Here is how much oil revenue Ghana made in the fourth quarter of 2018

February 11, 2019 5:30 PM

Barrels of oil

Ghana made more in oil revenue in the final quarter of 2018 than it did in the third quarter of the same year.
The country shipped 2.9 million barrels of oil in the final quarter of 2018.
Operating partners and shareholders shipped 11.6million barrels out of a total of 14.5 million barrels taken from Jubilee and TEN fields.

The Ghana National Petroleum Corporation (GNPC), which manages Ghana’s resources in oil fields, in the fourth quarter of 2018, made approximately $210 million after shipping 2.9 million barrels of oil.

The revenue figure represents a 23% increase from the previous quarter which saw GNPC export 3 million barrels out of a total of 13.7 million at a value of $162 million.

This was contained in the quarterly report on petroleum receipts for the year 2018 which was compiled by Ghana’s Ministry of Finance.

The report showed that operating partners and shareholders shipped 11.6million barrels out of a total of 14.5 million barrels taken from Jubilee and TEN fields.

Despite the increase in oil revenue, the fourth quarter recorded a slight dip in volume which was shipped compared to that of the third quarter.

This means that the high prices of oil in the fourth quarter resulted in higher revenues.

Magdalene Teiko Larnyoh A feminist at heart and a lover of art. She loves to write on business, politics and health.

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