Pulse.com.gh logo

Oil revenue Ghana's oil revenue drops by 87% in Q4

Ghana lifted a total of 948,054 barrels of oil in Q4.

  • Published: , Refreshed:
24/7 Live - Subscribe to the Pulse Newsletter!

Pulse Business can confirm that Ghana’s total oil revenue for the fourth quarter of 2015 dropped by 87 percent as compared to the total revenues in the third quarter.

Ghana recorded a total of US$ 44, 788, 915 in oil revenue receipts, according to figures from the Ministry of Finance, representing 87 percent drop from the third quarter’s US$341.50 million in oil receipts.

Prices of crude oil in the international market has tumbled to an 11-year record low of $30 per barrel as a result of a supply glut from OPEC and Russia who are pumping at record high.

The government is expected to present a supplementary budget to deal with the price fall and also scale back revenue projections.


The report signed by the Finance Minister Seth Terkper said the Ghana group (GOG and GNPC) lifted a total of 948,054 barrels of oil in Q4.

A total of $28,558,500, (composing of equity financing cost of $26,946,856 and net carried and participating interest of $1,611,644) was transferred to the GNPC.

The GOG on the other hand made $16,230,415 from net receipts from lifting and royalties.

Other petroleum receipts include; $553, 815 in gas receipts, $109,126 in surface rental and $6,713 in PHF income.


Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos

Top Articles

1 Roshi Motman AirtelTigo CEO resignsbullet
2 Ghana Politics Akufo-Addo fires Lands Commission bossbullet
3 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
4 Economy Bawumia must stop misleading Ghanaians over cedi...bullet
5 MTN Ghana Selorm Adadevoh is MTN Ghana’s new CEObullet
6 Shirley Frimpong-Manso and Ken Attoh owe The Royal Bankbullet
7 Salaries In 2018 Here are the dates public workers will be...bullet
8 Menzgold Ghana Investment company closes down its Gold...bullet
9 Economy Of Ghana No profit because of cedi depreciation...bullet
10 First National Bank Ghana launches first-ever cash...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
4 Plane Crash Starbow suspends operations following plane crashbullet
5 Bozoma Saint John 10 quotes from Uber top official, Bozoma, that...bullet
6 Support Finance minister buys Kantanka carbullet
7 Tech 6 reasons you should buy an iPhone SE instead of any of...bullet
8 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
9 Dr Joseph Siaw Agyepong Nobody can collapse my company –...bullet
10 Entrepreneurship How to be resourceful as an entrepreneurbullet