The total revenue from royalties for the three oil fields in Ghana was US$302,954,860.69 in 2022 compared to US$185,683,636.46 in 2021, representing 63.2 per cent increase, the 2022 annual report of the Public Interest Accountability Committee (PIAC) had noted.

Royalties are early and dependable sources of revenues for the state as it is a charge on gross production. Royalty from the Jubilee Field contributed 52 per cent of the total Royalties for the period, followed by SGN (32%) and TEN (16%).

Corporate Income Tax (CIT) is currently charged at a rate of 35 per cent on profits of the IOCs. The total CIT received from the three fields in 2022 stood at US$388,889,564.00, representing 90.8 per cent increase from that of 2021 (US$203,854,804.35).

CIT constituted the second highest among the petroleum revenue streams in 2022.

The Ghana Revenue Authority (GRA) is required under Section 3 of the Petroleum Revenue Management Act, 2011 (Act 815) to assess, collect, and account for petroleum revenue due Ghana derived from royalties, corporate income tax and other defined sources.

These revenues are paid directly into the Petroleum Holding Fund (PHF) by the 15th day of the ensuing month by the entities obliged to make the payment.

For 2022, a total of US$1,428,760,076.93 accrued to the PHF from royalties, carried and participating interest (CAPI), corporate income taxes (CIT), surface rentals, and income earned on the PHF, compared to US$783,325,849.87 in 2021. This represents 82.4 per cent increase from the 2021 figure.

The Increased revenues can be attributed to favourable international crude oil prices which were higher than estimated prices, the PIAC report said.

The average achieved price by GNPC on behalf of the Ghana Group for the three producing fields increased by 52.9 per cent from US$69.180/bbl in 2021 to US$105.746/bbl in 2022.

Despite the decline in production volumes, petroleum revenues increased in 2022 by 82.4 per cent.

Receipts from Crude Liftings

Receipts from crude oil liftings amounted to US$1,036,800,383.96 in 2022 as compared to US$578,613,886.90 in 2021, representing an increase of 79.2 per cent.

Crude Liftings Six (6) liftings (64th – 69th) were made from the Jubilee Field in 2022, yielding US$567,393,883.49 in receipts, whereas five liftings recorded in 2021 yielded US$310,863,857.82.

Receipts for the period include the 63rd parcel of crude oil lifted on the 8th December, 2021 which was realised in January 2022 and excludes the 69th lifting on 17th December, 2022 whose revenues will be realised in January 2023.

The JOHL, a subsidiary of GNPC, made two (2) liftings during the year under review yielding a total of US$185,567,320.93 on the Jubilee Field. Receipts from TEN Field.

Receipts from Sankofa Gye-Nyame (SGN) Field Crude Liftings

There were three (3) liftings on the SGN field in 2022 with total revenues amounting to US$287,035,725.78 as compared to two (2) liftings in 2021 yielding US$139,026,332.28 in revenues. This represents a 106.5 percent increase over 2021 receipts. JOHL Crude Oil Lifting Receipts

For the year 2022, a total amount of US$272,652,208.95 was made from JOHL’s liftings in the Jubilee and TEN fields. However, the revenue from these liftings were not part of receipts into the PHF for 2022.

Carried and Participating Interest (CAPI) continues to contribute the highest percentage of total revenues followed by Corporate Income Taxes, Royalties, PHF Income, and Surface Rentals. Carried and Participating (Additional) Interest (CAPI).

Carried and Participating Interest are two (2) forms of state participation that effectively capture its fair share of economic rents from petroleum projects regardless of whether there is initial commitment of funds by the State or not.

The revenue derived from CAPI constituted 51.4 per cent (US$733,845,523.27) of total revenues accruing from the three (3) fields as compared to US$392,930,250.44 in 2021.

This represents 86.8 per cent increase in CAPI over that of 2021. The CAPI generated from the Jubilee Field stood at US$409,422,833.99, whilst that of TEN and SGN amounted to US$135,001,742.30 and US$189,420,946.98, respectively.

From 2011 to date, total petroleum revenue has amounted to US$8.79 billion. The year 2022 has recorded the highest realised petroleum revenues into the PHF, with 2016 recording the lowest revenues.