DEEP OFFSHORE AND INLAND BASIN PRODUCTION SHARING CONTRACTS ACT, 2004

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DEEP OFFSHORE AND INLAND BASIN PRODUCTION SHARING CONTRACTS ACT, 2004

[EDITOR’S NOTE: This Act was initiated by way of a Decree, Deep Offshore and Inland Basin Production Sharing Contracts (Amendment) Act, 1999 which was subsequently amended by the Deep Offshore and Inland Basin Production Sharing Contracts (Amendment) Decree No 26 of 1999 . It was then re-enacted as the Deep Offshore and Inland Basin Production Sharing Contracts Act, 2004 itself amended by the Deep Offshore and Inland Basin Production Sharing Contracts (Amendment) Act, 2019]

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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.

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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.]

[Commencement.] [1st January, 1993]                                                                          

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