Comprehensive  Ghana Oil and Gas news, information, updates, analysis


Follow the money

A look at Petroleum liftings by Ghana Group

oil money

In pursuant to Section 8 of the Petroleum Revenue Management Act, 2011 (Act 815), as amended in Section 6 of the Act 893, the Finance Minister is required to publish petroleum receipts, namely, total output lifted and reference price, among others, on quarterly basis. This report covers petroleum receipts of crude liftings from the Jubilee Fields and TEN Field by Ghana Group and Partners for the fourth quarter of 2016.

In the 34th Liftings, the Ghana Group (consisting of Government of Ghana or Ghana National Petroleum), lifted 949,320 barrels of crude from the Jubilee Fields whilst there was no lifting from the TEN fields.

Partners on the other hand, lifted a total 8,728,847 barrels of crude from both the Jubilee and TEN field. This consist of 5,878,847 and 2,850,000 barrels from Jubilee and TEN fields respectively.

Table 1 Petroleum receipts from the 34th Jubilee and TEN crude oil liftings

SN ITEM UNIT JUBILEE TEN TOTAL
34TH Lift
1 Volume Lifted by:
2 Ghana Group (GoG/GNPC) Barrels 949,320 N/A 949,320
3 Partners Barrels 5,878,847 2,850,000 8,728,847

 

The gross receipts from Ghana Group Lift amounted to $46,900,205. Royalties attracted $13,057,727 and Carried and Participating Interest accrued $33,842,478 to the nation.

Transfers to GNPC consisting of Equity Financing Cost and Net Carried and Participating Interest were 6,440,281 and 8,220,658.97 respectively.

The total receipts to Government of Ghana amounted to $32,248,255. This include Royalties and Net Carried and Participating Interest which amounted to $13,057,727 and $19,181,538 respectively. Other petroleum receipts include petroleum holding fund income which also accounted for $8990.

www.reportingoilandgas.org

Profile photo of Editor
Follow Us

Editor

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
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Alhassan S. Tampuli - Ag. Chief Executive of NPA Alhassan S. Tampuli is the Acting…
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by The International Institute for ICT Journalism www.penplusbytes.org with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Jul 2017 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6
Twitter Activity Stream
Partners We are proud to be associated with:
Skip to toolbar