Ghana Group Takes A Look into Petroleum Liftings


oil money

In pursuant to Section 8 of the Petroleum Revenue Management Act, 2011 (Act 815), as amended in Section 6 of the Act 893, the Finance Minister is required to publish petroleum receipts, namely, total output lifted and reference price, among others, on quarterly basis. This report covers petroleum receipts of crude liftings from the Jubilee Fields and TEN Field by Ghana Group and Partners for the fourth quarter of 2016.

In the 34th Liftings, the Ghana Group (consisting of Government of Ghana or Ghana National Petroleum), lifted 949,320 barrels of crude from the Jubilee Fields whilst there was no lifting from the TEN fields.

Partners on the other hand, lifted a total 8,728,847 barrels of crude from both the Jubilee and TEN field. This consist of 5,878,847 and 2,850,000 barrels from Jubilee and TEN fields respectively.

Table 1 Petroleum receipts from the 34th Jubilee and TEN crude oil liftings

The gross receipts from Ghana Group Lift amounted to $46,900,205. Royalties attracted $13,057,727 and Carried and Participating Interest accrued $33,842,478 to the nation.

Transfers to GNPC consisting of Equity Financing Cost and Net Carried and Participating Interest were 6,440,281 and 8,220,658.97 respectively.

The total receipts to Government of Ghana amounted to $32,248,255. This include Royalties and Net Carried and Participating Interest which amounted to $13,057,727 and $19,181,538 respectively. Other petroleum receipts include petroleum holding fund income which also accounted for $8990.

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