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Ghana sells seven cargo crude oil from Jubilee fields valued at $770m

Ghana has sold seven parcels of crude oil from the Jubilee fields with a net cargo value of $770,744,705.11 since lifting for the first time in March 2011, a report has said.

State-owned Ghana National Petroleum Corporation (GNPC) lifted over 995,000 barrels of crude oil during its first lifting.

“From inception to the half year ended June 30, 2012, the Ghana Group [GNPC] has lifted seven (7) parcels of crude oil with a net cargo value of $770,744,705.11,” the Bank of Ghana semi annual report on petroleum receipts released August 14, 2012 said.

According to the report, total proceeds from six liftings amounted to $680,880,867.74.

“GNPC received 46%, Annual Budget Funding Amount (ABFA) received 44%, the Ghana Stabilisation Fund (GSF) and Ghana Heritage Fund (GHF) received 8% and 2% respectively, the report said indicating that no allocation was made to the GHF and GSF from the 4th, 5th and 6th liftings.

Ghana lifted a total of 2,989,367 barrels of oil representing 26%, of the total Jubilee oil production of 11.75 million during 2012 first-half year.

“During the period under review (2012 first-half year), the Ghana Group (GNPC) lifting on behalf of Government of Ghana, lifted three crude oil parcels (5th, 6th & 7th liftings) on January 4, 2012, April 3, 2012 and June 27, 2012 with total cargo value of $326,620,009.43,” the report stated.

The proceeds of the liftings in half one 2012, the BoG report indicated was allocated (ABFA) which received $131,905,535.44. The GNPC got $104,850,636.58 for equity finance and its 40% share of the Carried and Participating Interest (CAPI).

The proceeds of the seventh lift has not been allocated, officials say.

By Ekow Quandzie

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