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Ghana : Oil Receipts and Distribution in 2011( 2012 National Budget)

  • SOURCE: | qwesa2big

  • Oil Receipts and Distribution in 2011
    31. Madam Speaker, His Excellency the President, Prof. John Evans Atta Mills made a pledge to ensure transparent and judicious management of oil revenues. In accordance with provisions of the Petroleum Revenue Management Act, Act 805, 2011 (PRMA), I now report on the receipts and distribution of oil revenue.
    32. Madam Speaker, the Ghana National Petroleum Corporation (GNPC) has, on behalf of Government, lifted oil from the FPSO Kwame Nkrumah four times as at the end of October 2011. The proceeds from the first three liftings have been received. The proceeds for the fourth lift are expected later in November 2011.
    33. Madam Speaker, the total volume of crude oil from the first three liftings amount to 2,980,720 barrels which realized a total sum of US$337.3 million (GH¢ 506.0 million).
    34. The total oil revenue received so far has been allocated to the various allowable sources in accordance with the PRMA. A total of US$112 million (equivalent to GH¢168 million) has been transferred into the Consolidated Fund as the Annual Budget Funding Amount and is being utilized in the four priority areas as set out in the 2011 Supplementary Budget in accordance with relevant sections of the PRMA.
    35. An amount of US$54.8 million and US$14.4 million have been transferred into the Stabilization and Heritage Fund accounts respectively in accordance with relevant sections of the PRMA.
    36. In line with Section 7 of the PRMA, an amount of US$156.1 million has been transferred to GNPC as equity financing cost and GNPC‟s share of net Carried and Participating Interest.

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