The country has made some
significant gains in its annual petroleum revenue, recording US$1.16billion as
of third-quarter – which is US$550.53million more than it realized for same
period last year.
This amount translates to
an 89 percent increase compared to the previous year, 2021, petroleum receipts
The surge in receipts,
according to Minister for Finance, Ken Ofori-Atta, was “mainly because of a
higher-than-average crude oil price of US$102.38 per barrel compared to
US$67.77 per barrel for the same period in 2021”.
This comes on the back of
the Russia-Ukraine war, which continues to impact the global oil market.
For instance, as early as
February this year oil prices swung dramatically – pushing close to a major
milestone of US$100 a barrel, largely attributed to the conflict in Eastern
Subsequently, the price
of Russian crude fell following sanctions imposed by the EU and U.S.; although
it is now selling more oil to countries like China and India, which have not
imposed sanctions on Moscow.
On the demand side, the
easing of COVID-19 restrictions globally has led to increasing demand for crude
oil – thereby pushing prices on the world market to go up amid the shortfall of
supply with Russia being ‘cut-out’.
More recently, prices are
beginning to fall on the world market due to a contraction in global output.
According to the
minister, the January to September 2022 receipts exclude US$14.61million
petroleum receipts from Corporate Income Tax and PHF Income that spilled over
from 2021 to 2022.
This brings the total
petroleum receipt available for distribution to US$1.18billion. The Carried and
Participating Interest (CAPI) contributed the highest, at 50.8 percent, to
total petroleum receipts for the period; followed by Royalties, 23.9 percent;
and Corporate Income Tax, 25.1 percent.
The rest include Surface
Rental of 0.17 percent to petroleum receipts for the period.
However, the minister
said there were no receipts from gas for the period under review. This is
despite recording a total of 189,469.44 million standard cubic feet (Mscf) of
gas produced in the first to third quarters of the year from the three
Total crude oil
production for January to September 2022 was 39.15 million barrels. This
comprises Greater Jubilee’s output of 23.09 million barrels, Tweneboa
Enyenra-Ntomme (TEN) of 6.43 million barrels and Sankofa-Gye Nyame (SGN), 9.64
million barrels, representing 58.97, 16.41 and 24.62 percent respectively of
the total output.
But the first to
third-quarter of 2022 crude oil production of 39.15 million, according to the
minister, is 5.73 percent lower than the production of 41.53 million barrels
for the same period in 2021.
“The reduction in crude
oil production is generally due to natural field decline from the TEN and SGN
fields,” he added.
Meanwhile, of the total
crude oil production for January to September 2022 of 39.15 million barrels,
Ghana National Petroleum Corporation (GNPC) on behalf of the state lifted 7.55
million barrels – comprising 4.71 million barrels from the Jubilee field, 0.99
million barrels from TEN field and 1.85 million barrels from Sankofa Gye Nyame
Meanwhile, total receipts
from crude oil liftings only by GNPC for January-September was US$873.25million
(GH₵8.34billion), comprising the 63rd – 67th Jubilee liftings; 20th and 21st
TEN liftings; and the 9th and 10th liftings from the Sankofa Gye-Nyame field.