Ghana projects $581.7m oil earnings in 2013 fiscal year

Ghana expects to generate revenue of $581.72 million from oil at the Jubilee fields by the end 2013, Finance and Economic Planning Minister Seth Terpker has told Parliament.

Presenting the 2013 budget March 5, 2013, Mr terkper told the country’s 275-member legislature that the projection was based on an estimated average crude oil price of $94.36 per barrel and daily production of 83,341 barrels.

“…the total petroleum receipts projected for the 2013 fiscal year is $581.72 million (GH¢1,122.72 million),” Terpker said.

He indicated that in line with the law, parts of the revenue will be spent in four priority areas – Expenditure and Amortization of Loans for Oil and Gas Infrastructure; Road and Other Infrastructure; Agricultural Modernization; and Capacity Building (including Oil and Gas).

By Ekow Quandzie