Gov’t receives more oil money

The government has raked in US$422.77 million through the lifting of crude oil at the jubilee field for the first six months of the year.

The Ghana National Petroleum Corporation (GNPC) on behalf of Government lifted four crude oil parcels with a total cargo value of US$ 422.77 million compared to two liftings in the second half of 2012 that had a total cargo value of US$ 214.45 million.

Figures released by the Bank of Ghana has revealed that the Annual Budget Fund Amount (ABFA) received an amount of US$136.60 million in support of the 2013 Budget, representing a 4% increment over the second half of 2012. The ABFA target based on the Benchmark Revenue for 2013 was achieved for the first two quarters of 2013. GNPC received an amount of US$118.26 million ( for Carried and Participating interest, CAPI, & Equity Finance) for the first half of 2013 and representing 41.6% increase against the 2nd half of 2012 (US$83.60).

The Ghana Stabilisation Fund and the Ghana Heritage Fund respectively received US$129.10 million and US$55.33 million compared to US$16.883 million and US$7.235 million in the second half of 2012 representing a 664.7% increase for both Ghana Stabilisation Fund and Ghana Heritage Fund.

In first half 2013 Jubilee field production was 18.75 million barrels. This was a 64% improvement over first half 2012 production of 11.46 million barrels. Average daily production per month increased from 58,878.27 barrels per day [ bopd] in June 2012 to 96,628.52 by June 2013. The first Jubilee Phase 1A production well has been brought on-stream and is producing in excess of 16,500 bopd. The rig undertook acid stimulation work on two Jubilee Phase 1 wells to further enhance production.

During first half of 2013 there were 19 liftings by the Jubilee Field partners with a total volume of 18.75 million bbls. Tullow Ghana Limited received the highest of 32% totaling 5.9 million bbls, followed by Anadarko and Sabre with 26% and 4.9 million bbls. The Ghana Group received 21% of the liftings with a total of 3.98 million bbls and Kosmos Energy also received 21% with 3.94 million bbls. Jubilee field liftings for first half 2013 showing an increase of 27.33% over second half 2012 liftings.

From inception to the first half of 2013, Ghana Group has lifted 13 parcels of crude oil with a net cargo value of US$1.305 billion. Ghana Group for the first half of the year has lifted four parcels with total value of US$422.77 million. In 2012, the Ghana Group lifted five parcels of crude oil. The first half of the year received three liftings amounting to US$326.62 million while the second half received two liftings summing up to US$214.45 million.

Total proceeds allocated from inception to the end of 1st half of 2013 amounted to US$1.425 billion. GNPC received 29% while ABFA received 48%. GSF and GHF received 17% and 6% respectively. An amount of US$ 0.2 million as was set aside as mandatory balance for the Bank of Ghana’s Ghana Petroleum Funds account on the books of the Federal Reserve Bank of New York.

The first half of 2013 saw an inflow of US$676,418.33 as Surface Rentals, US$60,486 as Royalties and a total of US$119.06 million as corporate taxes. Compared to the second half of 2012 a total of US$121,913.53 and US$232,236.21 were received in the GHAPET account as Surface Rental and Royalties respectively.

The Petroleum Holding Fund held a balance of US$411,868.01 as at June 30, 2013. This amount comprised interest earned since inception amounting to US$83,138.43,with US$128,729.58 representing undistributed Surface Rentals and Royalties and Mandatory balance of US$200,000.00.

The value of the Ghana Stabilisation Fund increased by US$0.615 million to US$201.618 million, and the Ghana Heritage Fund increased by US$ 0.168 million to US$77.193 million.