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Ghana rakes in US$680million from crude oil

Government has raked in a net cargo value of US$ 770,744,705.11 from a total of seven parcels of crude oil lifted as at the end June 2012, according to figures from the Central Bank. Total proceeds from the six liftings amounted to US$680,880,867.74.

The Ghana national Petroleum Corporation (GNPC) received 46 per cent of the proceeds, the Annual Budget Fund Amount (ABFA) received 44 per cent, the Ghana Stabilization Fund (GSF) and Ghana Heritage Fund (GHF) received 8 per cent and 2 per cent respectively. No allocation was made to the GHF and GSF from the 4th, 5th and 6th.

During the period under review, the Ghana Group (Ghana National Petroleum Corporation (GNPC) lifting on behalf of Government of Ghana) lifted three crude oil parcels on January 4 2012, April 3 2012 and June 27, 2012 with total cargo value of US$326,620,009.43.

In support of the 2012 budget, the Annual Budget Fund Amount (ABFA) received US$131,905,535.44. GNPC received US$104,850,636.58 for equity finance and its 40 per cent share of the Carried and Participating Interest (CAPI). The proceeds of the seventh lift was not allocated at the time of this report. In the first half of 2012, a total of US$448,224.60 and US$104,193.12 were received in the GHAPET account as Surface Rental and Royalties respectively, according to the report. Amidst the volatility in the Eurozone markets, the Ghana Petroleum Funds (GPFs) continued to deliver positive returns on investment (ROI). Over the half year, ROI was 0.18 per cent for GSF and 0.29 per cent for GHF. Net total ROI of the GPFs was US$141,009.81, with GSF contributing US$98,835.50 and GHF, US$42,174.31.

The Petroleum Holding Fund held a balance of US$ 599,114.82 as at June 30 2012. This amount comprised interest earned since inception amounting to US$46,697.09 and US$552,417.73 representing Surface Rentals and Royalties.

During the half year period ended June 30, 2012, crude oil prices dropped and lost gains made at the beginning of the half year. The fall in prices was primarily due to weakening global growth and heightened uncertainty in the financial markets that saw major central banks cut key interest rates and the International Monetary Fund revising downwards the global economy growth estimates by 0.1 percentage points to 3.5 per cent.

The value of the Ghana Stabilisation Fund increased by US$0.098 million to US$54.90 million, and the Ghana Heritage Fund increased by US$ 0.042 million to US$14.44 million.

In first half of 2012, Jubilee field production averaged 62,985.44 bopd gross with 11.75 million bbls produced for the half year. Production dropped from 2.11 million bbls for the month of January 2012 to 1.80 million bbls in April 2012 ending the half year at 1.77 million bbls.

The drop in production was due to a temporary shut-down of some wells for acid stimulation activity. Jubilee field production is expected to average between 70,000 and 80,000 bopd gross in 2012 stemming from the successful acidisation programme. The field is expected to exit 2012 with a gross production rate in excess of 90,000 bopd as it ramps up to plateau production in 2013. During the period under review there were 12 liftings by the Jubilee Field lifting partners producing a total of 11.75 million bbls. Tullow Ghana Limited received the highest of four (4) liftings totaling 3.93 million bbls, followed by the Ghana Group with three (3) liftings totaling 2.99 million bbls. Anadarko and Sabre Oil & Gas Limited group also received three (3) liftings totaling 2.9 million bbls. Kosmos received two (2) liftings totaling 1.92 million bbls New discoveries made during the period included the Tweneboa, Enyenra, Ntomme (TEN) in the Deepwater Tano block as well as other clusters such as Mahogany, Teak, Akasa and Banda (MTAB).

Development works on the TEN fields which include the FPSO design competition, subsea feed and associated tendering remains on track for the plan of development. The Ntomme 2A appraisal well was successfully completed with flow tests in both upper and lower reservoirs registering a combined rate of approximately 20,000 bopd. Commerciality declaration and development will be confirmed in quarter 3, 2012.

 

elorm desewu

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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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