Chapter 3: Taxation of Income from Petroleum Operations

Part I: Hydrocarbon Tax, Ascertainment of Chargeable Tax, Ascertainment of Chargeable Profits and Consolidation for Tax Purposes

Sections 65 to 88

• 65Application of this Part
• 66Charge of hydrocarbon tax
• 67Ascertainment of crude oil revenue, adjusted profit, assessable profits
• 68Allowable deductions
• 69Deductions not allowed
• 70Assessable profits and losses
• 71Chargeable profits and allowances
• 72Chargeable hydrocarbon tax
• 73Additional chargeable tax payable in certain circumstances
• 74Pre-production cost
• 75Trade or business sold or transferred
• 76Consolidation of costs and revenue
• 77Partnerships
• 78Income tax on petroleum operations
• 79Registration and use of separate company for each stream of petroleum operations
• 80Provisions relating to gas
• 81Allowances for the purposes of income tax on petroleum operations
• 82Expense deductibility
• 83Basis period for income tax on petroleum operations
• 84Additional income tax payable in certain circumstances
• 85Non-Associated gas greenfield developments in onshore and shallow water terrains
• 86Provision relating to decommissioning and abandonment of funds
• 87General application of this Part and other matters
• 88Fiscal stabilisation

Part II: Petroleum Profits Tax Imposition of Tax And Ascertainment of Chargeable profits, Ascertainment of Assessable Tax and of Chargeable Tax

Sections 89 to 100

• 89Charge of petroleum profits tax
• 90Ascertainment of profits, adjusted profit, assessable profits and chargeable profits
• 91Deductions allowed
• 92Incentives for utilisation of associated gas
• 93Application of incentives to utilisation of non-associated gas
• 94Deductions not allowed
• 95Exclusion of certain profits
• 96Assessable profits and losses
• 97Chargeable profits and capital allowances
• 98Assessable petroleum profits tax
• 99Additional chargeable tax payable in certain circumstances
• 100Partnerships

Part III: Deep Offshore and Inland Basin Production Sharing Contracts

Sections 101 to 116

• 101Production sharing contracts
• 102Duration of oil prospecting licence
• 103Determination of petroleum profits tax
• 104Determination of investment tax credit and investment tax allowance
• 105Royalty payable in respect of deep offshore production sharing contracts
• 106Computation of petroleum profit tax
• 107Allocation of royalty oil
• 108Allocation of cost oil
• 109Allocation of tax oil
• 110Allocation of profit oil
• 111Payment royalty
• 112Chargeable tax petroleum operations
• 113Use of realisable price in determining royalty and petroleum profits tax in respect of crude oil
• 114Submission of receipts
• 115Adaptation of laws
• 116Review of the production sharing contract

Part IV: Miscellaneous Provisions

Sections 117 to 118

• 117Administration of royalties
• 118Interpretation