Ghana accrues $780.07m from crude oil lifting

JUBILEE pixThe Ghana National Petroleum Corporaton (GNPC) says total petroleum receipts from the Jubilee liftings between December 20, 2013 and September 2, 2014, was US$780.07 million.

“This compares favourably with the whole year (January-December 2014) budget projection of US$777.0 million, Dr. Joseph Kwadwo Asenso, an economist at the Energy, Oil and Gas Unit of the Finance Ministry, said at a day’s workshop at Dodowa.

Organised by the Ministry of Finance, the main thrust of the workshop was to deliberate on why the projected price of crude oil of $99.38 was maintained in the 2015 budget when prices are falling.

The workshop afforded the participants to understand the formula used in estimating both the price and volume projections and the oil revenue. Other issues discussed included, derivation of corporation income tax, prices, surface rentals, oil and gas volume.

He said for the period January to September 2014, GNPC lifted crude oil five times (17th to 21st liftings) on behalf of the state.

“This involved 4,824,715 barrels of oil, down from 4,977,922 barrels in the corresponding period in 2013,” he said.

Dr. Asenso said receipts from crude oil liftings for the first nine months of 2014, which accrued from the sixteenth, lifted on December 20, 2013, to the twentieth liftings, was US$514.88 million (GH¢1,415.67 million).

“This involved 4,746,674 barrels and excludes the proceeds from the twenty-first lifting, which was undertaken on September 2. 2014, since the proceeds were received in October 2014,” he explained.

Dr. Asenso said, there have been challenges with gas evacuation from the Jubilee Field due to the delay in completion of the Western Corridor Gas Infrastructure Development Project (WCGIDP) at Atuabo, adding that as a result, a lot of gas produced had been re-injected into the reservoir, leading to excess reservoir pressure.

He said government, together with the Jubilee partners, was working towards lifting the associated gas from the Jubilee Field to fuel power plants for cheaper power generation and facilitate increased crude oil production.

By Agnes Opoku Sarpong   

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