Total petroleum revenue for 2024 increased by 27.8% from US$1.062 billion in 2023 to US$1.357 billion in 2024.

According to the 2024 Public Interest and Accountability Committee (PIAC) report, the 2024 performance was mainly due to an increase in pricing.

It is the second highest annual petroleum receipts since inception, with 2022 being the highest year (US$1.42 billion).

The report added that the total proceeds from GNPC Explorco’s liftings received in 2024, amounting to US$145 million was not paid into the Petroleum Holding Fund (PHF). This brings the cumulative proceeds of unpaid revenue into the PHF held by the Jubilee Oil Holding Limited (JOHL) and subsequently GNPC Explorco to US$488.790,044 million as of the end of 2024. GNPC argues that proceeds from liftings by GNPC Explorco do not constitute payments into the Petroleum Holding Fund.

With regard to recommendation, the Committee reiterated its position that proceeds from liftings by GNPC Explorco constituted indirect participation of the State and therefore must be paid into the Petroleum Holding Fund.

Surface Rental Arrears

Meanwhile, the surface rental arrears owed by some International Oil Companies (IOCs) remain high at US$2,893,120 as of the end of 2024.

The report stated that about 60% of these arrears are due to three companies whose Petroleum Agreements were terminated in 2021.

For recommendation, the report urged the Ghana Revenue Authority, the Petroleum Commission, the Bank of Ghana and the Ministry of Energy to collaborate to recover the Surface Rental arrears.