Ghana earns US $ 813.95 million in 2018 thanks to oil rush

Company News of Thursday, February 14, 2019

Source: goldstreetbusiness.com

2019-02-14

In 2018, crude oil exports to Ghana totaled US $ 813.95 million, which represents proceeds from the raising of proceeds received by the Petroleum Holding Fund (PHF). This is reflected in the semi-annual report of the Petroleum Holding Fund and the Ghana Oil Fund of the Bank of Ghana (BoG) from July 2 to December 31, 2018.

PHF received a total of $ 423.93 million from the exercise in the second half of the year, compared to revenues of $ 390.02 million in the first half of 2018.

TEN's total revenue (7th to 9th levies) was US $ 223.60 million, compared with US $ 123.88 million in the first half of 2018 (5th and 6th TEN levies), while revenue from Jubilee (US 44th to 46th) amounted to 200.32 million USD, 203.10 million USD received in the first half of 2018 (41st to 43rd levy).

It was explained that rising leasing revenues in the second half of the year were mainly due to higher crude oil prices.

Other income

During the period under review, various entities received a total amount of USD 77.34 million for the payment of the surface lease, the corporate income tax and the interest accrued on the PHF account.

Amounts received for other income included $ 0.317 million of surface rents and $ 76.14 million of corporate income taxes.

In addition, interest of $ 0.880 million was earned on the undistributed funds held in the FSP.

The allocations

The total amount distributed by PHF during the period was $ 501.26 million. This amount included the proceeds of TEN's 203rd, 10th and 6th parcels rising to $ 123.88 million and the first shipment by SGN amounting to $ 63.03 million.

Other income distributed during the period amounted to 73.55 million USD.

The total amount received by ABFA for the second half of the year was 117.55 million USD. The objective of ABFA has been achieved for the second half of 2018.

GNPC received $ 162.45 million for deferred interest and (CAPI) and its equity financing cost in the second half of 2018, compared with $ 142.82 million for the same period in 2017.

The Ghana Stabilization Fund and the Ghana Heritage Fund received $ 154.88 million and $ 66.38 million respectively in the second half of 2018, compared with $ 150.84 million and $ 64.65 million respectively in the first half of the year. of 2018.