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Business News of Tuesday, 6 June 2017


Government realises $94 million from first quarter crude exports

Petroleum receipts report for January to March this year released by the Finance Ministry revealed that government has realised $94 million from crude exports for the first quarter of this year.

The funds came from crude exported by the Ghana group as well as royalty payments from other partners on the Jubilee and Tweneboa Enyera Ntomme (TEN) oil fields.

The Ghana group in all exported almost 2 million barrels of crude oil. The TEN oil fields exported 996,000 barrels on December 2016, while Jubilee lifted 984,166 on December 27, 2016. The other partners also exported 9.7 million barrels.

The country sold each barrel of crude exported on 27 December at $53 a barrel and $52 on crude exported on December 8.

Gross receipts from crude exported totalled $103 million minus taxes and other cost-related elements.

Net receipts secured by the government for the first quarter of 2017 was more than what was gotten secured in the same period in 2016, as the state got just, $64 million.

This can be attributed to the price, it got for each barrel sold. This is because the country then exported the similar volumes of crude, but secured a price of $37 a barrel.

The data also showed TEN contributed significantly to the earnings from the oil field in terms of volumes exported and total receipts.