• 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 Business Energy

4 terminated oil companies owe almost $2m in Surface Rental

3 years ago
in Energy, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
69
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

4 terminated oil companies owe almost $2m in Surface Rental

Four contractors, whose contracts were terminated by the Petroleum Commission in 2021 for non-performance, are in arrears of US$1.88million of Surface Rental payments, the latest Public Interest and Accountability Committee (PIAC) report has revealed.

The four – Swiss African Oil Company Limited – SWAOCO, UB Resources, Brittania U, and Sahara Energy Fields Ghana Limited – account for about 73 percent of an outstanding Surface Rental of US$2.5million.

PIAC’s 2021 report on petroleum revenue management indicated that Surface Rental payments received in 2021 totalled US$826,815 compared with US$928,551 for 2020, indicating about 11 percent decrease.

“According to the Ghana Revenue Authority (GRA), this amount includes arrears payments to an amount of US$205,530 in respect of past years. As of the end of December 2021, Surface Rental Arrears had amounted to US$2.5million up from US$2.1million as of the end of 2020, representing a 22.22 percent increase,” the report stated.

It would be recalled that Oranto/Stone Energy was reported not to have honoured an outstanding Surface Rental invoice of US$67,438 since February 2013. The GRA was, therefore, asked to compel the company to pay the outstanding invoice with applicable penalties for the period during which it has been in default.

However, it indicated that Oranto has been located in Angola, Chad and Mozambique, and has subsequently made contact with the company but no payment has been made.

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

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

OPEC+ Nears Decision Point on Next Oil Output Hike

According to the authority, since the issue has assumed a cross border dimension, it has escalated beyond it and was being handled at the ministerial/governmental level.

But PIAC in its 2018 Annual Report, stated that GRA should collaborate with the relevant authorities in these jurisdictions to retrieve the principal together with the interest.

Read: UBA Ghana fastest growing Bank in 2021; increases deposits by 46% in one year

Vice Chairman of PIAC, Nasir Alfa Mohammed, is urging GRA to step up efforts to retrieve all such monies.

“Where there are Surface Rental arrears, GRA, being the institution responsible for collecting revenues should, as a matter of urgency, initiate action to retrieve or recover it with the appropriate interest,” he stated.

Mr. Alfa Mohammed who was speaking in a telephone interview, noted that concerning the four companies which have had their petroleum agreements terminated, he indicated that the GRA should make effort to recover the arrears “with immediate urgency”.

“These are companies whose agreements have been terminated, and so they will not have the urge to pay these monies unless you go after them.” He added that: “It would be good for GRA to have immediate engagements with the Bank of Ghana (BoG) and Petroleum Commission to see how easy it may be able to recover these monies.”

Also, the Africa Programme Officer, Natural Resource Governance Institute (NRGI), Denis M. Gyeyir, said two things are important in ensuring that the Oranto Stone situation does not come again.

“There is a need to actively monitor petroleum contracts to ensure that companies live up to the obligations contained in their contracts and relevant laws.

“Secondly, inter-agency collaboration must be enhanced between the petroleum commission, GRA and BoG in sharing information on the status of various oil blocks, the obligations of companies and payments due and outstanding,” he recommended.

The latest development comes on the back of a 17.5 percent increase in total petroleum revenues from US$666.3million in 2020 to US$783.3million in 2021.

The gains, which were attributed to higher crude oil prices, were recorded despite the decline in crude oil production in 2021.

As of the end of 2021, there was sustained but relatively low production in the country’s three offshore producing fields – (Jubilee, Tweneboa Enyenra Ntomme (TEN) and Sankofa Gye Nyame (SGN)) – reflecting global dynamics.

A total of 55.06million barrels of oil were produced, down from the 2020 production of 66.93million bbls, representing a 17.73 percent decrease.

Source: thebftonline
Tags: and Sahara Energy Fields Ghana LimitedBrittania UgraPetroleum CommissionPublic Interest and Accountability Committee (PIAC)SWAOCOUB Resources
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.