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
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.
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