Saturday, 21 September

H1 2019: Oil revenue falls by US$112.71m

News
In the first half of 2019, Ghana received US$311.22 million from the three oil fields – Tweneboa, Enyenra and Ntomme (TEN), Jubilee field and Sankofa Gye Nyame fields – as against the US$423.93 million recorded in the second half of 2018, the Bank of Ghana (BoG) has announced.

The BoG attributed the shortfall to the lower lifting receipts, predominantly a result of lower crude oil prices.

This was revealed in the Petroleum Holding Fund & Ghana Petroleum funds, Semi-Annual report: Jan 2 – Jun 28, 2019, published on the BoG’s website.

The report said : “During H1 2019, the Ghana Group (GNPC lifting on behalf of Government of Ghana) lifted three (3) parcels of crude oil (10th, 11th & 12th liftings) from the Tweneboa, Enyenra and Ntomme (TEN) field, Jubilee field ( 47th ,48th & 49th liftings) and one from Sankofa Gye Nyame field (2nd lifting).

“The lifting proceeds received into the PHF in H1 was US$311.22 million compared to receipts of US$423.93 million in H2, 2018.

“The H1 lifting receipts comprised US$117.37 million for TEN (10th & 11th liftings) compared to 123.88 million for H2 2018, US$123.85 million from Jubilee (47th & 48th liftings) compared to US$200.30 million for H2 2018, and US$70.00 million from Sankofa Gye Nyame (2nd lifting).

“The lower lifting receipts are predominantly a result of lower crude oil prices.

“During the period under review, a total amount of US$123.26 million was received from various entities for the payment of surface rental, corporation income tax, and interest accrued on the PHF account.

“The amounts received in respect of other incomes comprise of US$1.138 million from interest on undistributed funds held in the PHF, US$0.595 million for surface rental and US$121.53 million for corporation income tax.”

Source: Ghana/ClassFMonline.com/91.3FM

Source: Laud Nartey