$173m and $183m of oil revenue disbursed to GNPC, ABFA in H1 2022

Oil revenue disbursed to national oil company, GNPC, for the first half of 2022 amounted to $173m.

This is from a total amount of $731m comprising lifting proceeds of the Ghana Group, surface rentals, interest on PHF account and corporate income taxes received into the PHF.

Of the aforementioned oil revenue for H1 2022, the Annual Budget Finding Amount (ABFA) received $183.02 million whiles Ghana Stabilisation Fund (GSF) and Ghana Heritage Fund (GHF) received allocation of $273.02 million and $117.01 million respectively.

During the period under review, a total amount of $187.33 million was received as other income for surface rental, corporation income tax and PHF interest. The amounts received comprise $0.69 million for surface rental, $186.34 million for corporation income tax and $0.30 million for PHF interest.

During the first half of 2022, the Ghana Group (GNPC lifting on behalf of Government of Ghana) lifted the 20th parcel of crude oil from the TEN field, 63rd, 64th and 65th parcels from the Jubilee field, and the 9th and 10th parcels from the SGN field.

The PHF received a total amount of $544.61 million from lifting proceeds in H1 2022 compared to receipts of $292.69 million in H1 2021.

The total receipts from the 20th lifting of TEN field was $71.01 million compared to US$58.23 million received in H1 2021 (18th lifting), whilst receipts from (63rd, 64th and 65th liftings) Jubilee was $267.15 million compared to $172.86 million received in H1 2021 (59th and 60th liftings).

The 9th and 10th lifting from SGN field was $206.45 million in comparison to H1 2021 7th lifting amount of $61.60 million.

In line with Section 23(4) of the PRMA, Act 815 and Act 893 as amended, the cap remained unchanged at US$100 million as set by the Minister of Finance with a Parliamentary resolution.

The accumulated excess over the cap withdrawn in H1 2022 was $144.8m. The new accumulated excess over the cap at the end of H1 2022 stood at $273.7m.

Allocation of funds since April 2011

Since April 2011, ABFA has received a total of US$3,082.68 million representing 38% of the total revenue while GNPC has received a total amount of $2,405.99 million equivalent to 30% of total revenue.

GSF and GHF have each received an amount of $1,819.47 million (23%) and US$770.69 million (10%) respectively.

Total lifting proceeds and other income distributed to ABFA, GNPC, GSF and GHF from inception to the end of June 2021 amounted to $8,079.03 million.