Mid-Atlantic Oil and Gas Incorporated is now legally entitled to all of the same tax concessions which ExxonMobil’s local subsidiary and its partners enjoy following a motion which was passed last week in the National Assembly.
In accordance with Section 51 of the Petroleum Act, Finance Minister Winston Jordan tabled the motion which had been gazetted on July 30th of this year.
The Motion resolves, “That this National Assembly, in accordance with Section 51 of the Petroleum (Exploration and Production) Act No.3 of 1986, affirms the Petroleum (Exploration and Production) (Tax Laws) (Mid-Atlantic Oil & Gas Inc.) Order 2018 – No. 26 of 2018 which was made on 30th July, 2018, under Section 51 of the Petroleum (Exploration and Production) Act, No. 3 of 1986 and published in an Extraordinary copy of the Official Gazette dated 30th July, 2018.”
