Oil proceeds drop in 2nd half of 2023
Total receipts from liftings from Ghana’s oil fields amounted to $521.9 million in the second half of 2023.
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This is however lower than the $696.815 million secured in the same period of 2022.
No reasons have yet been attributed to the drop in proceeds.
Meanwhile, the sad development comes particularly at a time when the government is in dire need of funds to shore up its domestic revenue in the wake of the closure of the international capital markets to the country.
Breakdown
The 2023 figure includes proceeds from liftings for the period which stood at $319.7 million.
The other receipts include corporate taxes ($198.692 million), surface rental ($112.082) as well as interest income for the period under review.
Allocations
Per allocation by law, the Ghana Heritage Fund will receive $64.5 million while $159.7 million will go into the Ghana Stabilisation Fund.
This was contained in the Ghana Petroleum Funds report for the second half of the year ending December 31, 2023.
It is according to Section 28 of the Petroleum Revenue Management Act 2011 (act 815) as published by the Bank of Ghana, outlining crude oil liftings of Ghana, and the allocation to the Ghana Petroleum Funds.
Investment position
According to the report, the opening book value (July 1, 2023) per the Ghana Petroleum Funds Investments amounted to $1.097 billion.
The Ghana Stabilisation Fund had $134.3 million while the Ghana Heritage Fund had $962.6 million.
Allocations from the 72nd,73rd, 74th, Jubilee, 22nd TEN, and 13th SGN fields were $159,720,002.51 for the Ghana Stabilisation Fund and $68,451,429.65 for the Ghana Heritage Fund.
Net Income for the period Jul-Dec 2023 was $2,783,424 million for the Ghana Stabilisation Fund while the Ghana Heritage Fund accrued $15,333,497 million.
Per the closing book value (December 31, 2023), the Ghana Stabilisation Fund had $190.3 million while the Ghana Heritage Fund had $1.046 billion.
That brings the total closing book value for the period to $1,236 billion.