Public Interest & Accountability
Committee

Analysis of Receipts

Analysis of Petroleum Receipts from 2011 to 2015

 

Item

Unit

2011

2012

2013

2014

2015

Total

Variance: 2015 & 2014

Jubilee Royalties)

US$

122,171,971

150,642,450

175,006,213

192,660,811

104,208,697

744,690,141

(88,452,114)

Carried & Participating Interest

 

US$

321,952,753

390,428,872

453,573,866

499,330,323

270,083,791

1,935,369,605

(229,246,532)

Surface Rentals

US$

-

570,138

676,418

1,775,768

465,920

3,488,244

(1,309,848)

Royalties from SOPCL

US$

-

336,429

171,040

151,986

-

659,455

 (151,986)

Corporate Income Tax

US$

-

-

216,985,498

284,546,191

20,410,832

521,942,521

(264,135,359)

PHF income

US$

-

-

-

124,083

30,468

154,550

(93,615)

Price Differentials

US$

-

-

-

297,249

419,387

716,636

122,138

Gas

US$ 

-

-

-

-

553,815

553,815

553,815

Total Petroleum Receipts

 

US$

444,124,724

541,977,890

846,413,034

978,886,410

396,172,909

3,207,574,968

(582,713,501)

GHȻ

690,264,761

979,315,482

1,645,585,763

2,774,917,536

1,449,922,860

7,540,006,402

(1,324,994,676)

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 has become a component of petroleum revenues. Between 2011 and 2015, 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.