Government projects US$1.1 billion petroleum revenue for 2019

The government has programmed to earn US$1.1 billion as petroleum revenues for next year, Finance Minister, Ken Ofori Atta told parliament on Thursday during the presentation of the 2019 budget statement and financial policy.

This is made up of US$227.10 million from Royalties, US$602.80 million from the Carried and Participating Interest, US$249.60 million in Corporate Income Tax and US$1.10 million from Surface Rentals.

Of this amount, he said US$404.90 million will be ceded to the NOC for its Equity Financing Cost, US$320.10 million, and share of the Net Carried and Participating Interest, US$84.80 million) while US$473.0 million will be allocated to the Annual Budget Funding Amount (ABFA).

The Ghana Petroleum Funds (GPFs) is also expected to receive US$202.70 million. The GPFs’ receipts will be distributed between the Ghana Stabilisation Fund (US$141.90 million) and the Ghana Heritage Fund (US$60.80 million)