Section 111

Profit oil, being the balance of available crude oil after deducting
profit oil royalty oil, tax oil and cost oil, shall be allocated to each party in accordance
with the terms of the production sharing contract.
Payment 112. (1) The holder shall pay all royalty, concession rentals and petroleum
royalty
profits tax on behalf of itself and the contractor out of the allocated royalty oil
and tax oil.
(2) The Service shall issue separate tax receipts in the names of the
holder and the contractor for the respective amounts of petroleum profit tax
paid on behalf of the holder and contractor in accordance with the terms of the
production sharing contract.
Chargeable
tax petro- 113. The chargeable tax on petroleum operations in the contract area
leum under the production sharing contracts shall be split between the holder and
operations
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the contractor in the same ratio as the split of profit oil as defined in the
production sharing contract between them.