Section 31, No. The Extractive Industries Revenue Act 2018No. The Extractive Industries Revenue Act 2018

(1) Accumulated net receipts of a separate petroleumoperation for a year of assessment shall be to the extent to which net receipts of the operation for the year exceed accumulated net expenditure for that operation for the previous year of assessment as increased by the uplift specified in paragraph 7 of the Second Schedule. (2) Accumulated net expenditure for a separate petroleum operation for a year of assessment shall be the extent to which net expenditure for the operation for the year plus accumulated net expenditure for that operation for the previous year of assessment (if any) as increased by the uplift specified in paragraph 7 of the Second Schedule exceed net receipts of the operation for the year .