• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Reports

2020 PIAC semi-annual report on petroleum revenues management

5 years ago
in Reports
2 min read
0 0
0
91
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The Report reconciles and analyses information, data from key stakeholder institutions.

The data relates to the exploitation of hydrocarbon resources and associated revenues and expenditures as mandated by the PRMA.

The Report also includes inputs from relevant stakeholder institutions.

The key findings and recommendations for action are as follows:

FINDINGS Petroleum Production and Sales

1. Cumulative raw gas production increased significantly by 65 percent; the highest recorded half-year volume of gas produced since 2010.

2. All the three producing Fields (Jubilee, TEN and SGN) recorded an increase in gas production, with the SGN Field recording a 130 percent increase attributable to stable production operations.

RelatedPosts

Crypto Outpaces Traditional Finance: Fastest Growing Companies of 2025

Nigerian Inflation Quickens for the First Time in Three Months

Premier League: Man Utd held by Brentford as Tottenham, Villa win in top four chase

3. The average unit price achieved by the Ghana Group in all three Fields (US$42.49/bbl) were significantly lower than achieved unit prices in H1 2019 (US$65.08/bbl), representing a 34.71 percent decline.

Revenue Collection and Management

4. Total petroleum receipts in the PHF for the period stood at US$322,571,265.64, indicating an 11.32 percent decline.

5. CAPI contributed the highest portion of 40 percent to total receipts.

6. Even though GNGC received US$1.78 million under the Cash Waterfall Mechanism, there was no payment to GNPC in respect of gas supplied. Consistently, the non-payment of gas revenue denies the PHF of its due entitlement.

Petroleum Funds Distribution and Utilisation

7. Total petroleum funds distributed since inception till end of June 2020 was US$5.32 billion, of which approximately 39 percent went to the ABFA, 31 percent to GNPC, 21 percent to the GSF, and 9 percent to the GHF. This suggests that about 91 percent of the petroleum revenue is available for spending by the current generation.

8. For the fourth time, the Ministry of Finance failed to provide ABFA utilisation data for the compilation of PIAC Reports. This makes it difficult to reconcile disbursements and expenditure, and undermines the spirit of accountability as envisaged in the PRMA.

Find below details of the report:

Piac 2020 Semi-Annual Report by Fuaad Dodoo on Scribd

Source: PIAC
Via: norvanreports
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.