Ghana’s Petroleum Proceeds Jumped By 27% To $1.357 Billion In 2024–PIAC Report

Ghana’s total petroleum proceeds soared by 27.8 per cent from US$1.062 billion in 2023 to US$1.357 billion in 2024.

This is the second-highest annual petroleum receipt since inception, with 2022 being the highest year (US$1.42 billion).

This was revealed by the Public Interest and Accountability Committee (PIAC) in its 2024 Performance Report, citing an increase in crude oil prices.

The report added that the total proceeds from GNPC Explorco’s liftings received in 2024, amounting to US$145 million, were not paid into the Petroleum Holding Fund (PHF).

This brings the cumulative proceeds of unpaid revenue into the PHF held by Jubilee Oil Holding Limited (JOHL) and, subsequently, GNPC Explorco to US$488,790,044 as of the end of 2024.

GNPC argued that proceeds from liftings by GNPC Explorco did not constitute payments into the Petroleum Holding Fund.

About the recommendation, the Committee reiterated its position that proceeds from liftings by GNPC Explorco constituted indirect participation of the State and, therefore, must be paid into the Petroleum Holding Fund.

Surface Rental Arrears

Meanwhile, the surface rental arrears owed by some International Oil Companies (IOCs) remained high at US$2,893,120 as of the end of 2024.

The report stated that about 60 per cent of the arrears were due to three companies whose Petroleum Agreements were terminated in 2021.

For recommendation, the report urged the Ghana Revenue Authority, the Petroleum Commission, the Bank of Ghana and the Ministry of Energy to collaborate to recover the Surface Rental arrears.

Source:https://energynewsafrica.com