2018 Budget Highlights on Oil and Gas -Upstream

Executive Summary
“The 2018 Budget Highlights on Oil and Gas’’ is a piece put together by the Extractive Team of Penplusbytes. The Minister of Finance, Hon. Ken Ofori-Atta on 15th November, 2017 presented to Parliament, the Budget Statement and Economic Policy for 2018. The Extractive Department of Penplusbytes have presented important highlights relating to the upstream oil and gas sector in Ghana as per the 2018 Budget Statement and Economic Policy.
Highlighting key issues in the sector, this document touches on: A review of the 2017 upstream oil and gas year, petroleum receipts in 2017, commodity prices in world markets, commodity prices, balance of payments, growth, projection of 2018 petroleum receipts and allocations and deliberate interventions by government in the sector.
Ghana’s victory in the favorable ITLOS ruling, and Sankofa producing 1st oil three months ahead of schedule stood out. The sector production from the Jubilee field as at 30th September, 2017 was 24,302,185 barrels, compared to 19,832,097 barrels for the same period in 2016, representing an increase of 23 percent.
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