• 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

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

Champion of Champions: Gold Stars set for Showdown Against Asante Kotoko in Bibiani

President Mahama Secures Infrastructure, Technology, and Agriculture Deals on Japan Visit

Mida Pledges Alignment With US Strategic Shift On Millennium Challenge Corporation

Standard Chartered Empowers Future Leaders Through Financial Literacy and Mentorship

Trending

Features

Ghana Pledges Gold Sector Reforms Ahead of Critical FATF Evaluation

August 26, 2025

Ghana Pledges Gold Sector Reforms Ahead of Critical FATF Evaluation The Government of Ghana has pledged to...

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

August 25, 2025

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

August 25, 2025

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

August 25, 2025

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

August 25, 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.