$433m revenue accrued to Petroleum Holding Fund in H2 2021 – BoG report
Total petroleum revenue received by the Petroleum Holding Fund (PHF) for the second half of 2021 amounted to $433 million.
In a semi-annual report on Ghana’s Petroleum Funds (GPF) prepared by the Central Bank for the review period, total receipts comprised revenue from crude oil lifting from the three oil fields and other receipts from surface rental, corporate income tax and others.
According to the Bank, the PHF received a total amount of $285.92 million from lifting proceeds in H2 2021 compared to receipts of $235.28 million in H2, 2020
“The total receipts from the 19th lifting of TEN field was US$70.49 million compared to US$74.92 million received in H2 2020 (16th and 17th lifting), whilst receipts from (61st and 62nd liftings) Jubilee was US$138.01 million compared to US$118.85 million received in H2 2020 (55th, 56th and 57th liftings). The 8th and Over lift from SGN field was US$77.42 million in comparison to H2 2020 (5th and 6th lifting) amount of US$67.24 million,” reported the BoG.
“During the period under review, a total amount of US$147.09 million was received as other income for surface rental, corporation income tax and PHF interest. The amounts received comprise US$0.129 million for surface rental, US$146.93 million for corporation income tax and US$0.0029 million for PHF interest,” it added.
With a balance of $493.47 million – the PHF at the end of H1 2021 held a balance of $60.66 million – some $478.35 million was distributed from the PHF to the GNPC, ABFA, Ghana Heritage Fund [GHF] and Ghana Stabilization Fund [GSF].
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“GNPC received an amount of US$129.99 million for CAPI and EFC in H2 2021 compared to US$118.24 million in H2 2020. Total amount received by ABFA for H2 2021 was US$197.62 million compared to US$103.87 in H2 2020. The Ghana Stabilisation Fund and the Ghana Heritage Fund received US$105.52 million and US$45.22 million respectively in H2 2021 compared to US$65.77 million and US$28.19 million respectively received in H2 2020,” the report stated.
At the end of H2 2021, the PHF, the Bank further notes, held a balance of $15.32 million which comprised a mandatory balance of $0.20 million, PHF overnight interest of $0.0072 million and corporate income tax of $15.11 million.
Allocation of funds since April 2011 to December 31 2021
Since April 2011 to December 31 2021, the ABFA has received a total of US$2,899.66 million representing 40% of the total revenue while GNPC has received a total amount of US$2,232.15 million equivalent to 30% of total revenue. GSF and GHF have each received an amount of US$1,546.45 million (21%) and US$653.68 million (9%) respectively.
Total lifting proceeds and other income distributed to ABFA, GNPC, GSF and GHF from inception to the end of December 2021 amounted to US$7,332.14 million.
