Caretaker Finance Minister Osei Kyei-Mensah-Bonsu has said “total crude oil production for 2020 was 66.9 million barrels compared to 71.4 million barrels in 2019”.

The Majority Leader told Parliament on Friday, 12 March 2021 when he presented the 2021 budget that “as of December 2020, the Ghana National Petroleum Corporation (GNPC) had lifted twelve parcels of crude oil on behalf of the State and transported 88,418.9 million standard cubic feet of gas to the Ghana National Gas Company (GNGC)”.

Mr Kyei-Mensah-Bonsu said total petroleum receipts (i.e. proceeds from liftings and other petroleum receipts) as of end-December 2020 amounted to US$666.4 million, equivalent to GH¢3.8 billion, compared with the receipts of US$937.6 million, equivalent to GH¢4.9 billion in the same period in 2019.

“These receipts were allocated based on the provisions of the PRMA (as amended). In particular, the GNPC was allocated a total of US$198.6 million, made up of Equity Financing Cost of US$154.8 million and its share of the net Carried and Participating Interest of US$43.8 million”, the Suame MP said.

He announced that the Annual Budget Funding Amount (ABFA) received a total of US$273.4 million while the Ghana Petroleum Funds (GPFs) received US$166.6 million.

The Ghana Petroleum Funds, he said, were distributed to the Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF) in the ratio of 7:3, consistent with the PRMA.

Thus, the GSF received US$116.6 million while the GHF received US$49.9 million.