$84,382,088 out of the $900 million derived in 2014 from oil and gas
extraction in Ghana is missing. According to a report on the operations
of the extractive industry in the country, the government has not been
able to verify the reception of the total revenue from the oil and gas
companies.
The report, authored by the Ghana Extractive Industries Transparency
Initiative (GHEITI), which evaluates the government’s revenue flow as
well as disbursements in the oil and gas industry, blamed Anadarko WCTP
Limited as one of the major culprits.
“With the exception of Anadarko WCTP Limited, all oil and gas
companies that made payments in 2014 reported to the GHEITI,” the report
said.
Ghana recorded a production figure of 37,201,691 barrels (BBLS) of
crude oil and 55,758.04 Million Standard Cubic Feet (MMSCF) of natural
gas from the Jubilee fields in the year under review. According to the
report, an additional 79,602 barrels of crude oil were produced from the
Saltpond field.
The oil and gas sector’s contribution to the Gross Domestic Product (GDP) slacked from 8.2% in the 2013 to 7.25% in 2014.
The GHEITI report also called for more transparency from the
government and the various oil and gas companies operating in the
country. It urged prompt provision of information on the performance of
the Ghana petroleum funds (GPF).
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