1st Half Oil Liftings Record $463.56m

A total of $463.56 million, comprising lifting proceeds of the Ghana Group, surface rentals, PHF income and corporation income tax, was deposited into the Petroleum Holding Fund (PHF) for the first half of this year.

A report by the Central Bank – Petroleum Holding Fund & Ghana Petroleum Funds Semi Annual Report – which made this known, said total petroleum revenue distributed was $475.86 million, adding that $12.29 million received in the 2nd half of 2017 was distributed in the first half of 2018 with the 41st Jubilee lifting.

GNPC, it said, received $142.82 million, ABFA received $117.55 million, while GSF and GHF received an allocation of $150.84 million and US$64.65 million respectively during the period under review.

GHF and GSF total return year to date (year-to-date) was -0.90% and 0.65% respectively.

Realised income on the GPFs in the first half was $6.49 million (GHF contributed $4.04 million and GSF contributed $2.45 million) as compared to the 2017 total net realised income of $4.82 million.

GSF and GHF accumulated reserves were US$428.67 million and $413.58 million respectively.

The lifting proceeds received into the Petroleum Holding Fund (PHF) in the first half of this year were $123.88 million for the Tweneboa, Enyenra and Ntomme (TEN) field, $203.10 million for Jubilee and $63.03 million for Sankofa Gye Nyame (SGN).

The Petroleum Holding Fund (PHF) received a total amount of US$390.02 million from lifting proceeds in the first half of this year compared to receipts of $251.49 million in second half of 2017.

Total receipts from TEN (5th and 6th liftings) was $123.88 million compared to $98.64 million received in the second half of 2017 (3rd and 4th TEN liftings), while receipts from Jubilee (41st to 43rd) was $203.10 million compared to $152.85 million received in second half of 2017 (38th to 40th liftings).

The 1st lifting of Sankofa Gye Nyame (SGN) yielded $63.03 million.

The higher lifting receipts were predominantly a result of higher crude oil prices and the on-boarding of Sankofa Gye Nyame.

During the period under review, a total amount of $73.55 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 income were $0.372 million for surface rental and $72.42 million for corporation income tax.

Additionally, interest of US$0.758 million was earned on undistributed funds held in the PHF.