Pay proceeds from Jubilee Oil Holdings’ liftings into Petroleum Holding Fund – PIAC to govt

The Public Interest and Accountability Committee (PIAC) has proposed that the government pay into the Petroleum Holding Fund (PHF) proceeds from liftings of the Jubilee Holdings Limited (JOHL) and any other subsidiary of the Ghana National Petroleum Corporation.

According to PIAC, the proceeds from the liftings constituted petroleum revenues for which reason they were to be paid into the PHF.

The committee recommended this as a result of its findings in the upstream petroleum sector in its 2023 semi-annual report.

PIAC noted that the total number of existing Petroleum Agreements (PAs) had reduced from 14 to 13 as of June 2023 due to the requirement of AGM’s Petroleum’s entire interest in the South Deep Water Tano Contract Area.

It also said that JOHL failed to pay proceeds from liftings in the first half year amounting to $70,456,718.93 into the PHF.

“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.

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