2016: Ghana bags US$207m from oil, 29% dip

Ghana made US$207.79 million (GH?811.68 million) from oil liftings in 2016, Finance Minister Ken Ofori-Atta has said in the Akufo-Addo government’s maiden budget statement delivered to parliament on Thursday, 2 March.

In 2016, the Ghana National Petroleum Corporation (GNPC) lifted six parcels of crude oil (consisting of the 31st to 35th Jubilee and 1st TEN liftings) on behalf of the State, and exported a total of 21,580 MMscf of gas to Ghana National Gas Company (GNGC).

Total crude lifted was 5,856,921 barrels of oil (4,860,462 barrels of Jubilee oil and 996,459 barrels of TEN oil), Mr Ofori-Atta reported.

He said receipts from crude oil liftings for the year included revenues from the sale of 4,824,417 barrels of oil from the 30th (lifted in December 2015) and the 34th Jubilee liftings, which amounted to US$207.79 million (GH?811.68 million).

The proceeds from the 35th Jubilee and 1st TEN liftings in December 2016 were received in the first quarter of 2017.

“Mr Speaker, actual petroleum receipts for 2016 fell short of the 2015 performance by 29.1 percent due to the continuous decline in crude oil prices, the decline in Jubilee production and lower TEN production,” Mr Ofori-Atta said.