2018 Budget: US$362.58m bagged from crude oil

Total petroleum receipts (i.e. proceeds from liftings and other sources) as of September 2017 was US$362.58 million (GH?1,552.13million), Finance Minister Ken Ofori-Atta has said.

“This compares with the receipts of US$172.91 million (GH?671.49 million) for the same period in 2016,” he told parliament on Wednesday, 15 November when he presented the 2018 budget.

Receipts from crude oil liftings for the period up to September 2017 accruing from the 35th (lifted in December 2016) to the 38th Jubilee liftings and 1st (also lifted in December 2016) to 3rd TEN liftings, was US$339.32 million (GH?1,451.39 million).

Out of the total revenue of US$362.58 million, GNPC (the National Oil Company) was allocated a total of US$126.67 million made up of Equity Financing Cost of US$74.86 million) and an amount of US$51.81 million, representing its share of the net Carried and Participating Interest.

An amount of GH?796.32 million of the ABFA allocation was programmed for utilisation in 2017, of which, GH?238.89 million and GH?557.42 million were programmed allocated for Goods and Services and Capital Expenditure, respectively, he said.