Total petroleum revenues accrued to the Petroleum Holding Fund (PHF) from Royalties, Carried and Participating Interest (CAPI), Corporate Income Taxes (CIT), Surface Rentals and income earned declined to US$638million in 2020 from US$925million in 2019. The decline, according to the 2020 Annual Report of the Public Interest and Accountability Committee (PIAC), represents an about-31 percent…
Some international oil companies (IOCs) have defaulted in the payment of surface rental fees to the state, accruing arrears to the tune of US$2.11m in 2020. The amount represents a 34 percent increase over the arrears outstanding in 2019 of US$1.57m, according to the 2020 annual report of the Public Interest and Accountability Committee (PIAC),…
Ghanaian independent Springfield Exploration and Production says its much-flagged Afina-1 discovery off Ghana holds 1.5 billion barrels of oil in place and 700 billion cubic feet of gas. Springfield and its partners, the Ghana National Petroleum Corporation (GNPC) and GNPC EXPLORCO announced the significant oil discovery following its maiden Afina-1 well drilling campaign in the…