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26.01.2015 Business & Finance

Government received $934m in revenue from the oil sector

By Joy Business
Government received $934m in revenue from the oil sector
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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.

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