Wednesday, April 6, 2016

$84m Of Ghana Oil Money Missing


$84,382,088 out of the $900 million derived in 2014 from oil and gas extraction in Ghana is missing. According to a report on the operations of the extractive industry in the country, the government has not been able to verify the reception of the total revenue from the oil and gas companies.

The report, authored by the Ghana Extractive Industries Transparency Initiative (GHEITI), which evaluates the government’s revenue flow as well as disbursements in the oil and gas industry, blamed Anadarko WCTP Limited as one of the major culprits.

“With the exception of Anadarko WCTP Limited, all oil and gas companies that made payments in 2014 reported to the GHEITI,” the report said.

Ghana recorded a production figure of 37,201,691 barrels (BBLS) of crude oil and 55,758.04 Million Standard Cubic Feet (MMSCF) of natural gas from the Jubilee fields in the year under review. According to the report, an additional 79,602 barrels of crude oil were produced from the Saltpond field.

The oil and gas sector’s contribution to the Gross Domestic Product (GDP) slacked from 8.2% in the 2013 to 7.25% in 2014.

The GHEITI report also called for more transparency from the government and the various oil and gas companies operating in the country. It urged prompt provision of information on the performance of the Ghana petroleum funds (GPF).

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