Ghana grosses $104 million from crude oil exports for Q3

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The monies were earned from sale of almost one  million barrels of  crude oil sold  between July and September this year.

The figures was contained in  the  petroleum  receipts and distribution report, released  by the Finance Ministry  which showed that government also got  113 million dollars from taxes, royalties and rental charges paid by the  four companies operating on the jubilee field.  

This would bring the total amount of money gotten from the jubilee field   for third quarter to193 million dollars.  

The report showed that  Ghana sold each barrel  for 104 dollars, between July and September.

However with crude oil prices currently selling  around  80 dollars  a barrel and predictions by analysts that this could even drop further, this should  raise a lot of concerns for government as revenue from crude oil could drop substantially.

Government is looking at the option of hedging  prices of  crude oil exported to minimise the shocks of declining prices. 

 JOYBUSINESS gathers that  government is looking  at going this way to ensure that its finances are not disrupted.