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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b. 
Midstream gas companies undertaking a new or ongoing gas utilization project. 
4.0 Scope 
The guidelines include the following: 
a. 
Federal Inland Revenue Service Guideline on the applicability of Tax Credits 
and Allowances for Non-Associated Gas Greenfield Development. 
b. 
Federal Inland Revenue Service Guideline on the applicability of the Midstream 
Capital and Gas Utilization Allowance. 
c. 
Nigerian 
Upstream 
Petroleum 
Regulatory 
Commission 
Guideline 
on 
Hydrocarbon Liquids Content in a NAG Field. 
5.0 Sunset 
a. 
The Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) 
Order, 2024 shall cease upon the formal introduction of the Fiscal Incentives 
through legislation. 
The Gas Tax Credits introduced under the Oil and Gas Companies (Tax 
Incentives, Exemption, Remission, etc.) Order, 2024 shall cease where first gas 
production is not achieved by 18' January 2029 (the Sunset Date). 
Without prejudice to the generality of the foregoing, where an operator is unable 
to achieve gas production as a result of the occurrence or subsistence of a 
Force Majeure Event, the Sunset Date shall 
in relation to that Operator be 
entitled to apply to the Nigerian Upstream Petroleum Regulatory Commission 
(NUPRC) for extension of the Sunset Date. 
For the purpose of these Guidelines, Force Majeure shall mean any event or 
circumstance or combination of events or circumstances that is beyond the 
reasonable control of an operator and that materially and adversely affects the 
ability of that operator to achieve gas production; but only to the extent that: 
(i) such circumstance, event or condition, despite the exercise of diligence, 
cannot be prevented, avoided or overcome by the affected operator; and 
(ii) The affected operator has taken all reasonable precautions, due care 
and measures 
to 
prevent, 
avoid 
or overcome 
the 
effect 
of such 
circumstance, event or condition on its ability to achieve gas production 
and to mitigate its consequences. 
Force Majeure Events shall include but are not limited to any act of war (whether 
declared or undeclared), invasion, armed conflict or act of foreign enemy, 
blockade, embargo, revolution, riot, insurrection, civil commotion, or acts of 
terrorism, Acts of God, epidemics, plagues lightning, fire, earthquake, storm, 
cyclone, typhoon, tornado or other natural calamity; strikes, go-slows or works 
to rule; radioactive contamination, ionizing radiation, explosion or chemical 
contamination (other than resulting from an act of war or the act or negligence 
of the affected Operator), but only to the extent that an event satisfies the 
requirements above. Any event caused by, or connected with, or resulting from 
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