US $434.5m petroleum revenues recorded in first half of 2019

For the first half of 2019, the country made a total of US$ 434.5 million in oil sale proceeds from its three operational oil fields as well as in fees and taxes charged for the period.

A report from the Bank of Ghana (BoG) outlines the crude liftings of Ghana as well as the allocations that have been made to the Ghana Petroleum Funds.

The first-half performance of the Ghana Petroleum Funds shows that the country made US$ 311.2 million, from oil sale from the 10th and 11th liftings of Tweneboa Enyenra Ntomme (TEN), 47th and 48th liftings of Jubilee and 2nd liftings of Sankofa fields.

Other receipts for the period from the various operators of the oil fields amounted to US$ 123.26 million. Of this US$121.5 million was made up of corporate taxes from and the US$ 595,246.18 from surface rentals paid by some 7 companies. US$ 1.14 million was accrued from interest payment for the half-year period.

The publication by the Bank of Ghana is in line with section 28 of the Petroleum Revenue Management Act, 2011 (815).

Out of the total revenues, US$99.7 million was allocated to the Ghana Stabilization Fund and the Ghana Heritage Fund.

Government, in this second half of the year, is expecting to recover from the shortfall recorded in the first half of the year.

According to the 2019 mid-year budget statement, revenue from upstream Oil and Gas amounted to GHc 1,859 million, 31.0 percent lower than the programmed target of GHc 2,697 million. This was mainly on account of four liftings compared to five programmed liftings for the period hence the lower-than-programmed revenues.