Public Interest Accountability Committee

Analysis of Receipts

Analysis of Petroleum Receipts from 2011 to 2018

Item

Unit

2011

2012

2013

2014

2015

2016 2017 2018

Total

Royalties

US$

122,171,971

150,978,879

175,177,253

192,812,797

104,208,697

57,851,211 135,859,566 265,606,240.52 

939,908,278

Carried &Participating Interest

US$

321,952,753

390,428,872

453,573,866

499,330,323

270,083,791

149,936,376 365,440,868 548,334,881.11

2,449,903,218.41

Surface Rentals

US$

-

570,138

798,332

1,775,768

465,920

465,030 1,569,827.91 938,895.97

5,645,015.65

Corporate Income Tax

US$

-

-

216,985,498

284,546,191

20,410,832

29,546,823 36,957,622 160,606,805.26 588,446,966.00

PHF income

US$

-

-

-

124,083

30,468

73,149 579,278.46 977,093,285

806,978

Price Differentials

US$

-

-

-

297,249

419,387

- - -

716,636

Gas

US$ 

-

-

-

-

553,815

9,302,807 - 134,030,700.15

100,925,272.63

Total Petroleum

US$

444,124,724

541,623,741

846,767,184

978,886,410

396,172,909

247,175,394 540,411,435.90 977,124,929.69

4,972,286,728

Receipts

GHÈ»

690,264,761

979,315,482

1,645,585,763

2,774,917,536

1,449,922,860

972,547,412.39 2,334,116,929  

7,540,006,402

 

Source: Ministry of Finance/Bank of Ghana

The main sources of petroleum receipts to the state are Royalties, Surface Rentals, Carried and Participating Interest (CAPI) and Corporate Income Taxes (CIT). Since 2015, revenue from the sale of Gas from the Atuabo Gas Processing Plant has become a component of petroleum revenues. Between 2011 and 2016, the largest contribution to petroleum revenue for the state has been from Carried and Participating Interest (CAPI), followed by Royalties and then CIT, Surface Rentals and Gas sales in that order. Revenues from the sale of Gas is however expected to grow substantially with the coming on stream of Tweneboa-Enyenra-Ntomme (TEN) and Sankofa-Gye Nyame (SGN) Fields. All upstream petroleum revenues to the state are deposited into the Petroleum Holding Fund account at the Bank of Ghana. The gas receipts of US$100,925,272.63 by GNGC represents the total receipts from the sale of lean gas, LPG and condensates. This has not been added in the computation of total revenues as GNGC has not paid GNPC, nor deposited these receipts into the PHF,