The Republic of Ghana has received, into its Petroleum Holding Fund (PHF) a total amount of US$431.56 million as oil revenue from its oil production in the second half (H2) of 2019.
The amount of the oil revenue was confirmed in the semi-annual Petroleum Holding Fund and Ghana Petroleum Funds report released on the Bank of Ghana (BoG) official website.
Ghana has three oil reserves, namely Tweneboa, Enyenra and Ntomme (TEN), Jubilee and Sankofa Gye Nyame (SGN) fields.
And according to the report, during the second half of 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.
Below is a breakdown of Ghana’s revenue from its oil production
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.
The report added 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 Petroleum Holding Fund account (PHF)”, during the period under study.
Furthermore, 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.
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Additionally, it stated that the total amount received by Annual Budget Fund Allocation (ABFA) for H2 was US$229.81 million.
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.
