The Domestication of the Principle of Permanent Sovereignty over Natural Resources in the Tanzania Petroleum Industry: The Move Towards Nationalism is it a Sovereign Right or Wrong?
Article from: OGEL 1 (2023), in Africa
Using its sovereign power, the Government of the United Republic of Tanzania signed various Production Sharing Agreements (PSA) to govern the exploitation of petroleum. The power emanates from the principle of Permanent Sovereignty over Natural Resources (PSNR) promulgated in the United Nations General Assembly Resolution 1803 (XVII) which recognises, among others, the right of States to enter into agreements with foreign investors. The PSNR further requires the Government to observe the freely signed agreements in good faith. In almost all signed PSAs, the Government agreed with the ...