Ghana earns $422m from Jubilee crude sale in 2013 half-year

Category: Lead Story, Oil & Gas 2

oilGhana earned an amount of $422.7 million from the sale of 3.98 million barrels of Jubilee crude oil during the first half of 2013.

The Ghana National Petroleum Corporation (GNPC) on behalf of the country made four crude liftings during the period under review, according to the semi annual petroleum report released by the Bank of Ghana.

“During the period under review…the GNPC… lifted four crude oil parcels (10th, 11th, 12th and, 13th liftings) with total cargo value of $422.77 million compared to two liftings in the 2nd half of 2012 with a total cargo value of $ 214.45 million,” said the report.

In terms of earnings allocation, the Annual Budget Fund Amount (ABFA) received an amount of $136.60 million, the GNPC got an amount of $118.26 million while the Ghana Stabilisation Fund and the Ghana Heritage Fund respectively received $129.10 million and $55.33 million.

The report indicated that the Jubilee partners in total have lifted 18.075 million barrels of oil in the first year adding “this was a 64% improvement over H1 2012 production of 11.46 million bbls.”

Ghana received 21% share of the total liftings.

The average daily production per month, it noted, increased from 58,878.27 barrels of oil per day (bopd) in June to 96,628.52.

The report further stated that the first Jubilee Phase 1A production well has been brought on-stream and is producing in excess of 16,500 bopd.

By Ekow Quandzie

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