Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024

A new law introduces fiscal incentives aimed at strengthening developments within the Nigeria oil and gas sector. The incentives include gas tax credits for non-associated gas greenfield developments, gas utilization investment allowances for new and ongoing projects in the midstream sector, and potential incentives for deep water oil and gas projects. The gas tax credits are expected to apply for a maximum of 10 years, after which they will be transitioned to a gas tax allowance claimable at the respective rates. The gas utilization investment allowance will apply to gas utilization companies for qualifying expenditures on plant and equipment for new and ongoing projects in the midstream oil and gas industry as of the Order's effective date.