Jubilee fields produce 37.1 million barrels of oil in 2015, with total receipts of $374m

OilGhana produced more oil in 2015 from the Jubilee oil fields than the country did in 2014.

Figures published by the Public Interest and Accountability Committee in its 2015 annual report indicates that 37,167,225 barrels of oil was produced, compared to 36,988,315 barrels in 2014.

Tullow Oil lifted 13 times totaling 12,475,619 barrels, which is 33.57 per cent, while Anadarko and Petro SA had 11 liftings totaling 10,422,652, which comes to 28.04 per cent.

Kosmos Energy lifted 9 times, totaling 8,538,863, which is 22.97 per cent and the Ghana National Petroleum Corporation (GNPC) lifted on behalf of the state referred to as the Ghana Group. Ghana lifted six times, totaling 5,730,090, which is 15.42 per cent.

Total proceeds from the sale of crude oil from the fields in 2015 amounted to $374.29 million.

According to the report, the total proceeds comprise an amount of $263.96 million realized from the sale of five out of six cargoes of crude lifted between February and December 2015 and $110.33 million being the proceeds from sale of Ghana’s 23rd and 24th liftings, which was carried out in December 2014, but the proceeds were received in January 2015.

However, the 2015 proceeds from the sale of Ghana’s share of crude from the Jubilee fields represent approximately 36 per cent decline in revenue from the 2014 figure of $590.22 million, the report said.

In addition to the revenues from the direct sale of the oil, the report states that the government of Ghana also received $20.41 million in Corporate Income Tax, $465,920 in Surface Rentals, $553,815.32 from gas sales, $419,387 as price differential from 2014 and 430,468 as returns on investment, bringing the total petroleum revenue received by Ghana in 2015 to $396.17 million.

By Emmanuel K. Dogbevi

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