(1)
Subject to this Part and the relevant provisions of the Petroleum Industry Act, in relation to any accounting period, the crude oil revenue of a company for that period shall be the value of any chargeable oil adjusted to the measurement points, based on the —
(a)
proceeds of all chargeable oil sold by the company; and
(b)
value of all chargeable oil disposed by the company.
(2)
For the purposes of subsection (1) of this section, the value of any chargeable oil disposed, shall be regarded as the aggregate of the value of that crude oil determined for royalties for all fields in accordance with this Act, relevant provisions of the Petroleum Industry Act or any other applicable law.
(3)
Subject to section 71(2) of this Act, the adjusted profits of an accounting period shall be the profits of that period after the deductions and additions under section 68 of this Act.
(4)
The assessable profit of an accounting period shall be the adjusted profit of that period after any deduction allowed by section 70 of this Act.
(5)
The chargeable profits of an accounting period shall be the assessable profits of that period after the deduction allowed by section 71 of this Act.