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.
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: