Ghana’s petroleum receipts for the second quarter of 2024 reached a total of $247,620,870.49, as indicated in the Petroleum Receipts and Distribution Report released by the Ministry of Finance.
The report highlights that these oil revenues were generated from two separate liftings in the Jubilee oil field. A total of 1,857,242 barrels of oil were lifted during this quarter, distributed between the 75th and 76th listings.
The average reference price for oil per barrel was $80.318 for the 75th lifting and $86.360 for the 76th lifting, while market prices ranged from $77,135,889.01 for the 75th lifting to $82,256,345.20 for the 76th.
Gross receipts from Ghana’s group lifting amounted to $159,468,883.09, with the 75th lifting contributing $71,135,889.01 and the 76th lifting accounting for $82,332,544.08.
From this total, royalties represented $22,475,655.73, and the Carried and Participating Interest contributed $115,069,970.32.
The Net Carried & Participating Interest, which constitutes 70% of these earnings, was significant, totaling $47,655,527.18. Additional petroleum receipts for the quarter reached $140,522,365.31.
Corporate Income Tax from key industry players also played a vital role, with Tullow Ghana Limited contributing $56,622,407.40 and KOSMOS Energy adding $18,154,030.00.
The Government of Ghana received $107,988,517.30 in net receipts from the petroleum liftings, comprised of $52,367,048.40 from the 75th lifting and $56,621,468.90 from the 76th lifting.
Moreover, surface rental payments from companies, including Tullow Ghana Limited and PetroSea Operating Company, contributed a smaller amount to the total earnings, totaling $59,093.43 and $8,725.00, respectively.
The petroleum sector continues to be a crucial driver of Ghana’s economy, with numerous reports indicating steady growth in the industry, which supports the government’s fiscal policies and infrastructural development initiatives.
