Government Earns $780m Oil Revenue

GOVERNMENT has so far received a little over $780 million (over 2 billion Ghana cedis) in revenue from crude oil exports from January to September this year, representing a 10 percent increase (or $72,789,535) over last year's figures.

This represents some 4.7 million barrels of crude oil exported through the Ghana National Petroleum Corporation (GNPC) and government's share of taxes and royalties paid by the Jubilee partners from January to September 2014 These were contained in the 2014 Annual Report on Petroleum Funds presented to Parliament.

The Petroleum Revenue Management Act, 2011 (Act 815) requires the Finance Minister, Seth
Terpker to submit an annual report on the Petroleum Funds as part of the presentation of the annual Budget Statement and Economic Policy to Parliament.

The report also highlights events in the upstream petroleum sector. It includes activities of the Petroleum Commis- sion, the Ghana National Petroleum Corporation (GNPC) and its subsidiaries and provides an update on the Gas Infrastructure Project (GIP).

The report also gives an update on the progress of work on the production of oil and gas from the Tweneboa Enyera Ntomme (TEN) and the Sankofa Gye Nyame Fields.

According to the report, $306 million will be used to fund projects outlined in the 2015 Budget.

by:Myjoyonline