{"id":446686,"date":"2017-12-13T15:51:31","date_gmt":"2017-12-13T15:51:31","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/12\/13\/parliament-approves-2016-piac-report\/"},"modified":"2017-12-13T15:51:31","modified_gmt":"2017-12-13T15:51:31","slug":"parliament-approves-2016-piac-report","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/12\/13\/parliament-approves-2016-piac-report\/","title":{"rendered":"Parliament approves 2016 PIAC report"},"content":{"rendered":"<p><\/p>\n<div id=\"medsection1\">\n<!-- End of html generated by this->header() --><\/p>\n<p class=\"floatLeft\">Business News of Wednesday, 13 December 2017<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>Graphic.com.gh <\/p>\n<p>2017-12-13<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/12\/72517401.295.jpg\" alt=\"Forson Assibey Yeboah\" title=\"Forson Assibey Yeboah\" width=\"295\" height=\"181\" \/><span class=\"image_caption\"><span>Mr Cassiel Ato Forson and Dr Mark Assibey-Yeboah<\/span><\/span><\/p>\n<div class=\"noPrint\">\n<div id=\"537626303\" style=\"width:300;height:250;margin:0;padding:0\">\n<p>\t\t  <noscript><iframe loading=\"lazy\" id=\"b2ad7fa7fd\" name=\"b2ad7fa7fd\" src=\"http:\/\/ghanaweb-d.openx.net\/w\/1.0\/afr?auid=537626303&amp;cb=151125813973067\" frameborder=\"0\" scrolling=\"no\" width=\"300\" height=\"250\"><a href=\"\/\/ghanaweb-d.openx.net\/w\/1.0\/rc?cs=b2ad7fa7fd&amp;cb=151125813973067\"><\/p>\n<p>\t\t  <img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2017\/12\/1513180291_789_ai\" border=\"0\" alt=\"\" \/><\/a><\/iframe><\/noscript><\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"clear:right\"> Parliament on Monday approved the 2016 annual report of the Public Interest and Accountability Committee (PIAC) on the Management of Petroleum Revenues, with a call on the Volta River Authority (VRA) to settle its debt for gas supplied to it by the Ghana Gas Company.<\/p>\n<p>The report examines crude oil production, marketing, distribution and utilisation of petroleum revenues and makes recommendations on the judicious use of petroleum funds.<\/p>\n<p><b><\/b>Growing debts<\/p>\n<p>Presenting the report of the Finance Committee on the PIAC report, the committee&#8217;s chairman, Dr Mark Assibey-Yeboah, indicated that despite efforts to settle the legacy debts by the issuance of a bond, new debts had been incurred.<\/p>\n<p>He said the failure of the VRA to pay for gas supplied to it might likely result in another debt.<\/p>\n<p>He, therefore, urged the government &#8220;to ensure that VRA pays for gas supplied to it to prevent another debt.&#8221;<\/p>\n<p>The Ranking Member on the Finance Committee, Mr Cassiel Ato Forson, said the indebtedness of the VRA to the Ghana Gas Company could collapse the company.<\/p>\n<p>He, therefore, urged the government to ensure that the VRA settled its debt with the Ghana Gas Company.<\/p>\n<p>The Member of Parliament (MP) for Yapei\/Kusawgu and a former Deputy Minister of Power, Mr John Abdulai Jinapor, stressed that if the VRA debt was not settled, the country would be saddled with more legacy debts.<\/p>\n<p>The Chairman of the Mines and Energy Committee, Mr Emmanuel Akwasi Gyamfi, urged the Minister of Finance to provide Parliament with the detailed list of oil-funded projects in the next budget.<\/p>\n<p>He said the failure of successive governments to submit the list of oil-funded projects made the committee&#8217;s work difficult in terms of investigations and ensuring accountability.<\/p>\n<p>The Majority Leader, Mr Osei Kyei-Mensah-Bonsu, suggested that oil revenue should be targeted at funding a few projects instead of spreading the funding to several areas.<\/p>\n<p>He said if the funding was focused, the projects would stand out and offer more benefits to the people.<\/p>\n<p><b><\/b>Oil\/gas production<\/p>\n<p>The 2016 PIAC report said a total of 32,297,780 barrels of crude oil were produced in 2016.<\/p>\n<p>Of the amount, 26,981,640 barrels were produced from the Jubilee fields and 5,316,140 from TEN fields.<\/p>\n<p>The report indicated that the production was lower by 5,113,881 barrels representing a decline of 13.7 per cent of 2015 production of 37,411,661 barrels.<\/p>\n<p>It further stated that total amount of gas produced amounted to 44,95 million standard cubic feet (MMScf) and that 38,420 MMScf was produced from Jubilee and 6,531 MMScf from TEN fields.<\/p>\n<p><b><\/b>Oil lifting\/petroleum receipts<\/p>\n<p>According to the report, a total of 27 lifting sanctions were carried out by the Jubilee Partners to lift 26,134, 013 barrels, leaving a balance of 847,627 barrels.<\/p>\n<p>In respect of TEN, a total of 12 liftings were made to lift 4,631,494 barrels by the partners, leaving a balance of 684,646 at the end of the period.<\/p>\n<p>The report indicated again that the total petroleum receipts for 2016 amounted to $247,175,394 or (GH\u00a2972,547,412).<\/p>\n<p>That figure, it said, was lower by $148,997,514 in petroleum revenues, compared to the 2015 amount of $396,172,909.<\/p>\n<p><b><\/b>Revenue distribution<\/p>\n<p>The report also said out of the $247.18 million petroleum receipts, $229.03 million was distributed to the Ghana National Petroleum Corporation (GNPC), the annual budget finance account (ABFA) and the Ghana Petroleum Funds (GPFs).<\/p>\n<p>It said the balance of $18.5 million remained as distributed balance in the Petroleum Holding Fund Account.<\/p>\n<p><!-- uploaded by: 33 updated by: 33 --><\/p>\n<p><!-- Start of html generated by this->footer() 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Accountability Committee (PIAC) on the Management of Petroleum Revenues, with a call on the Volta River Authority (VRA) to settle its debt for gas [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":446687,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-446686","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Parliament approves 2016 PIAC report - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/12\/13\/parliament-approves-2016-piac-report\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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