Petroleum funds accrue over $144m in first half 2016

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Ghana received 144.4 million dollars as part of the Ghana Petroleum Funds from three liftings of crude oil from the Jubilee oil fields as at the end of the first half of 2016.

This is according to a publication from the Bank of Ghana on crude oil lifting’s of Ghana and the allocation to the Ghana Petroleum Funds.

The opening book value of the Ghana Petroleum Funds investments as at January 1, 2016 was 436.779 million dollars with the Ghana Stabilization Fund opening balance being 177.396 million dollars while the Ghana Heritage Fund had an opening value of 259.383 million dollars.

According to the figures, in the first half of the year Corporate Income Tax contributed 2.285 million dollars; Surface Rental receipts yielded 382,000 dollars; Petroleum Heritage Fund Interest was 36,382 dollars, meanwhile Ghana National Gas Company proceeds also generated an income of 9.302 million dollars.

Of the total amount received from the thirtieth lifting, the Ghana heritage fund on March 24, 2016 received 2.772 million dollars while the Ghana stabilization Fund received 6.469 million dollars.

Proceeds from the lifting were received in first half of this year; more specifically, although the thirtieth lifting was undertaken on December 8, 2015, the proceeds were realized and accounted for in January 2016.

Total proceeds from the sale of the thirtieth to the thirty – second Jubilee lifting’s, which comprised 2,891,250 barrels of crude oil, amounted to 114.4 million dollars.

The lifting proceeds, when added to other petroleum receipts generated a total of 240.808 million dollars in first half of 2016.

Also, 10.071 million dollars was disbursed into the Ghana Petroleum Funds from the thirty – first lifting proceeds on the 31st of March 2016.

The Ghana heritage fund received 3.021 million dollars while the Ghana stabilization fund also received some 7.05 million dollars.

According to the Petroleum Holding fund and the Ghana Petroleum Funds semi – annual report published by the Bank of Ghana, there were no withdrawals during the first half of 2016.

The total net income accrued to the Ghana Stabilization Fund and the Ghana Heritage Fund [GHF] accounts as at June 30, 2016 was 3.069 million dollars with the Ghana Stabilization Fund having an interest of 435,914 dollars and the Ghana Heritage Fund accruing some 2.633 million dollars.

As at the end of June 30, 2016 the Ghana Stabilization Fund had a closing book value of 191.351 and the Ghana heritage fund had 267.163 million dollars as closing book value.