Ghana’s oil production and corresponding revenue grew by 67 percent during the first half of 2017 as compared to the same period last year.
The mid-year report on the Petroleum Holding Fund and Ghana’s Petroleum Funds indicated that the country realized $191.32 million in crude oil revenue in the first half of the year against $114.4 million recorded during the same period in 2016.
According to the report published by the Bank of Ghana on the performance of country’s petroleum revenue, the production and revenue growth was due to the addition of the TEN oilfields.
During the same period, oil production from the Jubilee oilfields recorded about $97.12 million; indicating a decline from $114.4 million recorded last year.
On the basis of this increase in crude oil production and revenue, the Ghana Petroleum Holding Fund (comprising of the Ghana Stabilization and Ghana Heritage Funds) received $277.79 million in allocation in the first half of the year.
The Ghana Stabilization Fund which is expected to provide an alternative for the country in occasion of any unexpected decline in petroleum revenue received $71.51 million – over five times more than the $13.51 million it received in 2016.
The Ghana Heritage Fund, which serves as an endowment for the next generation of Ghanaians, also received an allocation of $30.64 million in the first half of 2017.
The oil & gas sector has since its discovery and initial exploration, grown to become one of Ghana’s leading source of revenue.
In addition, it has also shown immense potential in ending the country’s dependence on foreign gas for its power generation.