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Ghana grabs $92m oil revenue from 2Q of 2017

  • SOURCE: | Kwabena Tabiri
  • The Ministry of Finance has released the second quarter report on petroleum receipts and distribution for the second quarter of 2017. The release is in pursuant of Section 8 of the Petroleum Revenue Management Act, 2011 (Act 815) as amended (Act 893) which implores the Minister to publish petroleum receipts as stipulated in Section 6 of the Act, namely, total output lifted and reference price, among others, on quarterly basis. The report accounts for 36th and 37th lifting from Jubilee field and 2nd lifting from TEN field.

    According to the report, a total of 2,893,325 and 11,411,758 barrels of crude were lifted by Ghana Group (GOG/GNPC) and Partners respectively. Out of the total lifting, 8,402,014 barrels were lifted from Jubilee whilst 5,903,069 barrels came from TEN fields. This is an increment of 22% over the first quarter lifting of 11.7m barrels.

    Out of the total gross receipt ($146.14m received from the Ghana Group’s lifting which constitute royalties and carried and participating interest) the Government of Ghana received $91.58m as the net receipt from the lifting.

    Transfer to GNPC, consisting of Equity Financing Cost and Net Carried & Participating Interest amounted to $32.36m and $22.2m respectively. Other receipts including petroleum holding fund (PHF) and surface rentals from partners amounted to $637,760.02.

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    Kwabena Tabiri

    Kwabena is currently a project coordinator on the Extractives team at Penplusbytes. He holds a Masters degree in Social Policy Studies from the Centre for Social Policy Studies and a Bachelor of Arts degree in Political Science and Linguistics.
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