Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Ministry of Finance releases Petroleum Receipts and Distribution Report for 1st Quarter of 2017

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

Profile photo of Kwabena Tabiri

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.
Profile photo of Kwabena Tabiri

Share this article

Leave a reply

Personality of the Month
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by The International Institute for ICT Journalism www.penplusbytes.org with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2
Twitter Activity Stream
Partners We are proud to be associated with:
Skip to toolbar