Ghana grosses $193 million from crude oil for Q3

Ghana has grossed about $104 million from crude oil exports for the third quarter of 2014. The monies were earned from sale of almost one million barrels of crude oil sold between July and September this year.

The figures was contained in the petroleum receipts and distribution report, released by the Finance Ministry which showed that government also got 113 million dollars from taxes, royalties and rental charges paid by the four companies operating on the jubilee field.

This would bring the total amount of money gotten from the jubilee field for third quarter to $193 million.

The report showed that Ghana sold each barrel for 104 dollars, between July and September.

However with crude oil prices currently selling around 80 dollars a barrel and predictions by analysts that this could even drop further, this should raise a lot of concerns for government as revenue from crude oil could drop substantially.

Ghanaian government is looking at the option of hedging prices of crude oil exported to minimise the shocks of declining prices.