Since the nation's petroleum production began in 2010, 2022 saw the government earn the most money from oil in a single year.
Petroleum receipts for 2022 totaled $1.43 billion, according to information from the Public Interest and Accountability Committee's (PIAC) 2022 Annual Report. This is an increase of 42 percent over the year's projected revenue and an increase of 82.38 percent over the receipts for 2021, which were $783.33 million.
With the exception of 2022, when the government would get $1.43 billion in income, the greatest annual petroleum production revenue collections for the government were $978.02 million in 2014 and $976.09 million in 2018, with 2016 seeing the lowest revenue receipts since 2011.
The steep increase in crude oil prices on the global market in 2022, which is attributed in large part to the Russia-Ukraine war, was the major cause of the huge increase in income.
The Petroleum Holding Fund (PHF) received $1.43 billion in 2022 from royalties, carried and participating interest (CAPI), corporate income taxes (CIT), surface rentals, and income earned on the PHF, compared to $783.33 million in 2021, according to the findings of the 2022 PIAC Annual Report, which were shared in Accra yesterday.
He cited good international crude oil prices, which were higher than anticipated, as the cause of the rise in revenue.
He claims that from $69.180/bbl (barrels of crude oil) in 2021 to $105.746/bbl in 2022, the average obtained price for the three producing fields by the Ghana National Petroleum Corporation (GNPC) on behalf of the Ghana Group grew by 52.9%.
He said that despite the drop in output levels, oil income rose by 82.4% in 2022.
Liftings of crude oil According to the chairman, revenue from crude oil liftings increased by 79.2% from $578.61 million in 2021 to $1.04 billion in 2022.
According to him, $567.39 million was earned from six liftings from the Jubilee Field in 2022, as opposed to $310.86 million from five liftings in 2021.
He claims that from $69.180/bbl (barrels of crude oil) in 2021 to $105.746/bbl in 2022, the average obtained price for the three producing fields by the Ghana National Petroleum Corporation (GNPC) on behalf of the Ghana Group grew by 52.9%.
He said that despite the drop in output levels, oil income rose by 82.4% in 2022.
Liftings of crude oil According to the chairman, revenue from crude oil liftings increased by 79.2% from $578.61 million in 2021 to $1.04 billion in 2022.
According to him, $567.39 million was earned from six liftings from the Jubilee Field in 2022, as opposed to $310.86 million from five liftings in 2021.
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