ECHOES OF TAX & LAW – TAX DEDUCTIBILITY OF FUNDS FOR DECOMMISSIONING AND ABANDONMENT IN PETROLEUM OPERATIONS
Decommissioning and abandonment is the process of shutting down operations in an oil field, whereby installations, structures, chemicals, and operation materials are removed; and environmental restoration of the area is carried out. It comes at the end of the field life, but is planned for at the very beginning of petroleum operations. In fact,…