Section 109
(1) Cost oil shall be allocated to the contractor in such quantum as
cost oil
shall generate an amount sufficient for the recovery of operating costs in oil
prospecting licences as defined in the production sharing contract and any oil
mining leases derived therefrom.
(2) All operating costs shall be recovered in US Dollars through cost oil
allocations in accordance with the terms of the production sharing contract.
Cite this section
Section 109, NIGERIA TAX ACT, 2025.
https://repo.podus.ai/laws/nigeria-tax-act/section/109/