H2 2019: Oil liftings, taxes hit US$573m

A total of US$573.85 million was realised from crude oil liftings, surface rentals, Petroleum Holding Fund (PHF) income and corporation income tax in the second half of 2019, the Semi-Annual Report of the Petroleum Holding Fund and the Ghana Petroleum Funds indicates.

The funds were put into the Petroleum Holding Fund.

Total petroleum revenue distributed was, however, US$561.30 million.

According to the report, GNPC received US$162.27 million, the Annual Budget Funding Amount (ABFA) also received US$229.81 million whiles Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF) received an allocation of US$118.45 million and US$50.77 million respectively during the period under review.

The year-to-date (YTD) return of the GHF and GSF was, however, 6.4% and 2.41% respectively.

Realised income on the GPFs in the second half of the year was US$10.75 million (GHF contributed US$7.02 million and GSF contributed US$3.73 million) as compared to total net realised income of US$11.20 million (GHF contributed US$6.72 million and GSF contributed US$4.48 million).

The GSF and GHF accumulated reserves were US$388.6 million and US$579.61 million respectively.

Operational statistics

During the second half year (H2) of 2019, the Ghana Group (GNPC lifting on behalf of the government of Ghana) lifted the 13th parcel of crude oil from the Tweneboa, Enyenra and Ntomme (TEN) field, the Jubilee field 50th, 51st and 52nd parcels, and the Sankofa Gye Nyame field third parcel (3rd).

The lifting proceeds received into the PHF in H2 2019 was US$249.67 million from Jubilee 49th,50th,51st and 52nd liftings, US$124.40 million for TEN 12th and 13th liftings and US$ 57.49 million from the third Sankofa Gye Nyame lifting.

The Petroleum Holding Fund (PHF) received a total amount of US$431.56 million from lifting proceeds in H2 2019 compared to receipts of US$311.22 million in the first half year (H1) of 2019.

The total receipts from TEN’s 12th and 13th liftings was US$124.40 million compared to US$117.37 million received in H1 2019 (10th and 11th liftings), whilst receipts from Jubilee (49th,50th,51st & 52nd lifting) was US$249.67 million compared to US$123.85 million received in H1 2019 (47th and 48th liftings).