In pursuance to Section 8 of the Petroleum Revenue Management Act, 2011 (Act 815) as amended (Act 893), the Minister of Finance is required to publish petroleum receipts including total output lifted and reference price, among others on quarterly basis. The report covers petroleum receipts for the 1st quarter of 2017.
A total of 11,733,092 barrels of crude were lifted from both Jubilee and TEN fields. These constitute the 35th and 1st liftings from the two fields by Ghana Group (GOG/GNPC) and Partners respectively. Out of the total lifting, 7,748,220 barrels were lifted from Jubilee whilst 3,984,872 barrels came from TEN fields.
The lifting by the Ghana Group constitute 16.9% of the total lifting, whilst Partners constitute 83.1%.
Out of the total gross receipts from the total liftings ($103.7m constituting royalties, carried and participating interest and transfer to GNPC including equity financing cost and net carried & participating interest) the government of Ghana received $67.3m.
Transfers to GNPC, consisting of Equity Financing Cost and Net Carried & Participating Interest amounted to $19.4m and $16.89m respectively.
Other petroleum receipts including corporate income tax and surface rentals from Tullow and AMNI amounted to $27.3m. The net government of Ghana receipts at the end of the period under reporting amounted to $94.7m.
By: Kwabena Tabirir- reportingoilandgas.org