Section 119

In this Part -–
tion
"accounting date" means the date on which a company usually prepares
its accounting statement;
"accounting period" in relation to a company engaged in upstream
petroleum operations, means-
(a) a period of one year commencing from 1 January and ending on 31
December of the same year ,
(b) any shorter period commencing on the day the company first makes
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a sale or bulk disposal of chargeable oil, domestic, export or both, and ending
on 31 December of the same year , or
(c) any period of less than a year being a period commencing from 1
January of any year and ending on the date in the same year when the
company ceases to engage in petroleum operations,
and any dispute with respect to the date of the first sale of chargeable oil
above or the date on which the company ceases to engage in petroleum
operations shall be determined by the Minister responsible for Petroleum
Resources;
"adjusted profits" means adjusted profit as stated in sections 67 and 91
of this Act;
"aggregate gas price" means the gas price determined under section
167(4) of Petroleum Industry Act;
"appraisal well" means a well that, in the opinion of the Commission, is
aimed at determining the size, distribution, characteristics and commerciality
of a petroleum discovery;
"assessable profit" means assessable profit as stated in sections 67 and