Section 262: Ascertainment of crude oil revenue, adjusted profit, assessable profits and chargeable profits.

1 Subject to this Act, in relation to any accounting period, the crude oil revenue of a company for that period shall be the value of any chargeable oil adjusted to the measurement points, based on the —
a proceeds of all chargeable oil sold by the company; and
b value of all chargeable oil disposed by the company.

2 For the purpose of subsection (1), the value of any chargeable oil disposed of, shall be regarded as the aggregate of the value of that crude oil determined for royalties for all fields in accordance with this Act or any applicable law.

3 Subject to section 266 (2) of this Act, the adjusted profits of an accounting period shall be the profits of that period after the deductions allowed by section 263 (1) 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 265 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 266 of this Act.