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Ghana's oil revenue drops by 87% in Q4
Ghana lifted a total of 948,054 barrels of oil in Q4.
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.
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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.
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Other petroleum receipts include; $553, 815 in gas receipts, $109,126 in surface rental and $6,713 in PHF income.
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