Pay proceeds from Jubilee Oil Holding liftings into PHF – Government told

The Public Interest and Accountability Committee (PIAC) has admonished the government to pay into the Petroleum Holding Fund (PHF) proceeds from liftings of Jubilee Holdings Limited (JOHL) and any other subsidiary of the Ghana National Petroleum Corporation.

PIAC argued that the proceeds from the liftings constituted petroleum revenues, for which reason they were to be paid into the PHF.

The recommendation by PIAC comes following its findings in the upstream petroleum sector in its 2023 semi-annual report.

It said the total number of existing Petroleum Agreements (PAs) had been reduced from 14 to 13 as of June 2023 due to AGM’s Petroleum’s entire interest in the South Deep Water Tano Contract Area.

According to the report, JOHL failed to pay proceeds from liftings in the first half of the year amounting to $70,456,718.93 into the PHF.

“This is the fourth consecutive time the company has failed to pay the proceeds of liftings from the jubilee and TEN Fields, amounting to $343,108,927.88,” PIAC added.