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2018 Budget Highlights on Oil and Gas -Upstream

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Executive Summary
“The 2018 Budget Highlights on Oil and Gas’’ is a piece put together by the Extractive Team of Penplusbytes. The Minister of Finance, Hon. Ken Ofori-Atta on 15th November, 2017 presented to Parliament, the Budget Statement and Economic Policy for 2018. The Extractive Department of Penplusbytes have presented important highlights relating to the upstream oil and gas sector in Ghana as per the 2018 Budget Statement and Economic Policy.
Highlighting key issues in the sector, this document touches on: A review of the 2017 upstream oil and gas year, petroleum receipts in 2017, commodity prices in world markets, commodity prices, balance of payments, growth, projection of 2018 petroleum receipts and allocations and deliberate interventions by government in the sector.
Ghana’s victory in the favorable ITLOS ruling, and Sankofa producing 1st oil three months ahead of schedule stood out. The sector production from the Jubilee field as at 30th September, 2017 was 24,302,185 barrels, compared to 19,832,097 barrels for the same period in 2016, representing an increase of 23 percent.
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Gideon Ofosu-Peasah

Gideon Ofosu-Peasah

Policy Analyst at Penplusbytes
Gideon Ofosu-Peasah is the Policy Analyst and Team Lead for the Extractives Department at Penplusbytes, where he provides insights, advice and leads in producing robust research backed projects for the team. He has over 7 years of experience in the Ghanaian oil and gas industry and has a number of scholarly research papers to his credit which have been published in the prestigious Social Science Research Network(SSRN) electronic journal and on He holds an Msc in Economics with specialization in Energy and Natural Resource Economics from the Kwame Nkrumah University of Science and Technology.
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Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes ( with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
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