Ghana received into its Petroleum Holding Fund (PHF) a total amount of US$431.56 million as revenue from its oil production in the second half (H2) of 2019.
This was contained in the semi-annual Petroleum Holding Fund and Ghana Petroleum Funds report released on the official website of the Bank of Ghana (BoG).
The country has three oil wells, namely Tweneboa, Enyenra and Ntomme (TEN), Jubilee and Sankofa Gye Nyame (SGN) fields.
According to the report, during H2 2019, Ghana National Petroleum Commission (GNPC), on behalf of Government of Ghana, lifted the 13th parcel of crude oil from the TEN field, 50th, 51st and 52nd parcels from Jubilee field and third parcel from SGN field.
Breakdown
The breakdown of the total oil revenue from the report indicates that the Jubilee field generated the highest proceeds from its 49th,50th,51st and 52nd liftings, amounting to a total receipts of US$249.67 million. Jubilee field’s contribution amounted to 58% of the overall oil revenue.
The TEN field, on the other hand, from its 12th and 13th liftings brought in US$124.40 million while third SGN lifting generated US$ 57.49 million.
Other revenues received
The report further indicated that a “total amount of US$71.63 million was received from various entities for the payment of surface rental, corporation income tax, and interest accrued on the PHF account”, during the period under study.
Again, it added that the amounts received with respect to other income comprised US$1.28 million from interest on undistributed funds held in the PHF, US$0.514 million for surface rental and US$69.83 million for corporation income tax.
Disbursement into GTF, GHF & ABFA
Again, according to the report, the total amount distributed from the PHF during the period was US$561.30 million.
This is made up of revenues from the Jubilee 49th, 50th, 51st and 52nd parcels totaling US$249.67 million, proceeds from the 12th and 13th TEN liftings, totaling US$124.40 million and the 2nd and 3rd SGN liftings totaling US$127.49 million.
Additionally, it stated that the total amount received by Annual Budget Fund Allocation (ABFA) for H2 was US$229.81 million.
In addition to that, it also captured that the Ghana Stabilisation Fund (GSF) received US$118.45 million while the Ghana Heritage Fund (GHF) received US$50.77 million in H2 2019 as compared to US$154.88 million and US$66.38 million respectively received in H2 2018.
The report also mentioned that GNPC received an amount of US$162.27million for CAPI and EFC in H2 2019 compared to US$162.45 million in H2 2018.
Below is a copy of the full report.
