Ghana makes $356.25 million oil revenue in the second half of the year – new report reveals

Ghana received a total amount of $356.25 million oil revenue in the second half of the year, comprising lifting proceeds, surface rentals and corporation income tax.

This was however transferred into the Petroleum Holding Fund (PHF).

According to the Semi Annual Petroleum report (July-December 2020), total petroleum revenue distributed was $316.07 million.

The Ghana National Petroleum Corporation (GNPC) received $118.24 million, the Annual Budget Funding Amount (ABFA) received $103.87 million, whiles the Ghana Stabilization Fund (GSF) and the Ghana Holding Fund (GHF) received an allocation of $65.77 million and $28.19 million respectively during the period under review.

Importantly, the GHF and GSF total return for 2020 was 4.66% and 0.35% respectively.

Realised income on the Ghana Petroleum Funds in the second half year was $8.93 million (GHF contributed $8.05 million and GSF contributed U$0.88 million) as compared to half-year 2019 total net realised income of $10.76. GSF and GHF accumulated reserves were $199.99 million and $644.79 million respectively.

From the figures above, the realized income were impacted by the covid-19 pandemic.

Crude oil lifting

During the second half year of 2020, the Ghana Group (GNPC lifting on behalf of Government of Ghana) lifted the 16th and 17th parcels of crude oil from the Tweneboa, Enyenra and Ntomme (TEN) field, 55th, 56th and 57th parcels from the Jubilee field, and the 6th parcel from the Sankofa Gye Nyame (SGN) field.

The PHF received a total amount of $261.00 million from lifting proceeds in half-year two 2020 compared to receipts of $235.28 million in first half-year (H1), 2020.

Other income

During the period under review, a total amount of $95.25 million was received from various entities for the payment of surface rental and corporation income tax.

The amounts received in respect of other income comprise $0.269 million for surface rental and $94.98 million for corporation income tax.

source: joynews

A. CleDre

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