SEMI ANNUAL REPORT: JUL 01 - DEC 31, 2020
CONTENTS | |||
b. | Other Income .......................................................................................................................... | 5 | |
c. | Allocation ................................................................................................................................ | 5 | |
3. | WITHDRAWAL FROM GHANA STABILISATION FUND...................................................................... | 7 | |
4. | GLOBAL ECONOMIC HIGHLIGHTS ................................................................................................... | 7 | |
5. | PERFORMANCE OF THE GHANA PETROLEUM FUNDS .................................................................... | 9 | |
6. | PETROLEUM HOLDING FUND........................................................................................................ | 11 | |
7. | OUTLOOK FOR 2021 ..................................................................................................................... | 11 | |
8. | CONCLUSION............................................................................................................................ | 11 |
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ABBREVIATIONS:
ABFA: | Annual Budget Funding Amount |
APP: | Asset Purchase Program |
BOE: | Bank of England |
CAPI: | Carried and Participating Interest |
CPI: | Consumer Price Index |
ECB: | European Central Bank |
EFC: | Equity Finance Cost |
FOMC: | Federal Open Market Committee |
GHAPET: | Ghana Petroleum Holding Fund Account at Federal Reserve Bank of New |
York | |
GHF: | Ghana Heritage Fund |
GNGC: | Ghana National Gas Company |
GPFs: | Ghana Petroleum Funds |
GSF: | Ghana Stabilisation Fund |
GNPC: | Ghana National Petroleum Corporation |
MPC: | Monetary Policy Committee |
NAHB: | National Association of Home Builders |
PCE: | Personal Consumption Expenditure |
PHF: | Petroleum Holding Fund |
PRMA: | Petroleum Revenue Management Act, Act 815 and Act 893 as amended |
SGN: | Sankofa Gye-Nyame Field |
YTD: | Year to Date |
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1. INTRODUCTION
The Petroleum Holding Fund (PHF) and the Ghana Petroleum Funds (GPFs) were established by the Petroleum Revenue Management Act, 2011 (Act 815) (PRMA) and Act 893 as amended. In accordance with the PRMA Section 28(a) and (b), the Bank of Ghana is required to report on the performance and activities of the PHF and GPFs for the second half of 2020 (H2,2020) ended December 31st, 2020.
2. CRUDE OIL LIFTING & ALLOCATION
a. Crude Oil Lifting
During H2 2020, the Ghana Group (GNPC lifting on behalf of 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 6th parcel from the Sankofa Gye Nyame (SGN) field. The Petroleum Holding Fund (PHF) received a total amount of US$261.00 million from lifting proceeds in H2 2020 compared to receipts of US$235.28 million in H1, 2020. The total receipts from the 16th and 17th liftings from TEN field was US$74.92 million compared to US$110.25 million received in H1 2020 (14th and 15th liftings), whilst receipts from (55th, 56th and 57th liftings) from Jubilee was US$118.85 million compared to US$65.88 million received in H1 2019 (53rd and 54th liftings). The 5th and 6th liftings from SGN field was US$67.24 million in comparison to H1 2020 4th lifting amount of US$59.15 million. 58th parcel of crude oil from Jubilee field was lifted on the 14th of December 2020. Proceeds are expected on the 13th of January 2021.
The H2 2020 lifting receipts are shown in Table 1 below.
TABLE1:RECEIPTSOFCRUDEOILLIFTED(JUN-DEC2020) | HALF22020 |
NARRATION | TEN | JUBILEE(JUB) | SGN | JUB,TENSGN | |||||||
LIFTINGS | 16thLifting | 17thLifting | TOTAL(TEN) | 55thLifting | 56thLifting | 57thLifting | TOTAL(JUB) | 5thLifting | 6thLifting | TOTAL(SGN) | TOTAL |
LiftingDate | 21-Jun-20 | 27-Sep-20 | 23-Jun-20 | 28-Aug-20 | 7-Oct-20 | 7-Jun-20 | 27-Sep-19 | ||||
ReceiptDate | 22-Jul-20 | 27-Oct-20 | 23-Jul-20 | 28-Sep-20 | 6-Nov-20 | 8-Jul-20 | 27-Oct-20 | ||||
BillofLadingQuantity(bbls) | 994,018 | 994,389 | 1,988,407 | 994,324 | 951,586 | 946,755 | 2,892,665 | 949,296 | 949,033 | 1,898,329 | 6,779,401 |
SellingPrice(US$) | 36.228 | 39.124 | 41.855 | 41.769 | 39.590 | 32.192 | 38.650 | ||||
TOTALLIFTINGPROCEEDS(US$) | 36,011,284.10 | 38,904,475.24 | 74,915,759 | 41,617,431.02 | 39,746,795.63 | 37,482,030.45 | 118,846,257.10 | 30,559,736.83 | 36,680,125.45 | 67,239,862.28 | 261,001,878.73 |
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Bank of Ghana published this content on 29 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 January 2021 11:31:02 UTC.