Ghana expects $1.1 billion petroleum proceeds in 2019- Finance Minister

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Ghana government says it has programmed earning $1.1 billion as petroleum revenues for the 2019 fiscal year.

The projected amount is made up of $227.10 million from Royalties; $602.80 million from the Carried and Participating Interest; $249.60million in Corporate Income Tax; and $1.10million from Surface Rentals.

Of this amount, he said, $404.90million will be ceded to the NOC for its Equity Financing Cost, and share of the Net Carried and Participating Interest at $84.80 million; while $473 million will be allocated to the Annual Budget Funding Amount (ABFA).

The Ghana Petroleum Funds (GPFs) are also expected to receive $202.70 million. The GPFs’ receipts will be distributed between the Ghana Stabilisation Fund – $141.90 million; and the Ghana Heritage Fund – $60.80 million.

Finance Minister Ofori-Atta, disclosed this during his presentation of the 2019 Budget themed ‘A Stronger Economy for Jobs and Prosperity’ to Parliament last Thursday.

Meanwhile, the Benchmark crude oil price for 2019 has been projected at $66.76 per barrel in line with the Petroleum Revenue Management Act (Amendment), 2015, (PRMA, Act 893).

The gas price for 2019 is meanwhile projected at $3.99 per MMBtu. The 2019 Benchmark Revenue crude oil output is 63.4 million barrels (173,764 barrels of oil per day).

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