DEEP OFFSHORE AND INLAND BASIN PRODUCTION SHARING CONTRACT ACT, 2004

CENTER FOR LAW OF NIGERIA : FEDERAL LAWS

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DEEP OFFSHORE AND INLAND BASIN PRODUCTION SHARING CONTRACTS ACT, 2004

[EDITOR’S NOTE: Thi Act has been amended by the Deep Offshore and Inland Basin Production Sharing Contracts (Amendment) Act, 2019]

ARRANGEMENT OF SECTIONS

1.            Production sharing contracts.

2.            Duration of oil prospecting licence.

3.            Determination of petroleum profits tax.

4.            Determination of investment tax credit and investment tax allowance.

5.            Royalty payable in respect of deep offshore production sharing contracts.

6.            Computation of petroleum profit tax.

7.            Allocation of royalty oil.

8.            Allocation of cost oil.

9.            Allocation of tax oil.

10.          Allocation of profit oil.

11.          Payment of royalty.

12.          Chargeable tax on petroleum operations.

13.          Use of realisable price in determining royalty and petroleum profit tax in respect of crude oil, etc.

14.          Submission of receipts.

15.          Adaptation of laws.

16.          Periodic review.

17.          Interpretation.

18.          Short title.

DEEP OFFSHORE AND INLAND BASIN PRODUCTION SHARING CONTRACTS ACT

An Act to, among other things, give effect to certain fiscal incentives given to the oil and gas companies operating in the Deep Offshore and Inland Basin areas under production sharing contracts between the Nigerian National Petroleum Corporation or other companies holding oil prospecting licenses or oil mining leases and various petroleum exploration and production companies.

[1999 No.9.]

[1st January, 1993]                                           [Commencement.]

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