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2023 budget: Oil revenue goes up 89%

  • SOURCE: | qwesa2big
    • POSTED ON: December 1, 2022

    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
    of US$618.46million.

    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
    producing fields.

    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
    (SGN) field.

    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.

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