SECTION PART I.- PRELIMINARY 1. Short title 2 ... - Lexadin

(2) For the purposes of subsection (1)(b) of this section, the value of any
chargeable oil so disposed of shall be taken to be the aggregate of-
1973 No.15
(a) the value of that oil as determined, for the purpose of royalty,
in accordance with the provisions of any enactment applicable
thereto and any financial agreement or arrangement between
the Federal Government of Nigeria and the company;
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(b)
(c)
any cost of extraction of that oil deducted in determining its
value as referred to in paragraph (a) of this subsection; and
any cost incurred by the company in transportation and
storage of that oil between the field of production and the
place of its disposal.
(3) The adjusted profit of an accounting period shall be the profits of
that period after the deductions allowed by subsection (1) of section 10
of this Act and any adjustments to be made in accordance with the
provisions of section 12 of this Act.
(4) The assessable profit of an accounting period shall be the adjusted
profit of that period after any deduction allowed by section 14 of this
Act.
(5) The chargeable profits of an accounting period shall be the
assessable profits of that period after the deduction allowed by section
18.
Deductions.
1973 No. 15
10.(1) In computing the adjusted profit of any company of any
accounting period from its petroleum operations, there shall be deducted
all outgoings and expenses wholly, exclusively and necessarily incurred,
whether within or without Nigeria, during that period by such company
for the purpose of those operations, including but without otherwise
expanding or limiting the generality of the foregoing –
1996. No. 31
(a) rents incurred by the company for that period in respect of
land or buildings occupied under an oil prospecting licence or
an oil mining lease for disturbance of surface rights or for any
other disturbance;
1999. No. 30
(aa) all non productive rents, the liability for which was incurred
by the company during that period;
1996. No. 31
(aaa) all royalties, the liability for which was incurred by the
company during that period in respect of natural gas sold and
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