Report shows crude revenue fell by 5% despite a 15% rise in production in 2019
- Ghana recorded an increase in production of crude oil in 2019 despite a fall in revenue, a report has revealed
- The volume of crude oil produced increased from 62,135,435.07 barrels in 2018 to 71,439,585 barrels in 2019
- Revenue, however, fell from $977million in 2018 to $925million in 2019
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YEN.com.gh has learned that revenue from crude oil dropped by 5% in 2019 even though production increased by 15%.
Production of crude oil increased from 62,135,435.07 barrels in 2018 to 71,439,585 barrels the following year.
However, revenue, sourced from royalties, Carried And Participating Interest (CAPI), corporate income taxes, surface rentals, and income earned fell to $925million in 2019 from $977million in 2018.
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The 2019 annual report by the Public Interest and Accountability Committee (PIAC) showed the rebound of crude prices that had been experienced in 2018 was reversed in 2019.
Per a report by thebftonline.com, lower prices contributed to the fall in revenue despite the increase in production.
Information available shows that while the government had benchmarked crude oil to sell at $66.670/bbl in 2019, the average achieved price by the country was $63.496/bbl.
Source: UGC
The report further shows the increase in production was achieved despite challenges faced by Tullow Ghana, Ghana’s largest producer, after it was forced to cut down production last year.
Meanwhile, telecommunications company, MTN Ghana, has announced an extension of the waiver on Mobile Money transfers up to GHc100 for three more months.
Information available shows the offer, which is for on-net transfers, lasts until 30 September.
In March, MTN Ghana announced the cancellation of charges on transfers up to GHc100.
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Source: YEN.com.gh
