<\/p>\n
By Issah Mohammed<\/p>\n
Accra, Sept 27, GNA \u2013 Ghana has recorded $731.94 million for the first half of 2022, representing 93.4 per cent of the 2021 annual petroleum revenue of $783.33 million.<\/p>\n
The figure, $51.39 million less than petroleum revenue for the entire year of 2021, indicated a 73.73 per cent increase in the projected petroleum revenue for the year and a 108.89 per cent increase in receipts for the first half of 2021, which was US$350.3 million.<\/p>\n
\u201cThe significant rise in revenue is mainly due to the sharp increase in the price of crude oil on the world market in the first half of 2022, \u201d the Public Interest and Accountability Committee disclosed in its 11th Semi-annual report.<\/p>\n
The Committee\u2019s 22nd statutory report, which was launched on Tuesday, showed that $190.44 million was earned from royalty with Carried and Participating Interest (CAPI) earning $354.2 million.<\/p>\n
Meanwhile, Corporate Income Tax (CIT) accounted for $186.34 million as Surface rental generated $687,759.16 with Income on Petroleum Holding Fund (PHF) accounting for $304,613.<\/p>\n
\u201cThe receipts are made up of lifting proceeds of US$544,614,112.68 representing 74.40 per cent and other receipts of US$187,330,716.19, representing 5.60 per cent, \u201d the report highlighted.\u00a0<\/p>\n
It was further disclosed that Ghana produced 25,861,810.42 barrels (bbls) of crude oil in the first half of 2022 from its three offshore producing Fields \u2013 Jubilee, TEN, and SGN.\u00a0<\/p>\n
This represents a 6.9 per cent reduction from the first half of 2021 production volume of 27,767,859.00 barrels (bbls) and the third consecutive reduction in year-on-year crude oil production volumes since inception.<\/p>\n
PIAC in the report further noted that crude oil production increased in the Jubilee Field by 16.6 per cent while a decline of 34.3 and 21 per cent were recorded respectively for production on the TEN and SGN fields.\u00a0<\/p>\n
GNA<\/p>\n