Oil production dipped by some 13.7percent in 2016, from 37.41million barrels in 2015 to 32.30 million barrels, in spite of the coming of stream of the TEN field in August 2016 to augment production at jubilee.

In its 2016 annual report, released Thursday, the Public Interest and Accountability Committee (PIAC), which has the mandate to monitor and report on petroleum receipts and how they are spent, said the shortfall could have been up to 28percent but for the TEN field.

Annual receipts in 2016 totaled US$247.18million, lower than the budgeted US348.42 million, as a result of the decline in production, which is blamed on the challenges encountered with the turret bearing at FPSO Kwame Nkrumah, as well as low oil prices.

The figure represents a 38percent year-on-year decline compared to the US$ 396.17 received in 2015, PIAC said, adding that except for Corporate Income Tax (CIT), none of the other sources of petroleum revenues achieved set targets.

Ninety-two percent of total CIT or US$27.31million was in respect of tax liabilities that Tullow ought to have paid over the period 2011 to 2014, PIAC said.

A total of US229.03 million, representing approximately 93percent of tatal petroleum recepts, was allocated during the reporting period.

An amount of US$98.38million, representing 70percent of the net amount of US140.54million transferred to the Government of Ghana for further distribution was transferred to the Annual Budget Funding Amount in 2016.

The remaining US$42.16 million was transferred to the Ghana Petroleum Funds, with the Ghana Stabilisation Fund receiving US29.51million or 70percent and the Ghana Heritage Fund receiving US$12.65million.

According to the PIAC report, the two petroleum funds made a net investment income of US$5.77million during the period, compared to US$4.5million in 2015. Of the amount, the Ghana Heritage Fund brought in US$4.93million (85.44percent) up from US$3.97million in 2015, whilst the Ghana Stabilisation Fund brought in US$0.84million, up from US$0.53million 2015.

“The balance on the GHF at the end of 2016 stood at US$276.96million compared to US$259.38million in 2015, while that on the GSF stood at US$207.75million as against US$177.40million in 2015, bringing total combined balance in the GPFs as at the end of the reporting period to US$484.71million.