Q4 2018: Ghana’s oil revenue up 23%

The Ghana National Petroleum Corporation (GNPC), which manages Ghana’s resources in oil fields, shipped 2.9 million barrels in the fourth-quarter of 2018, raking in approximately $210 million...


The Ghana National Petroleum Corporation (GNPC), which manages Ghana’s resources in oil fields, shipped 2.9 million barrels in the fourth-quarter of 2018, raking in approximately $210 million.

This was contained in a statement on the website of the Ministry of Finance (MoF) in its quarterly report on petroleum receipts for the year 2018.

Operating partners and shareholders shipped 11.6million barrels out of a total of 14.5 million barrels taken from Jubilee and TEN fields.

The revenue figure represents a 23% increase for the same period in the previous year which saw GNPC export 3 million barrels out of a total of 13.7 million at a value of $162 million.

Oil prices for a barrel of oil were, however, higher in the fourth-quarter of 2018, resulting in higher revenues even though the volume for GNPC slightly dipped compared to what was shipped in 2017.

Source: Ghana/ClassFMonline.com/91.3FM



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