Petroleum Holding Fund receives $261m in 2nd half of 2020
FPSO Kwame Nkrumah Listen to article
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.
A general introduction to oil and gas law in Ghana
Introductioni Historic overview
The upstream oil and gas activities in Ghana consist of exploration, development and production of oil and gas. These activities are undertaken in five sedimentary basins within Ghana s territorial areas made up of the Tano Basin and Cape Three Points Basin in the Western Region (mostly referred to together as the Western Basin), the Saltpond Basin in the Central Region, the Accra/Keta Basin and the Inland Voltaian Basin. The Western Basin, Saltpond Basin and Accra/Keta Basin are all offshore and have been explored. The Inland Voltaian Basin is onshore and has not been really explored.
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The Natural Resource and Governance Institute (NRGI) has asked the Ministry of Finance (MoF) to include information on buyers of the country’s oil in its quarterly report on the Ghana National Petroleum Corporation’s (GNPC’s) oil sales activities.
This is to improve accessibility to information on oil sales and also ensure transparency in the GNPC’s sale of the country’s oil.
This forms part of the recommendations in a new report compiled by the NRGI. The report was titled ‘Ghana’s Oil Sales: Using Commodity Trading Data for Accountability’.
Presenting the report during a webinar on Tuesday, December 15, 2020, the Africa Programme Officer at the NRGI, Mr Denis Gyeyir, said the aim of the Ghana’s oil sales accountability project was to analyse the data available on the Ghana’s oil sales activities and to demonstrate how it could be used by oversight actors to address Ghana’s urgent resource governance challenges.