Adnan Adams Mohammed
The Benchmark price for 2024 has been calculated as a seven-year moving average of prices, as captured in the 2024 budget statement.
This has yielded a benchmark crude oil price projection of US$75.44 per barrel, up from the price of US$74.00 per barrel for 2023.
The gas price for 2024 is also projected at US$6.84 per MMBtu, estimated as a seven-year moving average in line with the PRMA.
This is in consistency with the First Schedule (Section 17) of the Petroleum Revenue Management Act (PRMA), 2011 (Act 815) as amended.
“The 2024 Benchmark crude oil output is estimated at 51.15 million barrels (139,754 barrels of crude oil per day)”, the Finance Minister, Ken Ofori-Atta, while presenting the budget statement last week to Parliament, he said.
Also, the Ghana group’s share of the total Benchmark crude oil output (51.15 million barrels) based on Ghana’s fiscal regime is 10.15 million barrels consisting of: Royalty volume of 2.82 million barrels; and Carried and participating interest volume of 7.32 million barrels.
Similarly, the Benchmark gas output, has been estimated at 116.46 trillion Btu for 2024.
From the above, the projected petroleum receipts for 2024 is US$1,072.35 million, made up of Royalties (US$213.08 million), Carried and Participating Interest (US$552.47 million), Corporate
Income Tax (US$306.04 million) and Surface Rentals (US$0.76 million).
