Ghana rakes in $813.95 million from 2018 oil liftings

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In 2018, Ghana earned a total of $813.95 million from crude oil exports representing lifting proceeds received into the Petroleum Holding Fund (PHF).

The PHF received a total amount of $423.93 million from lifting proceeds in the second half compared to receipts of $390.02 million in the first half, 2018.

The figures were contained in the Bank of Ghana Petroleum Holding Fund and Ghana Petroleum Funds Semi-Annual Report from July 2 to December 31, 2018.

Total receipts from TEN (7th to 9th liftings) were $223.60 million compared to $123.88 million received in the first half of 2018 (5th and 6th TEN liftings), whilst receipts from Jubilee (44th to 46th) were $200.32 million compared to $203.10 million received in first half 2018 (41st to 43rd lifting’s).

It has been explained that the higher lifting receipts during the second half of the year were predominantly as a result of higher crude oil prices.

During the period under review, a total amount of $77.34 million was received from various entities for the payment of surface rental, corporation income tax, and interest accrued on the PHF account.

The amounts received in respect of other income comprised of $0.317 million from surface rental and $76.14 million from corporation income tax.

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

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