Ghana mid-year petroleum revenue reaches over $731m of 2021 annual figure

Ghana has recorded $731.94 million for the first half of 2022, representing 93.4 per cent of the 2021 annual petroleum revenue of $783.33 million.

The figure, $51.39 million less than petroleum revenue for the entire year of 2021, indicated a 73.73 per cent increase in the projected petroleum revenue for the year and a 108.89 per cent increase in receipts for the first half of 2021, which was $350.3 million.

“The significant rise in revenue is mainly due to the sharp increase in the price of crude oil on the world market in the first half of 2022, ” the Public Interest and Accountability Committee disclosed in its 11th Semi-annual report.

The Committee’s 22nd statutory report, which was launched on Tuesday, showed that $190.44 million was earned from royalty with Carried and Participating Interest (CAPI) earning $354.2 million.

Meanwhile, Corporate Income Tax (CIT) accounted for $186.34 million as Surface rental generated $687,759.16 with Income on Petroleum Holding Fund (PHF) accounting for $304,613.

“The receipts are made up of lifting proceeds of $544,614,112.68 representing 74.40 per cent and other receipts of $187,330,716.19, representing 5.60 per cent, ” the report highlighted.

It was further disclosed that Ghana produced 25,861,810.42 barrels (bbls) of crude oil in the first half of 2022 from its three offshore producing Fields – Jubilee, TEN, and SGN.

This represents a 6.9 per cent reduction from the first half of 2021 production volume of 27,767,859.00 barrels (bbls) and the third consecutive reduction in year-on-year crude oil production volumes since inception.

PIAC in the report further noted that crude oil production increased in the Jubilee Field by 16.6 per cent while a decline of 34.3 and 21 per cent were recorded respectively for production on the TEN and SGN fields.

Source: GNA