Ken Ofori Atta, Finance Minister
Petroleum Holding Fund (PHF) received a total amount of $267.73 million comprising lifting proceeds of the Ghana Group, surface rentals, PHF income and corporation income tax in the second half of 2017.
A Bank of Ghana (BoG) semi-report on the Petroleum Holding Fund & Ghana Petroleum Funds for July 1 to December 31, 2017, which made this known, said total petroleum revenue distributed was $277.54 million.
GNPC received $91.14 million, ABFA received $84.73 million while GSF and GHF received an allocation of US$71.17 million and US$30.50 million respectively during the period under review.
GHF and GSF total return for 2017 was 2.96 percent and 0.96 percent respectively.
Realised income on the GPFs in H2 was $4.82 million (GHF $3.24 million and GSF $1.58 million) and the 2017 total net realised income was $9.3 million.
GSF and GHF accumulated reserves were $353.05 million and $344.79 million respectively.
First half
During the first half of 2017, the Ghana group (GNPC lifting on behalf of Government of Ghana) lifted two parcels of crude oil (4th and 5th) from Tweneboa, Enyenra and Ntomme (TEN) fields and four parcels (38th to 41st) from the Jubilee field with cargo values of $115.79 million and $216.24 million respectively.
The Petroleum Holding Fund (PHF) received a total amount of $251.49 million from lifting proceeds in the second half compared to receipts of $249.81 million in the first half.
Total receipts from TEN (3rd and 4th liftings) was $98.64 million compared to US$100.03 million received in the first half (1st and 2nd liftings), whilst receipts from Jubilee (38th to 40th) was $152.85 million compared to $149.78 million received in the first half (35th to 37th liftings).
Allocation
The total amount distributed from the PHF during the period was $277.54 million.
This comprised proceeds of the thirty-eighth, thirty-ninth and fortieth parcels lifted from Jubilee totaling $152.85 million and proceeds of the third and fourth lifting from TEN totaling $98.64 million.
Other income distributed during the period was $26.05 million of which $22.24 million was received in the first half of 2017.
Total amount received by ABFA for second half was $84.73 million.
ABFA received the same amount in H1 2017 showing that the ABFA target for 2017 was met. GNPC received an amount of US$91.14 million for CAPI and EFC in second half 2017 compared to $90.90 million in first half 2017.
The Ghana Stabilization Fund and the Ghana Heritage Fund received $71.17 million and $30.50 million respectively in second half of 2017 compared to $71.51 million and $30.65 million respectively received in first half of 2017.
Touching on funds allocated since April 2011 to December 31, 2017, the report said ABFA has received a total of $1,642.91 billion, representing 41 percent of the total revenue while GNPC has received a total amount of $1,239.34 billion, equivalent to 31 percent of total revenue.
GSF and GHF each received an amount of $776.55 million (20 percent) and $323.72 million (8 percent) respectively.
Total lifting proceeds and other income distributed to ABFA, GNPC, GSF and GHF from inception to the end of December 2017 amounted to $3,982.53 million.
There were no withdrawals from the GSF during H2 2017 under Section 23 of the PRMA, Act 815 and Section 9 of Act 893 as amended.
There was no cap on the GSF in H2 and the ABFA target of $84.73 million was fully met.
Total withdrawal from the GSF was $430.64 million.
By Samuel Boadi