Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Mozambique gets new oil law

11 April 2013, 08:28

Maputo - The Mozambican government has approved a draft of a new petroleum law which will see communities get a slice of the country's oil revenues.

The spokesperson for the Council of Ministers, Alberto Nkutumala, said the decision was taken at a session late on Tuesday.

"Of the revenues that result from oil operations in Mozambique, a part shall go to communities that are located in areas where operations take place," said Nkutumala.

It is not yet clear what the allocation to local communities would be.

The law, which has to be approved by parliament, will also set the legal framework for environmental protection, social and economic development of the areas of exploration.

"What the government wants is to adapt the law to changing times," Nkutumula said.

Under the draft legislation, petroleum companies are required to inform the government of any new discoveries within 24 hours.

A number of foreign petroleum companies, including the US-based Anadarko and Italy's ENI have made several discoveries of oil and gas reserves, positioning the country as a new natural resources frontier.

Some 150 trillion cubic feet of natural gas has already been discovered.

Despite it's confirmed energy reserves, the country is ranked by the UN as the world's fourth poorest, with most of the 23.4 million population living on one dollar or less a day.

It is expected that within five years, the new industry will account for 13% of the economy.



Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Victor Tinto
Leave ODM if you are unhappy, Rai...

Leave ODM if you are not happy, Raila Odinga tells Senator. Read more...

Submitted by
Victor Tinto
Former Assistant Minister joins J...

A former Assistant Minister has quit PNU and joined the Jubilee Party. Read more...

Submitted by
Victor Tinto
DP Ruto intervenes as Kerio Valle...

DP William Ruto will visit Kerio Valley to try solve never-ending clashes between local residents. Read more...

Submitted by
Wilson Ochieng
ODM MP chased down by angry Kibra...

Kibra MP Ken Okoth had a hard time in his constituency after angry youth pelted him with stones. Read more...

Submitted by
Wilson Ochieng
Prepare for DP Ruto fight in 2022...

An MP has warned that the Kalenjin Community will not stand back and watch as DP Ruto is duped ahead of the 2022 polls. Read more...

Submitted by
William Korir
Be careful who you deal with, DP ...

Watch out for your political future, DP William Ruto has been warned. Read more...