(1)
Acquisition costs of petroleum rights shall be eligible for annual allowance at the rate of 20% until the cost is fully written off.
(2)
Capital allowance for other assets shall be granted as follows —
(a)
upstream petroleum operations assets shall be in accordance with Part II of the First Schedule to this Act; and
(b)
midstream and downstream operations shall be in accordance with Part I of the First Schedule to this Act.