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 |
GHȻ |
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,
