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Business News of Friday, 31 July 2020

Source: Laud Business

Total receipts from 14th,15th liftings from TEN field was $110.25m

During the first half of 2020, the Ghana Group, GNPC lifting on behalf of Government of Ghana, lifted the 14th and 15th parcels of crude oil from the Tweneboa, Enyenra and Ntomme (TEN) field, 53rd and 54th parcels from the Jubilee field, and the 4th and 5th parcels from the Sankofa Gye Nyame (SGN) field, the petroleum holding fund & Ghana petroleum funds semi annual report, has said.

The report further said the Petroleum Holding Fund (PHF) received a total amount of US$235.28 million from lifting proceeds in H1 2020 compared to receipts of US$311.22 million in H1, 2019. Total writes off $9.3B in oilsands assets, cancels Canadian oil lobby membership.
The total receipts from the 14th and 15th liftings from TEN field was US$110.25 million compared to US$117.37 million received in H1 2019 (10 th and 11 th liftings), whilst receipts from (53rd and 54th liftings) from Jubilee was US$65.88 million compared to US$123.85 million received in H1 2019 (47 th and 48th liftings).

The 4th lifting from SGN field was US$59.15 million in comparison to H1 2019 2nd lifting amount of US$70.00 million. Crude oil sale proceeds fell in H1 2020 in comparison to H1 2019 sale proceeds. This is as a result of a drop in crude oil prices induced by Covid-19 related lockdowns.

The 5th parcel of SGN and 16th parcel of TEN was lifted on the 7th of June and 21st of June respectively. The expected amount to be received in H2 2020 is US$30.56 million for SGN and US$36.01 million for TEN.

During the period under review, a total amount of US$74.85 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 US$0.659 million for surface rental, US$73.79 million for corporation income tax, US$0.18 million for interest on late payment and US$0.225 million from interest on undistributed funds held in the PHF account.