Library / B 843 Federal Republic of Nigeria Official Gazette No. 110
B 843 Federal Republic of Nigeria Official Gazette No. 110

Page 10 of 12
B  854
13.  The Authority may issue guidelines, notices, and directives for the
effective implementation of these Regulations.
PART VII — MISCELLANEOUS PROVISIONS
14.  In these Regulations —
“Act” means the Petroleum Industry Act, No. 6, 2021;
“bbl/day” means barrels per day ;
“CER”
means the rate applicable to the capital expenditure, as
determined in accordance with the Schedule to these Regulations ;
“CL”  means the average daily capacity of facilities under a licence during
a year for which the financial contribution is payable, in barrels per day ;
“CLR”  means the rate in USD per bbl/day for average daily capacity
for liquid hydrocarbons (CL), as determined in accordance with the Schedule
to these Regulations ;
“CG”  means the average daily capacity of facilities under a licence
during a year for which the financial contribution is payable, in MSCFD ;
“CGR”  means the rate in USD per MSCFD for average daily capacity
for gaseous hydrocarbons (CG), as determined in accordance with the
Schedule to these Regulations ;
“environmental remediation” means the act of removing or reduction
of contaminants from environmental components to prevent damage or
loss ;
“fixed contribution” means the fixed contribution in USD per day, as
determined in accordance with the Schedule to these Regulations ;
“GCR” means gross cash recovery ;
“high risk” means areas prone to high level of hazard ;
“Midstream or Downstream Capital Expenditure” means the
expenditure characterised as expenditure of capital nature under the
Companies Income Tax Act, Cap. C21, Laws of the Federation of
Nigeria, 2004 incurred within a year for which the financial contribution
is payable ;
“LCR” means liquidity coverage ratio ;
“MSCFD” means thousand standard cubic feet per day ;
“negative impact” means the negative effect arising from midstream or
downstream operations or activities on lives, property and environmental
components ;
“USD” means United States Dollars ; and
“year” means a period of a year from any day during the year.
Authority
to issue
guidelines
Interpretation