Gov't bags US$341mln in oil receipts for 2015

The Government of Ghana realised a total of US$341.50 million from the oil and gas sector as of the third-quarter of 2015, Finance Minister Seth Terkper has told Parliament.

“Total petroleum receipts (i.e. proceeds from Jubilee liftings and other petroleum receipts) as at the end of the third-quarter of 2015 was US$341.50 million (GH?1,243.65 million),” Mr Terkper read to the House.

He said the Ghana National Petroleum Corporation (GNPC) lifted five parcels of crude oil (i.e. the 25th–29th liftings) on behalf of the State between January and September 2015.

“This involved 4,781,972 barrels of oil, down from 4,824,715 barrels in the corresponding period in 2014,” he said.

Out of the total petroleum revenue of US$341.50 million received in the first nine months of 2015, US$98.30 million was allocated to GNPC (the NOC) as its share of Equity Financing Cost (US$38.66 million) and Net Carried and Participating Interest (US$59.64 million).

A total of US$16.60 million (GH?67.06 million) was transferred into the GPF, of which US$4.98 million or GH?20.17 million was transferred to the GHF while US$11.62 million or GH?46.89 million was transferred to the GSF.

And a total ABFA amounted to US$227.47 million (GHS834.76 million) between January and September 2015, of which US$39.81 million was transferred to the Ghana Infrastructure Investment Fund (GIIF).