=\"right\">[25th September, 2015]<br \/>[G.N. No. 457 of 2015]<\/p>\n<p>Act No. 22 of 2015<\/p>\n<p class=\"heading\">PART I<br \/>PRELIMINARY PROVISIONS (ss 1-3)<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s1]\"><\/a>1.\u00a0\u00a0\u00a0\u00a0Short title<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0This Act may be cited as the Oil and Gas Revenues Management Act.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s2]\"><\/a>2.\u00a0\u00a0\u00a0\u00a0Application<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) This Act shall apply\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0to Mainland Tanzania in relation to management of oil and gas revenues derived from exploration, development and production of oil and gas activities; and<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0to 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.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(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.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s3]\"><\/a>3.\u00a0\u00a0\u00a0\u00a0Interpretation<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0In this Act, unless the context otherwise requires\u2013<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0<b>&#8220;additional profit tax&#8221;<\/b> means a tax imposed on additional gains due to higher price or lower cost of production;<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0<b>&#8220;Bank&#8221;<\/b> means the Bank of Tanzania established by the Bank of Tanzania Act <a style=\"color: #ff0000\">*<\/a>;<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0<b>&#8220;Board&#8221;<\/b> means the Investment Advisory Board established under section 12;<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0<b>&#8220;contractor&#8221;<\/b> means a company or group of companies that have entered into a production sharing agreement with the Government;<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0<b>&#8220;fiscal rules&#8221;<\/b> means the fiscal rules stipulated by section 16;<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0<b>&#8220;Fund&#8221;<\/b> means the Oil and Gas Fund established under section 7 of this Act;<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0<b>&#8220;government profit share&#8221;<\/b> means the remaining balance of profit gas or profit oil payable to the government after deducting contractor\u2019s profits of oil or gas;<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0<b>&#8220;Minister&#8221;<\/b> means the Minister responsible for finance;<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0<b>&#8220;oil and gas revenues&#8221;<\/b> include\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0royalty in cash payable by a licensed producer or its subsidiaries or a company under a Production Sharing Agreement;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0Government profit share;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0taxes payable by licensed upstream, midstream and downstream operators;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(d)\u00a0\u00a0\u00a0\u00a0Government participating interest;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(e)\u00a0\u00a0\u00a0\u00a0dividends from the National Oil Company for Government\u2019s equity interest;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(f)\u00a0\u00a0\u00a0\u00a0returns on investment income derived from the Fund;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(g)\u00a0\u00a0\u00a0\u00a0signature bonus, training fees and surface rentals paid by licensed producers; or<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(h)\u00a0\u00a0\u00a0\u00a0any other revenue determined by the Minister to constitute gas revenue, derived from upstream, midstream and downstream operations;<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0<b>&#8220;participating interest&#8221;<\/b> means the interest held in petroleum operations by a party to production sharing agreement;<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0<b>&#8220;surface rental&#8221;<\/b> means fees or charges payable by a contractor for conducting oil and gas activities over a licenced area.<\/p>\n<p class=\"heading\">PART II<br \/>ADMINISTRATIVE PROVISIONS (ss 4-5)<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s4]\"><\/a>4.\u00a0\u00a0\u00a0\u00a0Functions of the Minister<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0The functions of the Minister shall be to\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0manage oil and gas revenue in accordance with this Act;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0formulate and supervise all policy matters relating to the Fund; and<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0formulate and monitor broad investment strategies and operation guidelines for Revenue Saving Account of the Fund.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s5]\"><\/a>5.\u00a0\u00a0\u00a0\u00a0Functions of the Bank<\/p>\n<p>{mprestriction ids=&#8221;1,2,3&#8243;}<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0The Bank shall, in respect of the management of the Fund\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0open accounts of the Fund;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0act as an agent of the Government in carrying out, on daily basis, the investment strategies and operational guidelines;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0set and implement benchmarks and risk limits for the investment strategies; and<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(d)\u00a0\u00a0\u00a0\u00a0report performance of the Fund to the Minister.<\/p>\n<p class=\"heading\">PART III<br \/>COLLECTION AND AUDITING OF OIL AND GAS REVENUES (ss 6-7)<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s6]\"><\/a>6.\u00a0\u00a0\u00a0\u00a0Collection of oil and gas revenue<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) The Tanzania Revenue Authority and the National Oil Company shall be collectors of oil and gas revenues due to the Government.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(2) The oil and gas revenues derived from\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0taxes and levies shall be assessed, collected and accounted for by the Tanzania Revenue Authority;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0non-tax oil and gas revenues shall be collected and accounted for by the National Oil Company.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(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.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(4) Notwithstanding subsection (1), the Minister may, by notice published in the <i>Gazette<\/i>, 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\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0the National Oil Company floats or issues its shares to the public or to any other private entity or person;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0the National Oil Company is in the continuous state of insolvency or is under state of bankruptcy; or<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0there is change of policy on oil and gas revenue collection.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s7]\"><\/a>7.\u00a0\u00a0\u00a0\u00a0Auditing of reserves, exploration, costs, etc.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(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.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(2) For purpose of this section &#8220;regulator&#8221; means the Petroleum Upstream Regulator established pursuant to the Petroleum Act.<\/p>\n<p class=\"heading\">PART IV<br \/>ESTABLISHMENT, SOURCES AND MANAGEMENT OF THE FUND (ss 8-15)<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s8]\"><\/a>8.\u00a0\u00a0\u00a0\u00a0Oil and Gas Fund<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) There shall be the Oil and Gas Fund.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(2) The Fund shall consist of the Revenue Holding Account and the Revenue Saving Account.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(3) The objectives of the Fund shall be to ensure that\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0fiscal and macroeconomic stability is maintained;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0the financing of investment in oil and gas is guaranteed;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0social and economic development is enhanced; and<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(d)\u00a0\u00a0\u00a0\u00a0resource for future generations is safeguarded.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s9]\"><\/a>9.\u00a0\u00a0\u00a0\u00a0Sources of the Fund<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Sources of the Oil and Gas Fund shall be\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0royalties;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0Government profit share;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0dividends on Government participation in oil and gas operations;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(d)\u00a0\u00a0\u00a0\u00a0corporate income tax on exploration, production and development of oil and gas resources; and<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(e)\u00a0\u00a0\u00a0\u00a0return on investment of the Fund.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s10]\"><\/a>10.\u00a0\u00a0\u00a0\u00a0Management of the Fund<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) The Paymaster General shall be the accounting officer of the Fund.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(2) The Bank shall be the operational manager of the Fund.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(3) The Revenue Holding Account shall receive all revenues of the Fund.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(4) The Revenue Saving Account shall receive revenue from Revenue Holding Account.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(5) The revenue deposited in the Revenue Saving Account shall be as stipulated under this Act.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s11]\"><\/a>11.\u00a0\u00a0\u00a0\u00a0Restrictions on the use of the revenues of the Fund<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0The amount of money deposited in the Fund shall not be used\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0for providing credit to the Government, public enterprises, private sector entities or any other person or entity;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0as collateral or guarantees, commitments or other liabilities of any other entity; and<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0for rent seeking or be the subject of corrupt practices, embezzlement or theft.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s12]\"><\/a>12.\u00a0\u00a0\u00a0\u00a0Portfolio Investment Advisory Board<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) There is established a Portfolio Investment Advisory Board.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(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.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(3) The Chairman and other four members shall be appointed by the President.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(4) The provisions of the Schedule shall apply to the Board in the conduct of its business.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s13]\"><\/a>13.\u00a0\u00a0\u00a0\u00a0Functions of the Board<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) The functions of the Board shall be to\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0advise the Minister on portfolio investment strategy of the Revenue Saving Account of the Fund;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0report periodically to the Minister responsible for finance on the Governance and overall performance of the Revenue Saving Account of the Fund.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(2) Any advice by the Investment Advisory Board on investment strategy of the Revenue Saving Account of the Fund shall take into account\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0overall objective for the benefit of current and future generations;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0current economic conditions, opportunities and constrains in the investment markets and constrains under which the Bank and other relevant institutions operate; and<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0the need to ensure sufficient funds are available when the need for transfer to meet unanticipated oil and gas revenue shortfall arises.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(3) Where the Minister declines to take the advice of the Board he shall refer the matter to the President for determination.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s14]\"><\/a>14.\u00a0\u00a0\u00a0\u00a0Secretariat of the Board<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0There shall be a Secretariat of the Board constituted by the Bank.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s15]\"><\/a>15.\u00a0\u00a0\u00a0\u00a0Oversight of and reporting on the Fund<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) The Board shall submit to the Minister quarterly reports on the performance assessment of the Fund.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(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.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(3) The Controller and Auditor General shall make quarterly audit of the reports submitted under subsections (1) and (2).<\/p>\n<p class=\"heading\">PART V<br \/>FISCAL RULES (ss 16-18)<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s16]\"><\/a>16.\u00a0\u00a0\u00a0\u00a0Objectives and principle of fiscal rules<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(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.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(2) The following shall be the objectives of the fiscal rules\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0financing of the government budget;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0financing of the National Oil Company investment;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0fiscal stabilisation; and<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(d)\u00a0\u00a0\u00a0\u00a0saving for the future generations.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(3) The fiscal rules shall be based on the following principles\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0safeguard of the economy against inherent volatility of the oil and gas revenue;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0presence of uncertainty of the timing and size of the revenue flow;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0adherence to fiscal convergence criterion for the East Africa Monetary Union;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(d)\u00a0\u00a0\u00a0\u00a0maintenance of expenditure growth that is consistent with the absorption capacity of the economy;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(e)\u00a0\u00a0\u00a0\u00a0avoidance of borrowing where government holds financial savings;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(f)\u00a0\u00a0\u00a0\u00a0diversification and unlocking of the economy for sustainable development;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(g)\u00a0\u00a0\u00a0\u00a0ensuring collection efforts of revenue from non oil and gas sources are not neglected; and<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(h)\u00a0\u00a0\u00a0\u00a0safeguard interests of future generation through expenditure on alternative investments, including human capital development and financial savings.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(4) Any change to the fiscal rules shall require support of not less than two thirds of the total number of Members of Parliament.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(5) Any change of the rates stipulated in the fiscal rules may be made after every five years commencing from 1st July, 2015.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(6) Subject to subsection (4), the fiscal rules may only be amended, altered or otherwise changed once after every five years.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s17]\"><\/a>17.\u00a0\u00a0\u00a0\u00a0Fiscal rules<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) The following shall be the fiscal rules applicable under this Act\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0exclusion 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);<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0maintenance of fiscal deficit excluding designated oil and gas revenue at three per cent of the GDP when such revenue attains a level of at least three per cent of the GDP;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0operation of the Fund shall be in the manner that\u2013<\/p>\n<p class=\"TRI\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(i)\u00a0\u00a0\u00a0\u00a0all designated revenue are deposited into Revenue Holding Account where\u2013<\/p>\n<p class=\"TTRI\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(aa)\u00a0\u00a0\u00a0\u00a0in any fiscal year, at most an amount equal to three per cent of the GDP is transferred to the Consolidated Fund for budgetary use, and at least sixty per cent of such transfer is dedicated to funding strategic development expenditure including human capital development, particularly in the area of science and technology;<\/p>\n<p class=\"TTRI\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(bb)\u00a0\u00a0\u00a0\u00a0any amount of money in Revenue Holding Account which is in excess of three per cent of the GDP is automatically transferred to the Revenue Saving Account;<\/p>\n<p class=\"TRI\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(ii)\u00a0\u00a0\u00a0\u00a0in the event the designated oil and gas revenue falls short of three per cent 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, Government may borrow to offset the shortfall;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(d)\u00a0\u00a0\u00a0\u00a0maintenance of an orderly and reasonable growth of expenditure, where\u2013<\/p>\n<p class=\"TRI\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(i)\u00a0\u00a0\u00a0\u00a0annual growth of recurrent expenditure is not in excess of annual growth of the nominal GDP;<\/p>\n<p class=\"TRI\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(ii)\u00a0\u00a0\u00a0\u00a0total government expenditure in a year is not in excess of forty per cent of the GDP;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(e)\u00a0\u00a0\u00a0\u00a0availability of fund for investment by National Oil Company, where\u2013<\/p>\n<p class=\"TRI\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(i)\u00a0\u00a0\u00a0\u00a0recurrent expenditure is financed through the budgetary process;<\/p>\n<p class=\"TRI\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(ii)\u00a0\u00a0\u00a0\u00a0surface rentals, signature bonuses and training fees are retained by the National Oil Company under normal supervision of the Treasury Registrar;<\/p>\n<p class=\"TRI\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(iii)\u00a0\u00a0\u00a0\u00a0money equivalent to 0.1 per cent of the GDP is ring-fenced annually into the Revenue Saving Account of the Fund for National Oil Company strategic investment to be spent through the normal budgetary process, so that\u2013<\/p>\n<p class=\"TTRI\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(aa)\u00a0\u00a0\u00a0\u00a0in 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;<\/p>\n<p class=\"TTRI\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(bb)\u00a0\u00a0\u00a0\u00a0in the event the National Oil Company has special needs for investment that requires money over 0.1 per cent of the GDP, such money is made from the Fund available through the normal budgetary process:<\/p>\n<p class=\"TTRI\">provided that\u2013<\/p>\n<p class=\"TTRI\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(aaa)\u00a0\u00a0\u00a0\u00a0the Revenue Saving Account has money from the Revenue Holding Account;<\/p>\n<p class=\"TTRI\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(bbb)\u00a0\u00a0\u00a0\u00a0the amount does not exceed one per cent of GDP; and<\/p>\n<p class=\"TTRI\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(ccc)\u00a0\u00a0\u00a0\u00a0the request is proposed by the Minister responsible for energy and approved by the Minister for Finance before submission to the National Assembly.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(2) Notwithstanding the provisions of subsection (1), in the event\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0of an occurrence of a major disaster or war, Government may temporarily suspend the fiscal rules to allow organising of emergence funding commensurate to the emergence need and report the expenditure in full details in the next Session of the National Assembly; or<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0Government plans a major strategic investment that requires suspension of any part of the fiscal rules, a proposal for the suspension shall require support of not less than two thirds of all members of the National Assembly.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(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.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(4) The Minister for Finance in consultation with Minister responsible for local government shall, by regulations, establish fiscal rules for local governments to guide expenditure and saving.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(5) For the purpose of subsection (2), &#8220;major disaster&#8221; means any natural or man-made act which has a global, national or regional impact such as environmental catastrophe, widespread epidemic diseases or any other such act.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s18]\"><\/a>18.\u00a0\u00a0\u00a0\u00a0Transparency and accountability of revenues<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) Collection and deposit of oil and gas revenues into the Fund shall be done in a transparent and accountable manner.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(2) Disbursement of funds from the Fund shall be made in a transparent and accountable way.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(3) For the purpose 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.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(4) For the purpose 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 <i>Gazette<\/i>.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(5) The information required to be made public shall also be published online on the website of the Government and Ministry of Finance.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(6) The record of oil and gas revenue and expenditure shall be the subject of Parliamentary oversight.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(7) The Bank shall report on the operational performance of the Fund and publish an audited report in the official <i>Gazette<\/i> and website of the Bank.<\/p>\n<p class=\"heading\">PART VI<br \/>FINANCIAL PROVISIONS (ss 19-20)<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s19]\"><\/a>19.\u00a0\u00a0\u00a0\u00a0Annual budget of the Board<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) Before the end of each financial year, the Board shall prepare budget for receipts and expenditures.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(2) The Board shall submit to the Minister budgets estimates of annual budget for scrutiny and approval.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(3) Upon approval the Minister shall incorporate the budget estimates of the Board into the general budget estimates of the Ministry of Finance.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s20]\"><\/a>20.\u00a0\u00a0\u00a0\u00a0Accounting and audit of the Fund<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) The Bank shall keep and maintain the proper books of accounts with respect to\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0sums of moneys received and expended;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0assets and liabilities of the Fund; and<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0income and expenditure statement of the Fund.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(2) Within three months of the close of every financial year, the Controller and Auditor General, shall audit the accounts of the Fund.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(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.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(4) The Minister may, where the report submitted has an anomalies, direct the Bank to correct or furnish adequate explanation and the Bank shall give effect to such directions.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(5) The Minister shall, after receiving the report, lay before the National Assembly the audited accounts of the Fund together with the auditor&#8217;s report.<\/p>\n<p class=\"heading\">PART VII<br \/>GENERAL PROVISIONS (ss 21-23)<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s21]\"><\/a>21.\u00a0\u00a0\u00a0\u00a0General offences<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) A person who misappropriates the proceeds of the Fund commits an offence and shall be liable on conviction 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.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(2) A person who\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0defrauds, attempts to defraud or conspires with another person to defraud the Government in relation to the proceeds of the Fund;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0attempts to use or conspires with another person to use information on the Fund or documents relating to the Fund for personal benefit or advantage or benefit or advantage of another person,<\/p>\n<p>commits an offence and shall be liable on conviction to a fine of not less than the amount the person has defrauded or attempted to defraud, or to imprisonment for a term of not less than thirty years or to both.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(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.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(4) An offence committed under this Act shall be deemed to be an economic crimes offence triable in accordance with the Economic and Organised Crimes Control Act <a style=\"color: #ff0000\">*<\/a>.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s22]\"><\/a>22.\u00a0\u00a0\u00a0\u00a0Inconsistence with other laws<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Where there is inconsistence between this Act and any other written law relating to management of oil and gas revenues to which this Act apply, the provision of this Act shall prevail over to the extent of such inconsistence.<\/p>\n<p class=\"Level-Iblue\"><a name=\"[22,2015s23]\"><\/a>23.\u00a0\u00a0\u00a0\u00a0Minister to make regulations<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) The Minister may make regulations for better implementation of the provisions of this Act.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(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.<\/p>\n<p class=\"heading\">SCHEDULE<\/p>\n<p class=\"Centered\">(Section 12(4))<\/p>\n<p class=\"CenteredBold\">TENURE AND PROCEDURES OF THE PORTFOLIO INVESTMENT ADVISORY BOARD<\/p>\n<p class=\"Level-Iblue\">1.\u00a0\u00a0\u00a0\u00a0Appointment of Vice-Chairman<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0The members shall elect amongst their numbers a Vice-Chairman.<\/p>\n<p class=\"Level-Iblue\">2.\u00a0\u00a0\u00a0\u00a0Tenure of office<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) The Chairman and members 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.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(2) A member of the Investment Board shall cease to be a member if\u2013<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0dies or resigns for any reason;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0is convicted of a criminal offence for a term of or beyond six months;<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0becomes mentally ill; or<\/p>\n<p class=\"TI\">\u00a0\u00a0\u00a0\u00a0(d)\u00a0\u00a0\u00a0\u00a0is disqualified to practice under this Act.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(3) A member of the Board may at any time resign from office in writing addressed to the President.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(4) The President may by letter addressed to a member revoke the appointment of such member.<\/p>\n<p class=\"Level-Iblue\">3.\u00a0\u00a0\u00a0\u00a0Meetings<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(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.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(3) In the absence of the Chairman, and Vice-Chairman, members present shall appoint a member from amongst themselves to preside over the meeting.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(4) 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.<\/p>\n<p class=\"Level-Iblue\">4.\u00a0\u00a0\u00a0\u00a0Co-opted member<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(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.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(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 him from participating in the deliberation relating to the matter in which such member has interest.<\/p>\n<p class=\"Level-Iblue\">5.\u00a0\u00a0\u00a0\u00a0Quorum<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(1) The quorum at any meeting of the Board shall be three members in office.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(2) Matters proposed at a meeting of the Board shall be decided by a majority of the votes of the members present.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0(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.<\/p>\n<p class=\"Level-Iblue\">6.\u00a0\u00a0\u00a0\u00a0Minutes of the investment advisory Board<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0The 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.<\/p>\n<p class=\"Level-Iblue\">7.\u00a0\u00a0\u00a0\u00a0Allowances<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Members of the Board shall be paid allowances as determined by the Minister.<\/p>\n<p class=\"Level-Iblue\">8.\u00a0\u00a0\u00a0\u00a0Proceedings<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0Subject to this Schedule, the Board shall regulate its own proceedings.<\/p>\n<p>{\/mprestriction}<\/p>\n<hr \/>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 OIL AND GAS REVENUES MANAGEMENT ACT [PRINCIPAL LEGISLATION] ARRANGEMENT OF SECTIONS \u00a0\u00a0\u00a0\u00a0Section Title PART IPRELIMINARY PROVISIONS \u00a0\u00a0\u00a0\u00a01.\u00a0\u00a0\u00a0\u00a0Short title. \u00a0\u00a0\u00a0\u00a02.\u00a0\u00a0\u00a0\u00a0Application. [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1147","post","type-post","status-publish","format-standard","hentry","category-principal-legislation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>OIL AND GAS REVENUES MANAGEMENT ACT -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tanz.indiafin.com\/index.php\/2023\/05\/01\/oil-and-gas-revenues-management-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OIL AND GAS REVENUES MANAGEMENT ACT -\" \/>\n<meta property=\"og:description\" content=\"\u00a0 OIL AND GAS REVENUES MANAGEMENT ACT [PRINCIPAL LEGISLATION] ARRANGEMENT OF SECTIONS \u00a0\u00a0\u00a0\u00a0Section Title PART IPRELIMINARY PROVISIONS \u00a0\u00a0\u00a0\u00a01.\u00a0\u00a0\u00a0\u00a0Short title. \u00a0\u00a0\u00a0\u00a02.\u00a0\u00a0\u00a0\u00a0Application. 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