Revenue from Ghana’s crude oil for 2020 according to the semi-annual report on the Petroleum Holding Fund (PHF), amounted to $666.38 million.
Oil revenue mobilized for 2020 reveals a decline by some $281.29 million when compared to that mobilized in 2019 – $947.67 million.
The fall in oil revenue represents a 29.7 per cent year-on-year loss.
The revenue comprised proceeds of crude oil exports by the Ghana National Petroleum Corporation (GNPC), corporate income tax receipts, surface rental income and interest accrued on the PHF.
The significant fall in revenue reflected largely the impact of the global oil price crash since the outbreak of the Covid-19 pandemic.
Prior to the outbreak of the pandemic in the country, government projected crude oil revenue of $1.57 billion for 2020. But this was however, not realized as the projected revenue was slashed to $660.45 million in the wake of the virus.
Revenue from crude oil liftings from the Jubilee field fell by 50.5 percent year-on-year, while revenue from liftings from the TEN field declined by 23.4 per cent.
International research firm, Fitch Solutions, has described the near-term outlook for oil production in Ghana as subdued given the impact of the global oil price crash on the industry, which has caused major new projects to be suspended.
For the longer-term outlook, Fitch said the country’s crude oil production remained positive, based on expectations of continued field developments, including development of the Pecan field which has total oil reserves of 334 million barrels.
