Petroleum Holding Fund (PHF) & GPFs Semi-Annual Report

SEMI ANNUAL REPORT: JUL 01 - DEC 31, 2020

CONTENTS
1.	INTRODUCTION...............................................................................................................................	4
2.	CRUDE OIL LIFTING & ALLOCATION ................................................................................................	4
	a.	Crude Oil Lifting ......................................................................................................................	4
	b.	Other Income ..........................................................................................................................	5
	c.	Allocation ................................................................................................................................	5
3.	WITHDRAWAL FROM GHANA STABILISATION FUND......................................................................	7
4.	GLOBAL ECONOMIC HIGHLIGHTS ...................................................................................................	7
5.	PERFORMANCE OF THE GHANA PETROLEUM FUNDS ....................................................................	9
6.	PETROLEUM HOLDING FUND........................................................................................................	11
7.	OUTLOOK FOR 2021 .....................................................................................................................	11
8.	CONCLUSION............................................................................................................................	11

2

ABBREVIATIONS:

ABFA:	Annual Budget Funding Amount
APP:	Asset Purchase Program
BOE:	Bank of England
CAPI:	Carried and Participating Interest
CPI:	Consumer Price Index
ECB:	European Central Bank
EFC:	Equity Finance Cost
FOMC:	Federal Open Market Committee
GHAPET:	Ghana Petroleum Holding Fund Account at Federal Reserve Bank of New
	York
GHF:	Ghana Heritage Fund
GNGC:	Ghana National Gas Company
GPFs:	Ghana Petroleum Funds
GSF:	Ghana Stabilisation Fund
GNPC:	Ghana National Petroleum Corporation
MPC:	Monetary Policy Committee
NAHB:	National Association of Home Builders
PCE:	Personal Consumption Expenditure
PHF:	Petroleum Holding Fund
PRMA:	Petroleum Revenue Management Act, Act 815 and Act 893 as amended
SGN:	Sankofa Gye-Nyame Field
YTD:	Year to Date

3

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) and Act 893 as amended. In accordance with the PRMA Section 28(a) and (b), the Bank of Ghana is required to report on the performance and activities of the PHF and GPFs for the second half of 2020 (H2,2020) ended December 31st, 2020.

2. CRUDE OIL LIFTING & ALLOCATION

a. Crude Oil Lifting

During H2 2020, the Ghana Group (GNPC lifting on behalf of Government of Ghana) lifted the 16th and 17th parcels of crude oil from the Tweneboa, Enyenra and Ntomme (TEN) field, 55th,56th and 57th parcels from the Jubilee field, and the 6th parcel from the Sankofa Gye Nyame (SGN) field. The Petroleum Holding Fund (PHF) received a total amount of US$261.00 million from lifting proceeds in H2 2020 compared to receipts of US$235.28 million in H1, 2020. The total receipts from the 16th and 17th liftings from TEN field was US$74.92 million compared to US$110.25 million received in H1 2020 (14th and 15th liftings), whilst receipts from (55th, 56th and 57th liftings) from Jubilee was US$118.85 million compared to US$65.88 million received in H1 2019 (53rd and 54th liftings). The 5th and 6th liftings from SGN field was US$67.24 million in comparison to H1 2020 4th lifting amount of US$59.15 million. 58th parcel of crude oil from Jubilee field was lifted on the 14th of December 2020. Proceeds are expected on the 13th of January 2021.

The H2 2020 lifting receipts are shown in Table 1 below.

TABLE1:RECEIPTSOFCRUDEOILLIFTED(JUN-DEC2020)

HALF22020

NARRATION		TEN			JUBILEE(JUB)			SGN		JUB,TENSGN
LIFTINGS	16thLifting	17thLifting	TOTAL(TEN)	55thLifting	56thLifting	57thLifting	TOTAL(JUB)	5thLifting	6thLifting	TOTAL(SGN)	TOTAL
LiftingDate	21-Jun-20	27-Sep-20		23-Jun-20	28-Aug-20	7-Oct-20		7-Jun-20	27-Sep-19
ReceiptDate	22-Jul-20	27-Oct-20		23-Jul-20	28-Sep-20	6-Nov-20		8-Jul-20	27-Oct-20
BillofLadingQuantity(bbls)	994,018	994,389	1,988,407	994,324	951,586	946,755	2,892,665	949,296	949,033	1,898,329	6,779,401
SellingPrice(US$)	36.228	39.124		41.855	41.769	39.590		32.192	38.650
TOTALLIFTINGPROCEEDS(US$)	36,011,284.10	38,904,475.24	74,915,759	41,617,431.02	39,746,795.63	37,482,030.45	118,846,257.10	30,559,736.83	36,680,125.45	67,239,862.28	261,001,878.73

4