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Ghana Rakes In $54.7m Oil Revenue

  • SOURCE: Reportingoilandgas | Kwabena Tabiri
  • The Government of Ghana has raked in $54.7 million from a net cargo value of $126,068,908.55 from oil production for the second quarter of 2018, according to a report released by Ministry of Finance.

    The accrued revenue for the first quarter falls below that which was recorded for the second quarter – $92.3m. This shortfall could be attributed to the incessant breakdown of the FPSO.

    Petroleum Receipts

    The receipts were liftings from the Jubilee, Sankofa and TEN fields. Both Ghana group and partners lifting amounted to 2,964,166 and 7,602,640 barrels respectively. These figures depict a slight decrease as compared to that which was recorded in the first quarter 1,999,841 and 12,666,288.

    Petroleum Allocations

    A total amount of $18.4m were allocated to Ghana National Petroleum Corporation (GNPC) in the form of equity financing cost and net carried and participating interest. Whilst Government of Ghana net receipts from the lifting in the form of royalties and net carried and participating interest accrued $44.6m. Other transfers made to Petroleum Holding Fund (PHF) Income, Surface Rental and Corporate Tax amounted to $10.1m.

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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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