Corporation Tax Act 2010 section 1134

Oil and gas exploration and appraisal

Section 1134 defines the term "oil and gas exploration and appraisal" as used throughout the Corporation Tax Acts.

• Oil and gas exploration and appraisal covers activities aimed at searching for petroleum, assessing the extent of petroleum-bearing areas, and estimating petroleum reserves.
• The overarching purpose of these activities must be to determine whether the petroleum found is suitable for commercial exploitation.
• The definition of "petroleum" is taken from section 1 of the Petroleum Act 1998.
• The equivalent income tax definition can be found in section 1003 of the Income Tax Act.