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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Heavy expenditure throws Ghana’s petroleum
explorer into cash deficit in 2017: report 

ACCRA, (Xinhua) -- State owned Ghana National Petroleum Corporation (GNPC) incurred a cash deficit of 3.1 million U.S. dollars in its total annual expenditure for 2017 compared to its earnings for the year, the Annual Report for Petroleum Funds for the 2017 Fiscal Year disclosed Wednesday.

While the petroleum exploration company which holds in trust the country’s equity in all upstream exploration and production activities earned 113.8 million U.S dollars as of September of the year under review, its expenditure for the year however totaled 116.93 million dollars.

By law GNPC receives 30 percent of the country’s share of the net Carried and Participating Interest proceeds from the country’s oil fields.

“The 3.10 million dollars excess expenditure was financed from GNPC’s balance brought forward from the previous year’s (2016) leaving cash-on-hand of 64.90 million dollars,” the report indicated.

Among the expenditure items the company spent on were 46 million dollars financing cost representing 40.4 percent of total expenditure on the Tweneboa-Enyinra-Ntomme (TEN) field and a 28.35 million dollars or 24.9 percent financing cost for the Jubilee field.

While staff cost totaled 10.06 million dollars, or 8.8 percent of total expenditure, the cost of Exploration and Development Projects totaled 13.29 million dollars, or 11.7 percent of overall expenditure. 

             

 

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