Pandemic drives down petroleum revenues by 31%
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…