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Ghana :Petroleum Revenues- Outlook for 2012(National 2012 Budget)

  • SOURCE: | qwesa2big
  • Petroleum Revenues- Outlook for 2012
    70. Madam Speaker, the total revenue from crude oil sales in 2012 fiscal year is projected at GH₵1,239.82 million based on an estimated average oil price of US$90.00 per barrel and production of 90,000 barrels per day. This amount comprises royalty payments of GH₵236.87 million, income from government Carried and Participating Interest of GH₵618.84 million, and corporate income tax of GH₵384.11 million.
    71. Madam Speaker, as required by the PRMA, government wishes to submit to this august House for your consideration and approval a proposal for the Annual Budget Funding Amount (ABFA) for fiscal year 2012 to be set at 70 percent of the benchmark revenue, consistent with Section 18 of the PRMA.
    72. Madam Speaker, transfer of oil revenue to the National Oil Company will amount to GH₵361.90 million. The benchmark revenue will amount to GH₵877.92 million. The proposed 70 percent of the benchmark revenue determined as the Annual Budget Funding Amount will amount to GH₵614.55 million. Transfer to the Ghana Petroleum funds will amount to GH₵263.28 million.
    73. Madam Speaker, in line with Section 21(5) of the PRMA, the Annual Budget Funding Amount would be spent in the following four priority areas:
    1. Expenditure and amortization of loans for oil and gas infrastructure;
    2. Road and other infrastructure;
    3. Agricultural modernization; and

    4.Capacity building (including oil and gas)

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