Section 67

(1) Subject to this Part and the relevant provisions of the Petroleum
Ascertain-
Industry Act, in relation to any accounting period, the crude oil revenue of a ment of
company for that period shall be the value of any chargeable oil adjusted to the crude oil
measurement points, based on the – revenue,
adjusted
profit,
assessable
profits
(a) proceeds of all chargeable oil sold by the company; and
Act No. 6,
(b) value of all chargeable oil disposed by the company. 2021
(2) For the purposes of subsection (1), the value of any chargeable oil
disposed, shall be regarded as the aggregate of the value of that crude oil
determined for royalties for all fields in accordance with this Act, relevant
provisions of the Petroleum Industry Act or any other applicable law.
(3) Subject to section 71(2) of this Act, the adjusted profits of an accounting
period shall be the profits of that period after the deductions and additions
under section 68 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 70 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 71 of this Act.