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Ghana’s oil revenue hits $6.5bn since commercial production LISTEN
FEB 4, 2021
Ghana s revenue so far raked in from her commercial production of oil which started since April 2011 has reached $6.5 billion, a Petroleum Holding Fund and Ghana s Petroleum Accounts at the New York Federal Reserve has revealed.
The figure was arrived at from Ghana s earnings from her share of crude exports and taxes, rental charges and other payments made by the oil exploration firms which were operating in her oil fields.
Fund Utilisation
The report showed that all the foreign oil firms, since April 2011, had paid about $1.2 billion to the state by way of taxes and rental charges. Two billion dollars have since been channeled to the Ghana National Petroleum Authority (GNPA) to finance its operations since April 2011.
Petroleum Holding Fund receives $261m in 2nd half of 2020
FPSO Kwame Nkrumah Listen to article
The Petroleum Holding Fund (PHF) received a total amount of US$261.00 million from proceeds in the second half of 2020 compared to receipts of US$235.28 million in the first half of 2020.
During the second half of the year, the Ghana Group (GNPC lifting on behalf of the Government of Ghana) lifted the 16th and 17th parcels of crude oil from the Tweneboa, Enyenra and Ntomme (TEN) field; 55th, 56th and 57th parcels from the Jubilee field; and the sixth parcel from the Sankofa Gye Nyame (SGN) field.
A general introduction to oil and gas law in Ghana
Introductioni Historic overview
The upstream oil and gas activities in Ghana consist of exploration, development and production of oil and gas. These activities are undertaken in five sedimentary basins within Ghana s territorial areas made up of the Tano Basin and Cape Three Points Basin in the Western Region (mostly referred to together as the Western Basin), the Saltpond Basin in the Central Region, the Accra/Keta Basin and the Inland Voltaian Basin. The Western Basin, Saltpond Basin and Accra/Keta Basin are all offshore and have been explored. The Inland Voltaian Basin is onshore and has not been really explored.