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Opinions of Thursday, 26 November 2015

Columnist: Kwawukume, Andy C. Y.

Update Of Oil Revenue From The Jubilee Fields As At 30th September, 2015

As at 30th September, 2015 a total 160,051,288 barrels of Oil valued at US$15,533,535,955 was exported.

Ghana, under the Ghana Hybrid System lifted 27,169,710 barrels valued US$2,634,944,442 representing about 17% of total production revenue.
Corporate taxes earned over the period totaled US$459,997,049 and surface rental of US$1,264,419. Put together Ghana earned a total of US$3,096,205,908 representing about 20% of total production revenue.

Our contractors lifted 132,881,578 barrels representing 83% of total production and earned US$12,437,330,047 net of corporate taxes and surface rentals representing 80% of total production revenue. Initial capital investment of US$4billion which Ghana also contributed to was fully recovered in the third year of operation. It is worthy to note that what Ghana earned up to 30th September, 2015 is about just sufficient to meet Ghana’s requirement in a year, but our learned Professors, Doctors and Lawyers advising Government and Parliament say it is good for us.
Note: the Ghana Hybrid System is not supported by any law in Ghana.
If Ghana was operating under the Production Sharing Agreement, which is supported by the existing laws, PNDC Laws 64 and 84, Ghana would have earned 96,238,839 barrels of Oil worth US$9,340,326,023 representing 60% of total production revenue without Ghana participating in the project. This is enough to meet Ghana’s need for about three (3) years.

This is what our learned Professors, Doctors and Lawyers working at the Ministry of Petroleum, Petroleum Commission, G.N.P.C, CSO Platform on Oil and Gas and other NGOs speaking to the issue say is not good for us as a Nation. Can somebody whisper into the ears of the President about this situation on our behalf, since the gatekeepers have refused to open the gate so that we plead our case directly to him? Or, he had heard it all too but also thinks it is “the best we can get under the circumstances. After all, had the white men not discovered the oil in the deep sea, we wouldn’t even be getting a dollar”? Then, indeed, we say, we wish the white men had not discovered the oil until a sage emerge to head Ghana. Because, the way things are going, it won’t be soon when Ghanaians shall curse the day the white men discovered the oil and all those that brought him into the country and those that ignored the laws of our country and parceled out our oil blocks to them on a golden platter, for the pittance that they got.

# NoToGhanaHybridSystem
# YesToProductionSharingAgreement
Movement Against Ghana Hybrid System (MAGHS)
TEL: (+233) 57 434 5193

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