The draft Petroleum (Exploration and Production) Bill is expected to be laid before Parliament by the end of the second quarter of this year.
According to the 2012 Annual Report on Petroleum Funds, the Bill has been developed and is currently undergoing stakeholder consultations.
It said since the Jubilee discovery in 2007, 21 new oil discoveries have been made. “These discoveries are at various stages of appraisal and development by the Ghana National Petroleum Corporation (GNPC) and partners”, the report states.
The 2012 Annual Report, the first of its kind in fulfillment of section 48 of the Petroleum Revenue Management Act (PRMA) 2011, presents relevant information on the Petroleum Funds.
Under section 48, the Minister responsible for Finance is required to submit an annual report on the Petroleum Funds as part of the annual presentation of the Budget Statement and Economic Policy of government to Parliament.
On petroleum receipts, the report said in 2011, the Petroleum Holding Fund received a total amount of $444.12 million as against the budget estimates of $833.86 million.
It said the main reason for the short fall was the “non-realisation of corporate income tax from the Jubilee partners as a result of off-setting profits or gains against capital allowances and other incentives allowed under the Internal Revenue Act and other laws and agreements.”
According to the report, the Audit Service is still auditing the 2011 financial statements of the Petroleum Fund.
“The Audited 2011 financial statements of the Petroleum Holding Fund (PHF) will therefore be presented to Parliament as soon as it is ready.”
The PHF was established by the PRMA as a designated Public Fund Account under the 1992 Constitution, to receive petroleum receipts due the state from the upstream petroleum sector.
The PHF was opened at the Federal Reserve Bank of the USA on April 11, 2011 and has since been receiving petroleum revenues due the state.