Sunday, 23 February

GNPC bags US$1.8bn from oil liftings in 8 years


The Ghana National Petroleum Corporation (GNPC) has received a total of US$1.80 billion of allocations of crude oil liftings between April 2011 to December 31 2019.

This is equivalent to 31% of total revenue.

According to the Semi-Annual Report of the Petroleum Holding Fund and the Ghana Petroleum Funds, the Annual Budget Funding Amount (ABFA) also received a total of US$2.2 billion, representing 39% of the total revenue.

The Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF) have also received an amount of US$1.2 billion (22%) and US$535.45 million (9%), respectively.

Total lifting proceeds and other income distributed to ABFA, GNPC, GSF and GHF from the outset to the end of June 2019 amounted to US$5,884.89 million.

Meanwhile, in line with Section 23(4) of the Petroleum Revenue Management Act, Act 815 and Act 893 as amended and Section 9 of Act 893 as amended, the GSF was capped at US$300 million per the Budget Statement and Economic Policy for the 2019 financial year.

A total amount of US$189.13 million was however withdrawn in the second half year (H2) 2019 as excess over the cap. The excess over the cap as at December 31 2019 stood at US$88,591,944.68 million.

Total return on investment of the Ghana Heritage Fund (GHF) year-to-date (YTD) for second half of the year was however 6.4% as compared to 4.71% (1st half of 2019).