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Petroleum Funds bag $144m

Aug. 18, 2016, 10:50 a.m.

Ghana received some $144,400,610.40 as part of the Ghana Petroleum Funds from three lifting’s of crude oil from the Jubilee oil fields as at the end of the first half of 2016.

This is according to a publication from the Bank of Ghana on crude oil lifting’s of Ghana and the allocation to the Ghana Petroleum Funds.

The opening book value of the Ghana Petroleum Funds investments as at January 1, 2016 was $436,779,599.36 with the Ghana Stabilization Fund opening balance being $177,396,126.90 while the Ghana Heritage Fund had an opening value of $259,383,472.36.

According to the figures, in the first half of the year, Corporate Income Tax contributed $2,285,643.42; Surface Rental receipts yielded $382,000.82; Petroleum Heritage Fund Interest was $36,382.16, meanwhile Ghana National Gas Company proceeds also generated an income of $9,302,806.35.

Of the total amount received from the thirtieth lifting, the Ghana heritage fund on March 24, 2016 received $2,772,660.33 while the Ghana stabilization Fund received $6,469,540.76.

Proceeds from the lifting were received in first half of this year; more specifically, although the thirtieth lifting was undertaken on December 8, 2015, the proceeds were realized and accounted for in January 2016.

Total proceeds from the sale of the thirtieth to the thirty – second Jubilee lifting’s, which comprised 2,891,250 barrels of crude oil, amounted to $114,400,610.40.

The lifting proceeds, when added to other petroleum receipts generated a total of $240,808,053.55 in first half of 2016.

Also, $10,071,635.46 was disbursed into the Ghana Petroleum Funds from the thirty – first lifting proceeds on the March 31, 2016.

The Ghana heritage fund received $3,021,490.64 while the Ghana stabilization fund also received some $7,050,144.82.

According to the Petroleum Holding fund and the Ghana Petroleum Funds semi – annual report published by the Bank of Ghana, there were no withdrawals during the first half of 2016.

The total net income accrued to the Ghana Stabilization Fund and the Ghana Heritage Fund [GHF] accounts as at June 30, 2016 was $3,069,904.37 with the Ghana Stabilization Fund having an interest of $435,914.13 and the Ghana Heritage Fund accruing some $2,633,990.24.

As at the end of June 30, 2016 the Ghana Stabilization Fund had a closing book value of $191,351,726.61 and the Ghana heritage fund had $267,188,613.67 as closing book value.

Source: Thefinderonline.com

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