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 was expected to be a component of petroleum revenues but only US$9.86 million has been paid. Between 2011 and 2018, 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.
