Former Chief Executive of Ghana National Petroleum Corporation, Alex Mould, says the country deserves the present earnings from the oil and gas sector due to the kind of investments it has made so far.

According to him, the country has failed to invest in high risk oil exploration wells; but the higher the risk in investment, the higher the return.

Other oil producing countries are accruing more from crude oil than Ghana because of the type of investments they’ve done, spending more on exploration activities.

Commenting on the development, Alex Mould believes the situation can change if the country makes amends by concentrating in investments in high risk oil exploration wells.

“We as a country have taken a stance in our laws that Ghana will not be involved in a risky exploration activities which mean we have to bring people from outside or get investors with expertise to come spend their money. And after finding the oil, then we decide whether to spend the money again on developing the field to bring the oil out.”

A total of US$101,466,559.23 was realized from three revenue streams for the first half of 2020 which includes – Carried and Participating Interest (CAPI) and Royalty and Corporate Income Tax (CIT).

Out of this, 47% (US$47,538,645.51) is derived from CAPI. 

Royalty amounted to US$18,342,234.72, representing 18%, while CIT recorded US$35,585,679.00, accounting for 35% of the total revenue.

The Republic of Ghana and GNPC (Ghana Group) have a total entitlement of 17.9588% in the Jubilee Field.

Available data from the Public Interest and Accountability Committee indicates that a total of 15 liftings were made by the Jubilee Partners for the first half of 2020, compared to 16 liftings for the same period in 2019.

The Ghana Group lifted three parcels of crude, totaling 2,939,174.00 barrels of oil as against 2,936,014 barrels in three lifting’s for the same period in 2019.

The Other Partners lifted 11,597,854 barrels in line with the Field’s Crude Oil Lifting Agreement.