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25 September 2016

Petroleum Holding Fund received $21.6m from 2015 oil liftings

mona-quarteyThe Petroleum Holding Fund has accrued $21.6 million out of Ghana’s total lifting of crude oil from the Jubilee Field in 2015 Deputy Minister of Finance, Mona Quartey has disclosed Friday.

Breaking it down, at a stakeholder’s engagement in Accra, she said the Stabilization Fund alone has realized $15.2 million whilst the Heritage Fund received a total of $6.5 million in the same year.

Mrs Quartey assured that the Funds are in safe hands.

The Petroleum Holding Funds at the Bank of Ghana constitutes the Stabilization fund and the Heritage Fund which are set aside for future generations after petroleum exploitation in the country is over.

It is also to cushion the economy in times of persistent slowdown in the economy as a result of a significant drop in prices of crude oil.

According to Deputy Minister of Finance, Mrs Quartey, investments by government from the petroleum sector are having a positive impact on the nation’s economy.

She further noted that the Stabilization and Heritage Fund have accrued a significant amount of funds for supporting the nation’s growth.

A semi Annual report from the Ghana Petroleum Funds Secretariat indicates that the Petroleum Holding Fund Account at the end of first half 2015, held a balance of $61.93 million which comprised undistributed petroleum receipts amounting to $61.73 million and a mandatory balance of $200,000.

In first half 2015, a total amount of $213.60 million made up of lifting proceeds of the Ghana Group and surface rentals upon which GNPC received $66.33 million, Annual Budget Funding Amount, ABFA received $147.26million, GSF and GHF did not receive any allocation during the first half of 2015, according to the report.

The workshop organized by the Petroleum Commission on the financial services for the upstream petroleum sector is part of series of programmes that will culminate in the development of guidelines for implementing aspects of the local content law.

 

Source: Myjoyonline.com

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