[ 2015-01-27 ]

Government received $934m in revenue from the oil sector
Government has received 934 million dollars as
revenue from the oil sector for 2014. The amount
is 134 million more than what it secured in 2013.

This came in the form of taxes from crude oil
exported by Ghana as well as the Jubilee partners,
corporate taxes, royalties and surface rentals
that the state received.

The figures were contained in the Petroleum
Receipts and Distribution report for last year.

Compared to the 2013 figures, Ghana grossed about
800 million dollars as revenue from the oil
sector.

Simply looking at the rough figures, this should
mean the country's revenue actually went up
marginally.

The report also showed that Government, through
the Ghana National Petroleum Corporation (GNPC),
sold a barrel of crude oil for as high as 110
dollars and as low as 105 dollars a barrel from
January to June 2014.

Even when crude oil price was dropping sharply on
the world market around the fourth quarter, it
sold each barrel at about 98 dollars.

This should mean that the country may have hedged
around that period to mitigate the impact of
declining oil prices on the world market on its
revenue.

However, in terms of Ghana's share of the total
volume of crude oil exported, the GNPC actually
exported about 11.5 million barrels of Crude Oil
for last year.

Source - Joy News

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