Petroleum Holding Fund receives $261m in 2nd half of 2020

FPSO Kwame Nkrumah

The Petroleum Holding Fund (PHF) received a total amount of US$261.00 million from proceeds in the second half of 2020 compared to receipts of US$235.28 million in the first half of 2020.

During the second half of the year, the Ghana Group (GNPC lifting on behalf of the Government of Ghana) lifted the 16th and 17th parcels of crude oil from the Tweneboa, Enyenra and Ntomme (TEN) field; 55th, 56th and 57th parcels from the Jubilee field; and the sixth parcel from the Sankofa Gye Nyame (SGN) field.

The total receipts from the 16th and 17th liftings from TEN field was US$74.92 million compared to US$110.25 million received in first half of 2020 (14th and 15th liftings), while receipts from (55th, 56th and 57th liftings) from Jubilee was US$118.85 million compared to US$65.88 million received in first half of 2019 (53rd and 54th liftings).

The fifth and sixth liftings from SGN field were US$67.24 million in comparison to the first half of 2020's fourth lifting amount of US$59.15 million. The 58th parcel of crude oil from Jubilee field was lifted on December 14, 2020. Proceeds were expected on January 13, 2021.

During the period under review, a total amount of US$95.25 million was received from various entities for the payment of surface rental and corporation income tax. The amounts received in respect of other income comprise US$0.269 million for surface rental and US$94.98 million for corporation income tax.

The total amount distributed from the PHF during the period was US$316.07 million. This consisted of lifting proceeds from the 16th and 17th parcels from TEN totaling US$74.92 million, the 55th, 56th and 57th parcels from Jubilee totaling US$118.85 million and the fifth and sixth lifting from SGN totaling US$67.24 million. Other income distributed during the period was US$55.07 million.

GNPC received an amount of US$118.24 million for CAPI and EFC in second half of 2020 compared to US$162.27 million in the second half of 2019. Total amount received by ABFA for second half of 2020 was US$103.87 million compared to US$229.81 in second half of 2019. The Ghana Stabilisation Fund and the Ghana Heritage Fund received US$65.77 million and US$28.19 million respectively in the second of half 2020 compared to US$118.45 million and US$50.77 million respectively received in the second half of 2019.

The PHF and the Ghana Petroleum Funds (GPFs) were established by the Petroleum Revenue Management Act, 2011 (Act 815) (PRMA) and Act 893 as amended.