Ghana expects to earn GH¢1.2b from oil in 2011

The government of Ghana is expecting to earn revenue GH¢1,250.8 million in 2011, the Minister of Finance and Economic Planning has said.

In Parliament to seek approval for a supplementary expenditure for 2011 Thursday July 14, 2011, Dr. Kwabena Duffuor said the estimate was based on the new oil price assumption of $100 per barrel as well as the revised estimated average oil production of  84,737 barrels per day and the new exchange rate assumption, total revenue from oil including the National Oil Company’s carried and participation interest.

He however indicated that, of this amount the Benchmark Revenue is estimated at GH¢923.4 million.

The remaining, he said is the amount due the Ghana National Petroleum Corporation (GNPC) as its equity and cash ceded to it.

He gave the following breakdown of the revenue as follows:

– Company taxes – GH¢603,764,335;

– Royalties – GH¢201,250,375

– Carried and Participation Interest – GH¢445,769,014.
Ghana became an oil producer on December 15, 2010 when commercial oil production in the Jubilee oil fields began.

http://www.ghanabusinessnews.com/2011/07/14/ghana-expects-to-earn-gh%C2%A21-2b-from-oil-in-2011/