The petroleum holding fund (PHF) should receive the earnings from the lifting of Jubilee Holdings Limited (JOHL) and any other subsidiary of the Ghana National Petroleum Corporation, according to a proposal made by the Public Interest and Accountability Committee (PIAC) and the government.

Payments for the liftings were supposed to be made into the PHF because, in accordance with PIAC, they were petroleum revenues.

Based on its findings in the upstream petroleum sector, the committee proposed this in its 2023 semi-annual report.

Due to AGM’s Petroleum’s whole interest in the South Deep Water Tano Contract Area, PIAC reported that as of June 2023, there were only 13 Petroleum Agreements (PAs) in existence, down from 14.

Additionally, it stated that JOHL neglected to deposit $70,456,718.93 in lifting revenues into the PHF during the first half of the year.

“This is the fourth consecutive time the company has failed to pay the proceeds of liftings from the jubilee and TEN Fields, amounting to $343,108,927.88,” PIAC added.