Ghana lifts 2.9 million barrels of crude oil, receives $337.3m in revenue since start of oil December 2010

Dr. Kwabena Duffuour - Finance Minister

The Ghana National Petroleum Corporation (GNPC) has lifted oil from the Jubilee fields four times since the start of commercial production of oil on December 15, 2010.

Reading the 2012 budget on the floor of Parliament today November 16, 2011, Ghana’s Finance Minister Dr Kwabena Duffuor said the country has lifted 2,980,720 barrels of oil and has received receipts of $337.7 million from three of the four liftings.

Dr Duffour said the money has been allocated appropriately according to the Petroleum Management Revenue Act.

“$112 million transferred to the Consolidated Fund; $54.8 million and $14.4 million allocated to the Stabilisation Fund and Heritage Fund respectively with GNPC receiving the remaining as equity funds,” Dr Duffuor told lawmakers.

He indicated that receipts for the fourth lifting will be received by the end of November 2011.

By Ekow Quandzie

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