The Department charges and ensures payment of Royalties on all producing fields.
The Department collects rents accruing to the Federal Government of Nigeria from awarded concession on yearly basis and pays same into a designated Federal Government account with the Central Bank of Nigeria
PETROLEUM PROFIT TAX (PPT)
The Federal Inland Revenue Service (FIRS) collects the petroleum profit tax on behalf of the Federal Government of Nigeria.
GAS FLARE PENALTY
This constitutes revenues accruing to the Federal Government from penalties imposed on oil companies for gas flaring. The penalty is intended to serve as a deterrent to routine gas flaring.
Have any email@example.com 7 Kofo Abayomi, Victoria Island Lagos
+234 (1) 2790000, 9037150
Vision : To be a Leading Regulator in the Oil and Gas Sector
Mission : To ensure the sustainable development of Nigeria’s Oil and Gas resources across the value chain for our stakeholders through effective regulation, while entrenching world class professionalism, accountability, and transparency