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2012 Oil revenue records distortion

The Public Interest and Accountability Committee (PIAC) has identified an over estimation and a distortion in the amount of the petroleum funds available for appropriation as part of the oil revenue.

This according to PIAC is as a result of the inclusion of corporate taxes in the oil revenue for 2012.

To this end, the committee has charged the Finance Ministry to ensure that all oil companies operating under license are made to pay their relevant surface rental charges into the Petroleum Holding Funds without further delay.

These among other recommendations were made in the second semi-annual report on petroleum revenues for the year 2012.

According to the report, Monthly production declined from 2.11 million barrels in January to 1.77 million barrels in June.

The average daily production during the period was over 62,000bopd; falling short of the 90,000 bopd used in the estimation of the Benchmark Revenue for the 2012 financial year.

The report also stated that proportion of crude oil lifted in the first  half of 2012 was equivalent to 25.45% of production. This is about7.5% higher than Ghana’s share of petroleum produced during the period because it includes the shortfall of about 600,000 barrels from 2011 that spilled over into 2012 lifting.

Meanwhile, speaking to Citi Business News in an interview, A Petroleum Economist, Mohammed Amin Adam stated that in as much as the PIAC provides an independent assessment on the management and use of oil revenues, resourcing them will ensure that Ghana derives its maximum benefits from our natural resource.

“If you look at their reports both 2011 and half year report of 2012, they made a significant recommendation that there is the need for value for money audit on all projects that are financed from the oil revenue.”

He further stated that, ‘’the recommendations by PIAC is not going anywhere because they do not have the resource to conduct money audits and it’s an important requirement to assure Ghanaians that the oil money is being used well.”

 

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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