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

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

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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.

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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.

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

 

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