ghana petroleum funds secretariat - Bank of Ghana
BANK OF GHANA PETROLEUM HOLDING FUND & GHANA PETROLEUM FUNDS SEMI ANNUAL REPORT: JANUARY 1 – JUNE 30, 2013
Jubilee Oil Field
GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
CONTENTS 1.
INTRODUCTION ................................................................................................................................................... 3
2.
OIL MARKET REVIEW......................................................................................................................................... 3
A)
WORLD MARKET REVIEW................................................................................................................................. 3
B)
DEVELOPMENTS IN THE GHANAIAN OIL & GAS SECTOR......................................................................... 4
I)
EXPLORATION DISCOVERIES .......................................................................................................................... 4
II)
PRODUCTION ....................................................................................................................................................... 4
III)
JUBILEE FILED LIFTINGS .............................................................................................................................. 5
3.
CRUDE OIL LIFTING & ALLOCATION .............................................................................................................. 6
A)
JULY – DECEMBER 2012 LIFTING AND ALLOCATION ................................................................................ 6
B)
LIFTING AND ALLOCATION FROM INCEPTION ............................................................................................ 7
4.
SURFACE RENTALS AND ROYALTIES ........................................................................................................... 8
5.
PORTFOLIO PERFORMANCE ........................................................................................................................... 9
6.
PETROLEUM HOLDING FUND ........................................................................................................................ 12
7.
CONCLUSION ..................................................................................................................................................... 12
ABBREVIATIONS: ABFA: bbl/d: bbls: Brent Crude: bopd. bps: CAPI: CDS: ECB: FOMC: FPSO: GHAPET: GHF: GSF: GNPC: mb/d: MTAB: OPEC: PBOC: PHF: PRMA: TEN: WTI:
Annual Budget Funding Amount barrels per day barrels of oil Price Index for light sweet crude oil sourced from North sea barrels of oil per day basis point(s) Carried and Participating Interest Credit Default Swaps European Central Bank Federal Open Market Committee Floating, Production, Storage and Offloading vessel Ghana Petroleum Holding Fund Account at Federal Reserve Bank of New York Ghana Heritage Fund Ghana Stabilisation Fund Ghana National Petroleum Corporation Million barrels per day Mahogany, Teak, Akasa and Banda oil wells Organization of the Petroleum Exporting Countries People‟s Bank of China Petroleum Holding Fund Petroleum Revenue Management Act 2011 (815) Tweneboa, Enyenra, Ntomme oil wells West Texas Intermediate (Benchmark for light sweet crude oil from the Americas)
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
1. INTRODUCTION The Petroleum Holding Fund (PHF) and the Ghana Petroleum Funds (GPFs) were established by the Petroleum Revenue Management Act (2011) (Act 815) (PRMA). In accordance with PRMA Section 28(a), (b) the Bank of Ghana reports on the performance and activities of the PHF, and GPFs for the first half of 2013 ended June 30, 2013.
2. OIL MARKET REVIEW a)
World Market Review
Figure 1: Spot Brent Crude Price Jan 1 – June 30, 2013
Source: Bloomberg
Brent crude began the first half of 2013 (H1) at US$112.32 on January 2, 2013. Over a 1 month period prices rose and hit a high of US$119.34 on February 12, 2013. Brent crude surged to a ninemonth high as stronger than expected trade data indicated increased fuel demand in China the world‟s second largest crude oil consuming country. Thereafter, brent crude prices had a free fall hitting a bottom of US$96.79 on April 17, 2013 when OPEC confirmed a 0.30% increase in its production output to 29.8 million bbl/d for 2013. Brent for the first time since mid-2012 traded below US$100/ bbl amidst a spate of economic data out of the US and China. In the first half of 2013, the ECB lowered the interest rate on main refinancing operations of the Eurosystem by 25bps to 0.50% based on regular economic and monetary analyses. The rate cut was due largely to subdued monetary and loan dynamics and weak economic sentiment extending into the spring. Later in the half year, the rate cut showed positive results with some improvement in economic sentiment data from low levels. The FOMC left interest rate unchanged for the first half of the year and its asset purchase program unchanged at US$85 billion per month. Economic recovery in the US continued at a moderate pace in spite of strong headwinds created by federal fiscal policy. The housing market contributed significantly to recent gains in economic activity. Conditions in the labour market improved modestly. The US unemployment rate stood at 7.6% in June. Inflation however remained below the FOMC‟s longer-run objective of 2%.
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
b) Developments in the Ghanaian Oil & Gas Sector
i)
Exploration Discoveries
The “TEN Project” (Tweneboa, Enyenra, Ntomme) plan of development, submitted by Kosmos Energy Ghana was approved by the Ghana Government on May 29 2013. This paved the way for Tullow and its partners to proceed with the development of this field. Tullow and its partners is of the strong view that first oil delivery from this well will be in 2016 with a steady ramp up to a production rate of 80,000 bopd. The TEN project requires the drilling and completion of up to 24 development wells. “These development wells will be connected through subsea infrastructure to an FPSO, moored in approximately 1,500 metres of water”. Kosmos relinquished the discovery area associated with the Banda discovery on the West Cape Three Points in January 2013. Additional seismic evaluation and interpretation showed the area was not commercially viable.
ii)
Production
In H1 2013 Jubilee field production was 18.75 million bbls. This was a 64% improvement over H1 2012 production of 11.46 million bbls. Average daily production per month increased from 58,878.27 bopd in June to 96,628.52. The first Jubilee Phase 1A production well has been brought on-stream and is producing in excess of 16,500 bopd. The rig undertook acid stimulation work on two Jubilee Phase 1 wells to further enhance production. Figures 2, 3 and 4 chart the trends in production levels.
Figure 2. Jubilee Field Production Jan – Jun 2013
JUBILEE FIELD PRODUCTION JAN-JUNE 2013( BBLS) 3,400,000
3,300,000 3,200,000
3,100,000 3,000,000
2,900,000
(BBLS)
2,800,000
2,700,000 2,600,000 Jan-2013 Feb-2013 Mar-2013 Apr-2013 May-2013 Jun-2013
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT Source: Bank of Ghana/GNPC
Figure 3. Jubilee Field Production Jul – Dec 2012
JUBILEE FIELD PRODUCTION JUL-DEC 2012( BBLS) 3,500,000 3,000,000 2,500,000
2,000,000 1,500,000
(BBLS) 1,000,000
500,000 -
Jul-2012 Aug-2012 Sep-2012 Oct-2012 Nov-2012 Dec-2012
Source: Bank of Ghana/GNPC
iii) Jubilee Field Liftings
Jubilee Unit Crude Oil Liftings (bbls)
GHANA GROUP 3,982,956 21%
KOSMOS ENERGY 3,935,499 21%
TULLOW OIL GHANA LIMITED 5,907,220 32% ANADARKO AND SABRE 4,928,564 26%
TULLOW OIL GHANA LIMITED ANADARKO AND SABRE KOSMOS ENERGY GHANA GROUP
Figure 4. Jubilee Field Crude Oil Lifting January – June 2013 Source: Bank of Ghana/GNPC
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
During H1 2013 there were 19 liftings by the Jubilee Field partners with a total volume of 18.75 million bbls. From figure 4 above, Tullow Ghana Limited received the highest of 32% totaling 5.9 million bbls, followed by Anadarko and Sabre with 26% and 4.9 million bbls. The Ghana Group received 21% of the liftings with a total of 3.98 million bbls and Kosmos Energy also received 21% with 3.94 million bbls. Jubilee field liftings for H1 2013 showed an increase of 27.33% over H2 2012 liftings.
3. CRUDE OIL LIFTINGS & ALLOCATION a) January – June 2013 Lifting and Allocation
During the period under review, the Ghana Group (Ghana National Petroleum Corporation (GNPC) lifting on behalf of Government of Ghana) lifted four crude oil parcels (10th, 11th, 12th and, 13th liftings) with total cargo value of US$ 422.77 million compared to two liftings in the 2nd half of 2012 with a total cargo value of US$ 214.45 million. Table 1 below outlines the details of the four liftings. The proceeds of the 13th lifting was received into the Petroleum Holding Fund on July 23 and is pending allocation.
TABLE 1. GHANA GROUP LIFTING AND ALLOCATION JAN 2013 - JUNE 2013 TABLE 1 GHANA GROUP LIFTING AND ALLOCATION JAN 2012 - JUN 2012 NARRATION Actual (US$) Actual (US$) Actual (US$) Actual (US$) LIFTING 10th Lifting 11th Lifting*** 12th Lifting 13th Lifting**** LIFTING DATE 4-Jan-13 1-Mar-13 21-Apr-13 23-Jun-13 PROCEEDS RECEIVED 112,667,389.05 108,207,352.62 98,594,309.76 103,296,344.64 Other Receipts* ** 40,564,249.30 97,805.85 79,365,271.90 ALLOCATION: ANNUAL BUDGET FUNDING AMOUNT 68,299,391.66 68,299,391.66 GNPC 42,342,760.10 38,487,485.20 37,432,099.54 GHANA STABILISATION FUND 29,812,640.61 48,732,304.09 50,559,663.32 GHANA HERITAGE FUND 12,776,845.98 20,885,273.18 21,668,427.14 -
Total (US$)
422,765,396.07 120,027,327.05 136,598,783.32 118,262,344.84 129,104,608.02 55,330,546.30
* Other Petroleum Reciepts includes: Taxes, Royalties, Surface Rentals shown in Table 4 ** This amount includes 2012 surface rentals and royalties distributed in H1 2013 *** (US$)200,000 transferred to Federal Reserve Bank of New York as Mandatory Balance **** Payment expected on 23rd July 2013
The lifting proceeds for H1 2013 were allocated as follows: The Annual Budget Fund Amount (ABFA) received an amount of US$136.60 million in support of 2013 budget. This represents a 4% increment over the second half of 2012. The ABFA target based on the Benchmark Revenue for 2013 was achieved for the first two quarters of 2013. GNPC received an amount of US$118.26 million ( for Carried and Participating interest(CAPI) & Equity Finance) for the first half of 2013 and represents 41.6% increase against the 2nd half of 2012 (US$83.60). The Ghana Stabilisation Fund and the Ghana Heritage Fund respectively received US$129.10 million and US$55.33 million compared to US$16.883 and US$7.235 in H2 of 2012 representing a 664.7% increase for both Ghana Stabilisation Fund and Ghana Heritage Fund.
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
b) Lifting and Allocation from inception Since inception to the first half of 2013, Ghana Group has lifted 13 parcels of crude oil with a net cargo value of US$1.305 billion. Ghana Group for the first half of the year has lifted 4 parcels with total value of US$422.77 million. In 2012, the Ghana Group lifted 5 parcels of crude oil. The first half of the year received three liftings amounting to US$326.62 million whiles the second half received two liftings summing up to US$214.45 million. Tables 2 and 3 outline the details of liftings in 2012 and 2013.
TABLE 2 TABLE 2: TOTAL LIFTINGS 2012 2nd Half Quarters US$ Jul Aug Sept 106,592,895.68 Oct Nov 107,858,417.59 Dec TOTAL 214,451,313.27
Quarters Jan Feb Mar Apr May Jun
TABLE 3: PETROLEUM REVENUE QUARTERLY ALLOCATION FOR 2013 1ST & 2nd HALF OF 2012 ALLOCATION Ist Half (2013) Jan Feb Mar Apr May Jun TOTAL 2nd Half (2012) Jul Aug Sep Oct Nov Dec TOTAL
GNPC US$ 42,342,760.10
ABFA US$ 68,299,391.66
38,487,485.20
STAB US$ 29,812,640.61
HERT US$ 12,776,845.98
48,732,304.09
20,885,273.18
TOTAL US$ 153,231,638.35 108,105,062.47
37,432,099.54 118,262,344.84
68,299,391.66 136,598,783.32
50,559,663.32 129,104,608.02
21,668,427.14 55,330,546.30
177,959,581.66 439,296,282.48
42,499,839.28 41,683,632.53
23,797,062.20 64,909,263.15
16,883,547.53 -
7,235,806.08 -
90,416,255.09 106,592,895.68
41,915,817.31
65,942,600.28
83,599,449.84
130,851,863.43
16,883,547.53
7,235,806.08
107,858,417.59 214,451,313.27
Figure 5: ALLOCATION OF GHANA GROUP PROCEEDS FROM INCEPTION
Allocation of Ghana Group proceeds from Inception(US$) 200,000 , 0%
349,212,271 29%
590,108,311 48%
ABFA GH HERITAGE GH STAB GNPC Mandatory Bal(GHAPET)
200,793,508 17%
76,966,354 6%
Source: Bank of Ghana
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2013 1st Half US$ 112,667,389.05 108,207,352.62 103,296,344.64 324,171,086.31
GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
Total proceeds allocated from inception to the end of 1st half of 2013 amounted to US$1.425 billion. GNPC received 29% whiles ABFA received 48%. GSF and GHF received 17% and 6% respectively. An amount of US$ 0.2 million as was set aside as mandatory balance for the Bank of Ghana-Ghana Petroleum Funds account on the books of the Federal Reserve Bank of New York.
4.
SURFACE RENTALS, ROYALTIES AND TAXES
TABLE 4. SURFACE RENTALS, ROYALTIES & TAXES RECEIVED JAN - JUNE 2013
Value Date
Ordering Institution
Amount Paid (US$)
Narration 2013
11-Feb-13 KOSMOS ENERGY GHANA
16,953.90 Surface Rental
22-Feb-13 TULLOW GH
63,866.95 Surface Rental
6-May-13 OPHIR GHANA LIMITED
60,000.00 Surface Rental
13-May-13 HESS GHANA LTD
82,189.73 Surface Rental
23-May-13 ENI-KETA JV ACCT
285,457.53 Surface Rental
23-May-13 ENI-EP LTD OCTP JOINT ACCT
38,761.64 Surface Rental
28-May-13 LUKOIL OVERSEAS GHANA LTD
76,141.78 Surface Rental
13-May-13 LUSHANN INT GH LTD(Saltpond) 25-Jun-13 TULLOW GH
555.00 Surface Rental 52,491.80 Surface Rental
Sub TOTAL
676,418.33
8-Feb-13 LUSHANN INT GH LTD
16,985.00 Royalty (3%)
13-May-13 LUSHANN INT GH LTD(Saltpond) Sub TOTAL
43,501.00 Royalty (3%) 60,486.00
7-Feb-13
TULLOW GH
40,210,099.56 Corporate Tax
26-Apr-13
KOSMOS GH
15,921,230.00 Corporate Tax
29-Apr-13
TULLOW GH
39,026,706.00 Corporate Tax
ANARDARKO
23,906,871.00 Corporate Tax
Sub TOTAL
119,064,906.56
TOTAL
119,801,810.89
The first half of 2013 saw an inflow of US$676,418.33 as Surface Rentals, US$60,486 as Royalties and a total of US$119.06 million as corporate taxes. Compared to the second half of 2012 a total of US$121,913.53 and US$232,236.21 were received in the GHAPET account as Surface Rental and Royalties respectively. Details are as shown in Table 4 above. There were no tax receipts in 2012. The following Surface Rental invoice was outstanding at the end of June 30 2013. TABLE 4 OUTSTANDING INVOICES (SURFACE RENTALS) JAN-JUL 2013 Date of Invoice Period Name of Company Amount Invoiced (US$) 21-Feb-13 Jan- Dec 2013 ORANTO/STONE ENERGY 67,438.36 TOTAL AMOUNT RECEIVABLE 67,438.36
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
5.
PORTFOLIO PERFORMANCE
In the first half of 2013 FOMC maintained the pace of the bond buying program, purchasing US$40 billion mortgage-backed securities per month and US$45 billion longer term Treasury securities per month. However in his testimony to the Joint Economic Committee, Federal Reserve Chairman Ben S. Bernanke stated that the Fed is prepared to increase or reduce the pace of its asset purchases to ensure that the stance of monetary policy remains appropriate as the outlook for the labor market or inflation changes. Thus, in considering whether a recalibration of the pace of its purchases is warranted, the FOMC will continue to assess the degree of progress made toward its objectives in light of incoming information. US Treasury yields rose across all sectors of the yield curve after these comments. The yield of the two year note grew by 6 bps to 0.36%, the ten year yield increased by 36bps to 2.48%, and the yield on the 30 year bond ended at 3.50% up 21 bps as at the end of June 2013. Volatility increased in both the equities and fixed income markets. The Chicago Board Options Exchange Volatility Index rose from 13.37 on May 21 to 20.49 on June 20, 2013. In spite of volatility in the markets, the time weighted return on the Ghana Petroleum Funds was 30.43 percent compared to 0.13 percent net of bank charges for the second half of 2012. The return on both the Ghana Stabilisation Fund and Ghana Heritage Fund amounted to US$736,764.47 compared to US$121,226.31 for second half of 2012. Contribution by GSF was US$615,538.16 and GHF, US$168,839.14. Details are shown in figures 7 and 8. The time weighted return was 33.20 percent for GSF and 23.98 percent for GHF. On relative basis, the Ghana Petroleum Funds performed better by 30 percent in the first half of 2013 versus the second half of 2012.
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
Figure 6: Return on Ghana Stabilisation Fund Jan – June 2013
Returns in USD
Ghana Stabilization Fund
$ USD
2nd half 2012 1st half 2013 Since Inception
2nd half 2012
1st half 2013
Since Inception
106,201.90
615,538.16
825,225.58
Source: Bank of Ghana
Figure 7: Return on Ghana Heritage Fund Jan – June 2013
Returns in USD
Ghana Heritage Fund
$ USD
2nd half 2012 1st half 2013 Since inception
2nd half 2012
1st half 2013
Since inception
15,024.41
168,839.14
227,252.54
Source: Bank of Ghana
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
table 5 Ghana Petroleum Funds- Semi Annual Report: January 1 - June 30 2013 GHANA PETROLEUM FUNDS GHANA STABILISATION FUND ACCOUNT US$
71,898,587.68
Opening book Value (1 January 2013) Receipt during the period
129,104,608.02
Bank Charges
(4,646.29)
620,184.45
Income from Investments Closing book Value (30 June 2013)
201,618,733.86
Net Income for the 1st Half of 2013 comprised the Following INCOME
US$
620,184.45
Investment Income Less: Bank charges
(4,646.29)
Net Return for the Period
615,538.16
GHANA HERITAGE FUND ACCOUNT US$ Opening book Value (1 January 2013)
21,694,221.10
Receipt during the period
55,330,546.31
Bank charges
(1,858.15)
170,697.29
Income from Investments Closing book Value (30 June 2013)
77,193,606.55
Net Income for the 1st Half of 2013 comprised the Following: INCOME
US$
170,697.29
Investment Income Less: Bank charges
(1,858.15)
Net Return for the Period
168,839.14
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
6. PETROLEUM HOLDING FUND
The Petroleum Holding Fund held a balance of US$411,868.01 (see Schedule 1 below) as at June 30, 2013. This amount comprised interest earned since inception amounting to US$83,138.43, US$128,729.58 representing undistributed Surface Rentals and Royalties and Mandatory balance of US$200,000.00
7. CONCLUSION Audit of the Ghana Petroleum Fund and the Ghana Petroleum Funds In compliance with the PRMA Section 44 (1) the Internal Audit Department of the Bank of Ghana has performed an audit on the GPFs and the PHF for the period ended December 31, 2012, and the half year ended June 30, 2013. The Auditor-General has also performed a statutory audit on the GPFs for the 2011 and 2012 financial years. During the half year ended June 30, 2013, concerns that first emerged in May of quantitative easing (QE) „tapering‟ by the Federal Reserve intensified in June and eroded confidence in US Treasuries and fixed income securities issued at a spread to US Treasuries. The Ghana Petroleum Funds did not lose capital. The value of the Ghana Stabilisation Fund increased by US$0.615 million to US$201.618 million, and the Ghana Heritage Fund increased by US$ 0.168 million to US$77.193 million. We are of the opinion that additional allocations to the Ghana Petroleum Funds will enhance returns on investment.
Prepared by Ghana Petroleum Funds Secretariat, Bank of Ghana
July 17, 2013
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT Schedule 1
(A) INFLOWS: Date LIFTING PROCEEDS APRIL 2011 TO DEC 2012 4th February 2013 3rd April 2013 20th May 2013
PETROLEUM ACCOUNT AT FEDERAL RESERVE BANK OF NEW YORK Value of Volume Of Crude Shipped (BBLS) Shipment (US$) Notes (US$)
8,861,223 995,550 996,201 995,520
OTHER INCOME MAR 2012 TO DEC 2012 7th February 2013 8th February 2013 11th February 2013 22nd February 2013 26th April 2013 29th April 2013 6th May 2013 9th May 2013 13th May 2013 13th May 2013 23rd May 2013 23rd May 2013 28th May 2013 25th June 2013
985,590,355.05 112,667,389.05
108,207,352.62 98,594,309.76
1 2 3 4
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
TOTAL (B) DISBURSEMENTS MAY 2011 TO DEC 2012 20th FEB 2013 18th APR 2013 13th JUN 2013
GNPC Equity Financing Cost for 1ST TO 9TH lifting GNPC Equity Financing Cost for 10th lifting GNPC Equity Financing Cost for 11th lifting GNPC Equity Financing Cost for 12th lifting
14,957,392.00 300,703,367.64
GNPC 40% CAPI for 1ST TO 9TH lifting GNPC 40% CAPI for 10TH lifting GNPC 40% CAPI for 11TH lifting GNPC 40% CAPI for 12TH lifting
181,798,825.22 25,970,881.10 26,228,801.20 22,474,707.54 256,473,215.06
Annual Budget Funding Amount for 1ST TO 9TH lifting Annual Budget Funding Amount for 10TH lifting Annual Budget Funding Amount for 12TH lifting
453,509,518.42 68,299,391.66 68,299,391.66 590,108,301.74
Transfer to Ghana Heritage & stabilisation 1st - 9th Transfer to Ghana Heritage & stabilisation 10th Lifting Transfer to Ghana Heritage & stabilisation 10th Lifting Transfer to Ghana Heritage & stabilisation 12th Lifting
93,324,707.97 42,589,486.59 69,617,577.27 72,228,090.46
277,759,862.29
Sub Total TOTAL DISBURSEMENTS BALANCE ON ACCOUNT INTEREST EARNED TOTAL BALANCE ON ACCOUNT
Notes 1. April 2011 to Dec 2012 Proceeds 2.Proceeds for tenth oil lift 3.Surface Rental from Tap Oil 4. Corporate Income tax 5. 3% Royalties from LUSHANN INT GH LTD 6.Surface Rental payment from KOSMOS ENERGY GHANA 7.Surface Rental payment from TULLOW 8.Surface Rental payment from TULLOW 9.Surface Rental payment from TULLOW 10.Corporate tax by KOSMOS ENERGY GHANA 11.Corporate tax by TULLOW 12.Surface Rental payment from OPHIR GHANA LIMITED 13.Corporate tax by ANARDAKO 14.Surface Rental payment from HESS GHANA EXPLORATION LTD 15.Royalties for 2013 Lushann International Ghana(Saltpond) 16.Surface rental from ENI-keta jv account 17.Surface rental from ENI-EP LTD OCTP JOINT ACCOUNT 18.Lukoil overseas Ghana Ltd for Surface Rental 19.Surface rental from Surface Rental from Tullow 20. Interest as of 28/3/2013 21. Interest Earned as of 30/6/2013
Page 13
52,491.80 1,425,373,476.31
12,258,684.00
Sub Total
NOV 2011 TO AUG 2012 20th FEB 2013 18th APR 2013 13th JUN 2013
906,567.46 40,210,099.56 16,985.00 16,953.90 63,866.95 15,921,230.00 39,026,706.00 60,000.00 23,906,871.00 82,189.73 44,056.00 285,457.53 38,761.64 76,141.78
16,371,879.00
Sub Total
APRL 2011 TO DEC 2012 20th FEB 2013 13th JUN 2013
108,207,352.62 98,594,309.76
257,115,412.64
Sub Total
AUG 2011 TO DEC 2012 20th FEB 2013 18th APR 2013 13th JUN 2013
985,196,046.53 112,667,389.05
20 21 22
1,425,044,746.73 328,729.58 83,138.43 411,868.01
GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
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Jubilee Oil Field
GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
CONTENTS 1.
INTRODUCTION ................................................................................................................................................... 3
2.
OIL MARKET REVIEW......................................................................................................................................... 3
A)
WORLD MARKET REVIEW................................................................................................................................. 3
B)
DEVELOPMENTS IN THE GHANAIAN OIL & GAS SECTOR......................................................................... 4
I)
EXPLORATION DISCOVERIES .......................................................................................................................... 4
II)
PRODUCTION ....................................................................................................................................................... 4
III)
JUBILEE FILED LIFTINGS .............................................................................................................................. 5
3.
CRUDE OIL LIFTING & ALLOCATION .............................................................................................................. 6
A)
JULY – DECEMBER 2012 LIFTING AND ALLOCATION ................................................................................ 6
B)
LIFTING AND ALLOCATION FROM INCEPTION ............................................................................................ 7
4.
SURFACE RENTALS AND ROYALTIES ........................................................................................................... 8
5.
PORTFOLIO PERFORMANCE ........................................................................................................................... 9
6.
PETROLEUM HOLDING FUND ........................................................................................................................ 12
7.
CONCLUSION ..................................................................................................................................................... 12
ABBREVIATIONS: ABFA: bbl/d: bbls: Brent Crude: bopd. bps: CAPI: CDS: ECB: FOMC: FPSO: GHAPET: GHF: GSF: GNPC: mb/d: MTAB: OPEC: PBOC: PHF: PRMA: TEN: WTI:
Annual Budget Funding Amount barrels per day barrels of oil Price Index for light sweet crude oil sourced from North sea barrels of oil per day basis point(s) Carried and Participating Interest Credit Default Swaps European Central Bank Federal Open Market Committee Floating, Production, Storage and Offloading vessel Ghana Petroleum Holding Fund Account at Federal Reserve Bank of New York Ghana Heritage Fund Ghana Stabilisation Fund Ghana National Petroleum Corporation Million barrels per day Mahogany, Teak, Akasa and Banda oil wells Organization of the Petroleum Exporting Countries People‟s Bank of China Petroleum Holding Fund Petroleum Revenue Management Act 2011 (815) Tweneboa, Enyenra, Ntomme oil wells West Texas Intermediate (Benchmark for light sweet crude oil from the Americas)
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
1. INTRODUCTION The Petroleum Holding Fund (PHF) and the Ghana Petroleum Funds (GPFs) were established by the Petroleum Revenue Management Act (2011) (Act 815) (PRMA). In accordance with PRMA Section 28(a), (b) the Bank of Ghana reports on the performance and activities of the PHF, and GPFs for the first half of 2013 ended June 30, 2013.
2. OIL MARKET REVIEW a)
World Market Review
Figure 1: Spot Brent Crude Price Jan 1 – June 30, 2013
Source: Bloomberg
Brent crude began the first half of 2013 (H1) at US$112.32 on January 2, 2013. Over a 1 month period prices rose and hit a high of US$119.34 on February 12, 2013. Brent crude surged to a ninemonth high as stronger than expected trade data indicated increased fuel demand in China the world‟s second largest crude oil consuming country. Thereafter, brent crude prices had a free fall hitting a bottom of US$96.79 on April 17, 2013 when OPEC confirmed a 0.30% increase in its production output to 29.8 million bbl/d for 2013. Brent for the first time since mid-2012 traded below US$100/ bbl amidst a spate of economic data out of the US and China. In the first half of 2013, the ECB lowered the interest rate on main refinancing operations of the Eurosystem by 25bps to 0.50% based on regular economic and monetary analyses. The rate cut was due largely to subdued monetary and loan dynamics and weak economic sentiment extending into the spring. Later in the half year, the rate cut showed positive results with some improvement in economic sentiment data from low levels. The FOMC left interest rate unchanged for the first half of the year and its asset purchase program unchanged at US$85 billion per month. Economic recovery in the US continued at a moderate pace in spite of strong headwinds created by federal fiscal policy. The housing market contributed significantly to recent gains in economic activity. Conditions in the labour market improved modestly. The US unemployment rate stood at 7.6% in June. Inflation however remained below the FOMC‟s longer-run objective of 2%.
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
b) Developments in the Ghanaian Oil & Gas Sector
i)
Exploration Discoveries
The “TEN Project” (Tweneboa, Enyenra, Ntomme) plan of development, submitted by Kosmos Energy Ghana was approved by the Ghana Government on May 29 2013. This paved the way for Tullow and its partners to proceed with the development of this field. Tullow and its partners is of the strong view that first oil delivery from this well will be in 2016 with a steady ramp up to a production rate of 80,000 bopd. The TEN project requires the drilling and completion of up to 24 development wells. “These development wells will be connected through subsea infrastructure to an FPSO, moored in approximately 1,500 metres of water”. Kosmos relinquished the discovery area associated with the Banda discovery on the West Cape Three Points in January 2013. Additional seismic evaluation and interpretation showed the area was not commercially viable.
ii)
Production
In H1 2013 Jubilee field production was 18.75 million bbls. This was a 64% improvement over H1 2012 production of 11.46 million bbls. Average daily production per month increased from 58,878.27 bopd in June to 96,628.52. The first Jubilee Phase 1A production well has been brought on-stream and is producing in excess of 16,500 bopd. The rig undertook acid stimulation work on two Jubilee Phase 1 wells to further enhance production. Figures 2, 3 and 4 chart the trends in production levels.
Figure 2. Jubilee Field Production Jan – Jun 2013
JUBILEE FIELD PRODUCTION JAN-JUNE 2013( BBLS) 3,400,000
3,300,000 3,200,000
3,100,000 3,000,000
2,900,000
(BBLS)
2,800,000
2,700,000 2,600,000 Jan-2013 Feb-2013 Mar-2013 Apr-2013 May-2013 Jun-2013
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT Source: Bank of Ghana/GNPC
Figure 3. Jubilee Field Production Jul – Dec 2012
JUBILEE FIELD PRODUCTION JUL-DEC 2012( BBLS) 3,500,000 3,000,000 2,500,000
2,000,000 1,500,000
(BBLS) 1,000,000
500,000 -
Jul-2012 Aug-2012 Sep-2012 Oct-2012 Nov-2012 Dec-2012
Source: Bank of Ghana/GNPC
iii) Jubilee Field Liftings
Jubilee Unit Crude Oil Liftings (bbls)
GHANA GROUP 3,982,956 21%
KOSMOS ENERGY 3,935,499 21%
TULLOW OIL GHANA LIMITED 5,907,220 32% ANADARKO AND SABRE 4,928,564 26%
TULLOW OIL GHANA LIMITED ANADARKO AND SABRE KOSMOS ENERGY GHANA GROUP
Figure 4. Jubilee Field Crude Oil Lifting January – June 2013 Source: Bank of Ghana/GNPC
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
During H1 2013 there were 19 liftings by the Jubilee Field partners with a total volume of 18.75 million bbls. From figure 4 above, Tullow Ghana Limited received the highest of 32% totaling 5.9 million bbls, followed by Anadarko and Sabre with 26% and 4.9 million bbls. The Ghana Group received 21% of the liftings with a total of 3.98 million bbls and Kosmos Energy also received 21% with 3.94 million bbls. Jubilee field liftings for H1 2013 showed an increase of 27.33% over H2 2012 liftings.
3. CRUDE OIL LIFTINGS & ALLOCATION a) January – June 2013 Lifting and Allocation
During the period under review, the Ghana Group (Ghana National Petroleum Corporation (GNPC) lifting on behalf of Government of Ghana) lifted four crude oil parcels (10th, 11th, 12th and, 13th liftings) with total cargo value of US$ 422.77 million compared to two liftings in the 2nd half of 2012 with a total cargo value of US$ 214.45 million. Table 1 below outlines the details of the four liftings. The proceeds of the 13th lifting was received into the Petroleum Holding Fund on July 23 and is pending allocation.
TABLE 1. GHANA GROUP LIFTING AND ALLOCATION JAN 2013 - JUNE 2013 TABLE 1 GHANA GROUP LIFTING AND ALLOCATION JAN 2012 - JUN 2012 NARRATION Actual (US$) Actual (US$) Actual (US$) Actual (US$) LIFTING 10th Lifting 11th Lifting*** 12th Lifting 13th Lifting**** LIFTING DATE 4-Jan-13 1-Mar-13 21-Apr-13 23-Jun-13 PROCEEDS RECEIVED 112,667,389.05 108,207,352.62 98,594,309.76 103,296,344.64 Other Receipts* ** 40,564,249.30 97,805.85 79,365,271.90 ALLOCATION: ANNUAL BUDGET FUNDING AMOUNT 68,299,391.66 68,299,391.66 GNPC 42,342,760.10 38,487,485.20 37,432,099.54 GHANA STABILISATION FUND 29,812,640.61 48,732,304.09 50,559,663.32 GHANA HERITAGE FUND 12,776,845.98 20,885,273.18 21,668,427.14 -
Total (US$)
422,765,396.07 120,027,327.05 136,598,783.32 118,262,344.84 129,104,608.02 55,330,546.30
* Other Petroleum Reciepts includes: Taxes, Royalties, Surface Rentals shown in Table 4 ** This amount includes 2012 surface rentals and royalties distributed in H1 2013 *** (US$)200,000 transferred to Federal Reserve Bank of New York as Mandatory Balance **** Payment expected on 23rd July 2013
The lifting proceeds for H1 2013 were allocated as follows: The Annual Budget Fund Amount (ABFA) received an amount of US$136.60 million in support of 2013 budget. This represents a 4% increment over the second half of 2012. The ABFA target based on the Benchmark Revenue for 2013 was achieved for the first two quarters of 2013. GNPC received an amount of US$118.26 million ( for Carried and Participating interest(CAPI) & Equity Finance) for the first half of 2013 and represents 41.6% increase against the 2nd half of 2012 (US$83.60). The Ghana Stabilisation Fund and the Ghana Heritage Fund respectively received US$129.10 million and US$55.33 million compared to US$16.883 and US$7.235 in H2 of 2012 representing a 664.7% increase for both Ghana Stabilisation Fund and Ghana Heritage Fund.
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
b) Lifting and Allocation from inception Since inception to the first half of 2013, Ghana Group has lifted 13 parcels of crude oil with a net cargo value of US$1.305 billion. Ghana Group for the first half of the year has lifted 4 parcels with total value of US$422.77 million. In 2012, the Ghana Group lifted 5 parcels of crude oil. The first half of the year received three liftings amounting to US$326.62 million whiles the second half received two liftings summing up to US$214.45 million. Tables 2 and 3 outline the details of liftings in 2012 and 2013.
TABLE 2 TABLE 2: TOTAL LIFTINGS 2012 2nd Half Quarters US$ Jul Aug Sept 106,592,895.68 Oct Nov 107,858,417.59 Dec TOTAL 214,451,313.27
Quarters Jan Feb Mar Apr May Jun
TABLE 3: PETROLEUM REVENUE QUARTERLY ALLOCATION FOR 2013 1ST & 2nd HALF OF 2012 ALLOCATION Ist Half (2013) Jan Feb Mar Apr May Jun TOTAL 2nd Half (2012) Jul Aug Sep Oct Nov Dec TOTAL
GNPC US$ 42,342,760.10
ABFA US$ 68,299,391.66
38,487,485.20
STAB US$ 29,812,640.61
HERT US$ 12,776,845.98
48,732,304.09
20,885,273.18
TOTAL US$ 153,231,638.35 108,105,062.47
37,432,099.54 118,262,344.84
68,299,391.66 136,598,783.32
50,559,663.32 129,104,608.02
21,668,427.14 55,330,546.30
177,959,581.66 439,296,282.48
42,499,839.28 41,683,632.53
23,797,062.20 64,909,263.15
16,883,547.53 -
7,235,806.08 -
90,416,255.09 106,592,895.68
41,915,817.31
65,942,600.28
83,599,449.84
130,851,863.43
16,883,547.53
7,235,806.08
107,858,417.59 214,451,313.27
Figure 5: ALLOCATION OF GHANA GROUP PROCEEDS FROM INCEPTION
Allocation of Ghana Group proceeds from Inception(US$) 200,000 , 0%
349,212,271 29%
590,108,311 48%
ABFA GH HERITAGE GH STAB GNPC Mandatory Bal(GHAPET)
200,793,508 17%
76,966,354 6%
Source: Bank of Ghana
Page 7
2013 1st Half US$ 112,667,389.05 108,207,352.62 103,296,344.64 324,171,086.31
GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
Total proceeds allocated from inception to the end of 1st half of 2013 amounted to US$1.425 billion. GNPC received 29% whiles ABFA received 48%. GSF and GHF received 17% and 6% respectively. An amount of US$ 0.2 million as was set aside as mandatory balance for the Bank of Ghana-Ghana Petroleum Funds account on the books of the Federal Reserve Bank of New York.
4.
SURFACE RENTALS, ROYALTIES AND TAXES
TABLE 4. SURFACE RENTALS, ROYALTIES & TAXES RECEIVED JAN - JUNE 2013
Value Date
Ordering Institution
Amount Paid (US$)
Narration 2013
11-Feb-13 KOSMOS ENERGY GHANA
16,953.90 Surface Rental
22-Feb-13 TULLOW GH
63,866.95 Surface Rental
6-May-13 OPHIR GHANA LIMITED
60,000.00 Surface Rental
13-May-13 HESS GHANA LTD
82,189.73 Surface Rental
23-May-13 ENI-KETA JV ACCT
285,457.53 Surface Rental
23-May-13 ENI-EP LTD OCTP JOINT ACCT
38,761.64 Surface Rental
28-May-13 LUKOIL OVERSEAS GHANA LTD
76,141.78 Surface Rental
13-May-13 LUSHANN INT GH LTD(Saltpond) 25-Jun-13 TULLOW GH
555.00 Surface Rental 52,491.80 Surface Rental
Sub TOTAL
676,418.33
8-Feb-13 LUSHANN INT GH LTD
16,985.00 Royalty (3%)
13-May-13 LUSHANN INT GH LTD(Saltpond) Sub TOTAL
43,501.00 Royalty (3%) 60,486.00
7-Feb-13
TULLOW GH
40,210,099.56 Corporate Tax
26-Apr-13
KOSMOS GH
15,921,230.00 Corporate Tax
29-Apr-13
TULLOW GH
39,026,706.00 Corporate Tax
ANARDARKO
23,906,871.00 Corporate Tax
Sub TOTAL
119,064,906.56
TOTAL
119,801,810.89
The first half of 2013 saw an inflow of US$676,418.33 as Surface Rentals, US$60,486 as Royalties and a total of US$119.06 million as corporate taxes. Compared to the second half of 2012 a total of US$121,913.53 and US$232,236.21 were received in the GHAPET account as Surface Rental and Royalties respectively. Details are as shown in Table 4 above. There were no tax receipts in 2012. The following Surface Rental invoice was outstanding at the end of June 30 2013. TABLE 4 OUTSTANDING INVOICES (SURFACE RENTALS) JAN-JUL 2013 Date of Invoice Period Name of Company Amount Invoiced (US$) 21-Feb-13 Jan- Dec 2013 ORANTO/STONE ENERGY 67,438.36 TOTAL AMOUNT RECEIVABLE 67,438.36
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
5.
PORTFOLIO PERFORMANCE
In the first half of 2013 FOMC maintained the pace of the bond buying program, purchasing US$40 billion mortgage-backed securities per month and US$45 billion longer term Treasury securities per month. However in his testimony to the Joint Economic Committee, Federal Reserve Chairman Ben S. Bernanke stated that the Fed is prepared to increase or reduce the pace of its asset purchases to ensure that the stance of monetary policy remains appropriate as the outlook for the labor market or inflation changes. Thus, in considering whether a recalibration of the pace of its purchases is warranted, the FOMC will continue to assess the degree of progress made toward its objectives in light of incoming information. US Treasury yields rose across all sectors of the yield curve after these comments. The yield of the two year note grew by 6 bps to 0.36%, the ten year yield increased by 36bps to 2.48%, and the yield on the 30 year bond ended at 3.50% up 21 bps as at the end of June 2013. Volatility increased in both the equities and fixed income markets. The Chicago Board Options Exchange Volatility Index rose from 13.37 on May 21 to 20.49 on June 20, 2013. In spite of volatility in the markets, the time weighted return on the Ghana Petroleum Funds was 30.43 percent compared to 0.13 percent net of bank charges for the second half of 2012. The return on both the Ghana Stabilisation Fund and Ghana Heritage Fund amounted to US$736,764.47 compared to US$121,226.31 for second half of 2012. Contribution by GSF was US$615,538.16 and GHF, US$168,839.14. Details are shown in figures 7 and 8. The time weighted return was 33.20 percent for GSF and 23.98 percent for GHF. On relative basis, the Ghana Petroleum Funds performed better by 30 percent in the first half of 2013 versus the second half of 2012.
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
Figure 6: Return on Ghana Stabilisation Fund Jan – June 2013
Returns in USD
Ghana Stabilization Fund
$ USD
2nd half 2012 1st half 2013 Since Inception
2nd half 2012
1st half 2013
Since Inception
106,201.90
615,538.16
825,225.58
Source: Bank of Ghana
Figure 7: Return on Ghana Heritage Fund Jan – June 2013
Returns in USD
Ghana Heritage Fund
$ USD
2nd half 2012 1st half 2013 Since inception
2nd half 2012
1st half 2013
Since inception
15,024.41
168,839.14
227,252.54
Source: Bank of Ghana
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
table 5 Ghana Petroleum Funds- Semi Annual Report: January 1 - June 30 2013 GHANA PETROLEUM FUNDS GHANA STABILISATION FUND ACCOUNT US$
71,898,587.68
Opening book Value (1 January 2013) Receipt during the period
129,104,608.02
Bank Charges
(4,646.29)
620,184.45
Income from Investments Closing book Value (30 June 2013)
201,618,733.86
Net Income for the 1st Half of 2013 comprised the Following INCOME
US$
620,184.45
Investment Income Less: Bank charges
(4,646.29)
Net Return for the Period
615,538.16
GHANA HERITAGE FUND ACCOUNT US$ Opening book Value (1 January 2013)
21,694,221.10
Receipt during the period
55,330,546.31
Bank charges
(1,858.15)
170,697.29
Income from Investments Closing book Value (30 June 2013)
77,193,606.55
Net Income for the 1st Half of 2013 comprised the Following: INCOME
US$
170,697.29
Investment Income Less: Bank charges
(1,858.15)
Net Return for the Period
168,839.14
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
6. PETROLEUM HOLDING FUND
The Petroleum Holding Fund held a balance of US$411,868.01 (see Schedule 1 below) as at June 30, 2013. This amount comprised interest earned since inception amounting to US$83,138.43, US$128,729.58 representing undistributed Surface Rentals and Royalties and Mandatory balance of US$200,000.00
7. CONCLUSION Audit of the Ghana Petroleum Fund and the Ghana Petroleum Funds In compliance with the PRMA Section 44 (1) the Internal Audit Department of the Bank of Ghana has performed an audit on the GPFs and the PHF for the period ended December 31, 2012, and the half year ended June 30, 2013. The Auditor-General has also performed a statutory audit on the GPFs for the 2011 and 2012 financial years. During the half year ended June 30, 2013, concerns that first emerged in May of quantitative easing (QE) „tapering‟ by the Federal Reserve intensified in June and eroded confidence in US Treasuries and fixed income securities issued at a spread to US Treasuries. The Ghana Petroleum Funds did not lose capital. The value of the Ghana Stabilisation Fund increased by US$0.615 million to US$201.618 million, and the Ghana Heritage Fund increased by US$ 0.168 million to US$77.193 million. We are of the opinion that additional allocations to the Ghana Petroleum Funds will enhance returns on investment.
Prepared by Ghana Petroleum Funds Secretariat, Bank of Ghana
July 17, 2013
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GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT Schedule 1
(A) INFLOWS: Date LIFTING PROCEEDS APRIL 2011 TO DEC 2012 4th February 2013 3rd April 2013 20th May 2013
PETROLEUM ACCOUNT AT FEDERAL RESERVE BANK OF NEW YORK Value of Volume Of Crude Shipped (BBLS) Shipment (US$) Notes (US$)
8,861,223 995,550 996,201 995,520
OTHER INCOME MAR 2012 TO DEC 2012 7th February 2013 8th February 2013 11th February 2013 22nd February 2013 26th April 2013 29th April 2013 6th May 2013 9th May 2013 13th May 2013 13th May 2013 23rd May 2013 23rd May 2013 28th May 2013 25th June 2013
985,590,355.05 112,667,389.05
108,207,352.62 98,594,309.76
1 2 3 4
5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
TOTAL (B) DISBURSEMENTS MAY 2011 TO DEC 2012 20th FEB 2013 18th APR 2013 13th JUN 2013
GNPC Equity Financing Cost for 1ST TO 9TH lifting GNPC Equity Financing Cost for 10th lifting GNPC Equity Financing Cost for 11th lifting GNPC Equity Financing Cost for 12th lifting
14,957,392.00 300,703,367.64
GNPC 40% CAPI for 1ST TO 9TH lifting GNPC 40% CAPI for 10TH lifting GNPC 40% CAPI for 11TH lifting GNPC 40% CAPI for 12TH lifting
181,798,825.22 25,970,881.10 26,228,801.20 22,474,707.54 256,473,215.06
Annual Budget Funding Amount for 1ST TO 9TH lifting Annual Budget Funding Amount for 10TH lifting Annual Budget Funding Amount for 12TH lifting
453,509,518.42 68,299,391.66 68,299,391.66 590,108,301.74
Transfer to Ghana Heritage & stabilisation 1st - 9th Transfer to Ghana Heritage & stabilisation 10th Lifting Transfer to Ghana Heritage & stabilisation 10th Lifting Transfer to Ghana Heritage & stabilisation 12th Lifting
93,324,707.97 42,589,486.59 69,617,577.27 72,228,090.46
277,759,862.29
Sub Total TOTAL DISBURSEMENTS BALANCE ON ACCOUNT INTEREST EARNED TOTAL BALANCE ON ACCOUNT
Notes 1. April 2011 to Dec 2012 Proceeds 2.Proceeds for tenth oil lift 3.Surface Rental from Tap Oil 4. Corporate Income tax 5. 3% Royalties from LUSHANN INT GH LTD 6.Surface Rental payment from KOSMOS ENERGY GHANA 7.Surface Rental payment from TULLOW 8.Surface Rental payment from TULLOW 9.Surface Rental payment from TULLOW 10.Corporate tax by KOSMOS ENERGY GHANA 11.Corporate tax by TULLOW 12.Surface Rental payment from OPHIR GHANA LIMITED 13.Corporate tax by ANARDAKO 14.Surface Rental payment from HESS GHANA EXPLORATION LTD 15.Royalties for 2013 Lushann International Ghana(Saltpond) 16.Surface rental from ENI-keta jv account 17.Surface rental from ENI-EP LTD OCTP JOINT ACCOUNT 18.Lukoil overseas Ghana Ltd for Surface Rental 19.Surface rental from Surface Rental from Tullow 20. Interest as of 28/3/2013 21. Interest Earned as of 30/6/2013
Page 13
52,491.80 1,425,373,476.31
12,258,684.00
Sub Total
NOV 2011 TO AUG 2012 20th FEB 2013 18th APR 2013 13th JUN 2013
906,567.46 40,210,099.56 16,985.00 16,953.90 63,866.95 15,921,230.00 39,026,706.00 60,000.00 23,906,871.00 82,189.73 44,056.00 285,457.53 38,761.64 76,141.78
16,371,879.00
Sub Total
APRL 2011 TO DEC 2012 20th FEB 2013 13th JUN 2013
108,207,352.62 98,594,309.76
257,115,412.64
Sub Total
AUG 2011 TO DEC 2012 20th FEB 2013 18th APR 2013 13th JUN 2013
985,196,046.53 112,667,389.05
20 21 22
1,425,044,746.73 328,729.58 83,138.43 411,868.01
GHANA PETROLEUM FUNDS SECRETARIAT SEMI-ANNUAL REPORT
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