Library / Implementation Guidelines for the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, 2024.

Implementation Guidelines for the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, 2024.

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4.0 Definition of terms: 
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In this guideline: 
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"Associated Gas Framework Agreement” is aside néd bythe-Nigerian Upstream 
Petroleum Regulatory Commission (NUPRC). 
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“First Gas Production Date” is the date certified by the: NUBRGS the first gas 
production date. 
“Fiscal Gas Price” means the price used for royalty as determined-by the NUPRC. 
“Gas Tax Credit (GTC)’ means the amount of tax credit granted to an eligible 
company pursuant to paragraph 1(2), of part 1 of Order 40. 
“Gas Tax Credit Surplus (GTCS)’ means the sum by which the Gas Tax Credit 
granted to an eligible company exceeds the amount of Companies Income Tax due 
from that compat 
i in an accounting petiod. 
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“Gas Tax Allowance (GTA)’ means the amount of allowance granted to an eligible 
company pursuant to paragraph 3 of part 1 of Order 40. 
“Greenfield Development” refers’ to all;undeveloped NAG fields 
in existing 
licenses 
or leases granted 
pursuant 
to licensing 
bid-rounds conducted 
by 
NUPRC with first gas production from the commencement date of this incentive. 
“Hydrocarbon Liquids (HCL)” is as defined by the NUPRC. 
“Onshore and Shallow Waters” is as defined under Section 318 of the Petroleum 
Industry Act (PIA). 
5.0 Eligibility for Gas Tax Credit (GTC) and Gas Tax Allowance (GTA) 
Only a company granted licences or leases for greenfield development of non- 
associated gas in onshore and shallow water locations is-eligible for the GTC or 
GTA. 
Note that: 
an 
a. acompany is entitled to only Gas Tax Credits {GTC) 
if it achieved first Gas 
production on or before 1% January, 2029; 
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b. 
a company that achieved first gas production ‘after 1% January, 2029 
is 
entitled to only Gas Tax Allowance (GTA).