Nigeria oil and gas concessions map and licenses www

#Nigeria oil and gas concessions map and licenses www license#

PPT payments are made either in cash or in-kind depending on the operating contract of the company. The Petroleum Profit Tax Act (PPTA) is the tax law that governs the taxation of companies engaged in petroleum operations. Licenses are granted according to the Guidelines on Mineral Titles Application and on a вЂњfirst come, first servedвЂќ basis.

#Nigeria oil and gas concessions map and licenses www license#

In the mining sector, the Mining Cadastre Office is responsible for granting licences and for maintaining a records of all license applications. Oil and gas licenses are awarded through open tenders or direct negotiations, and the Minister of Petroleum Resources is empowered to grant licenses on a discretionary basis. In accordance with the Petroleum Act, the Ministry of Petroleum Resources, through the Department of Petroleum Resources is empowered to oversee the license allocation process in the oil and gas sector. The government is on the path of restructuring the NNPC as part of the reforms under the PIGB. The state participates in the oil and gas sector through its national oil company, NNPC, and its various subsidiaries, which represent government interests in the various production arrangements and contracts in the oil and gas sector. Companies involved in mining activities are liable to company income tax (20% or 30%), capital gains tax (10%), value added tax (5%) and education tax (2%) among others. In many cases, production-sharing contracts between the government and petroleum companies also determine the fiscal terms of oil and gas operations in the country. Companies operating with a concession or license in the oil sector are liable to pay royalties, petroleum profit tax and corporate income tax. The bill has recently been passed by the House of Representatives and only needs to be assentedВ by the President before it becomes law. The Petroleum Industry Governance Bill (PIGB)В was passed by the Senate in 2017 and is expected to reorganise the legal and fiscal terms governing the oil and gas sector. There are a myriad of other laws and subsidiary pieces of inter-related legislations that deal with specific operations of the industry. The Act, like the constitution, vests ownership of petroleum resources on the Federal Government of Nigeria. It provides comprehensive provisions for exploration, production and transportation activities in the sector. The Petroleum Act of 1969 is the primary legislation governing petroleum activities in Nigeria. The Federal Government is mandated to manage such natural resources in a manner as may be prescribed by the National Assembly.

The ownership and control of all minerals, oil and gas in Nigeria, its territorial waters and exclusive economic zone is vested in the Federal Government based on the provision of section 44(3) of the 1999 Constitution of the Federal Republic of Nigeria.