ANALYSIS OF THE LEGAL FRAMEWORK GOVERNING THE APPLICATION OF THE TRANSPARENCY AND ACCOUNTABILITY PRINCIPLE IN MAINLAND TANZANIA’S PETROLEUM SECTOR.

Abstract

In recent years, the petroleum industry in Mainland Tanzania has experienced significant growth, and numerous discoveries have been made. Many companies, including domestic and foreign ones, have been investing in the industry due to this development. This has provided the government of Tanzania with the opportunity to collect taxes and other earnings from the sector's exploration and production activities. Nevertheless, the sector's operations are not without governance difficulties, such as corruption and misappropriation of funds, to name a few. This article analyses different binding and non-binding legal instruments that necessitate the implementation of transparency and accountability principle in the sector to tackle these challenges. Nevertheless, its application in the sector is impeded by various obstacles, including inadequate punishment for non-compliance and non-verification of information. These obstacles must be promptly eliminated to facilitate the implementation of the principle and enhance the sector's governance.