In 2018, Ghana earned a total of US$ 813.95 million from crude oil exports representing lifting proceeds received into the Petroleum Holding Fund (PHF). This is according to Bank of Ghana’s (BoG’s) Petroleum Holding Fund and Ghana Petroleum Funds Semi-Annual Report from July 2 to December 31, 2018.
The PHF received a total amount of US$423.93 million from lifting proceeds in the second half compared to receipts of US$390.02 million in the first half, 2018.
Total receipts from TEN (7th to 9th lifting’s) were US$223.60 million compared to US$123.88 million received in the first half 2018 (5th and 6th TEN liftings), whilst receipts from Jubilee (44th to 46th) were US$200.32 million compared to US$203.10 million received in first half 2018 (41st to 43rd lifting’s).
It has been explained that the higher lifting receipts during the second half of the year were predominantly as a result of higher crude oil prices.
Other Income
During the period under review, a total amount of US$77.34 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 comprise of US$0.317 million from surface rental and US$76.14 million from corporation income tax.
In addition, interest of US$0.880 million was earned on undistributed funds held in the PHF.
Allocations
Total amount distributed from the PHF during the period was US$501.26 million. This comprised proceeds of the 44th, 45th and 46th parcels lifted from Jubilee totalling US$203.10 million, proceeds of the 5th and 6th lifting’s from TEN totalling US$123.88 million and the first SGN lifting amounting to US$63.03 million.
Other income distributed during the period was US$73.55 million.
Total amount received by ABFA for the second half was US$117.55 million. ABFA target was met for the second half of 2018.
GNPC received an amount of US$162.45 million for its Carried and Participating Interest (CAPI) and Equity Finance Cost (EFC) in the second half of 2018 compared to US$142.82 million in the same period of 2017.
The Ghana Stabilisation Fund and the Ghana Heritage Fund received US$154.88 million and US$66.38 million respectively in the second half of 2018 compared to US$150.84 million and US$64.65 million respectively received in the first half of 2018.
By Joshua W. Amlanu
