$84m Of Ghana Oil Money Missing.

$84,382,088 out of the $900 million derived
in 2014 from oil and gas extraction in
Ghana is missing. According to a report
on the operations of the extractive
industry in the country, the government has not
been able to verify the reception of the total
revenue from the oil and gas companies.

Ghanaian oil rig

The report, authored by the Ghana Extractive
Industries Transparency Initiative (GHEITI), which
evaluates the government’s revenue flow as well
as disbursements in the oil and gas industry,
blamed Anadarko WCTP Limited as one of the
major culprits.

“With the exception of Anadarko WCTP Limited,
all oil and gas companies that made payments in
2014 reported to the GHEITI,” the report said.

Ghana recorded a production figure of
37,201,691 barrels (BBLS) of crude oil and
55,758.04 Million Standard Cubic Feet (MMSCF)
of natural gas from the Jubilee fields in the year
under review. According to the report, an
additional 79,602 barrels of crude oil were
produced from the Saltpond field.

The oil and gas sector’s contribution to the
Gross Domestic Product (GDP) slacked from
8.2% in the 2013 to 7.25% in 2014.

The GHEITI report also called for more
transparency from the government and the
various oil and gas companies operating in the
country. It urged prompt provision of information
on the performance of the Ghana petroleum
funds (GPF).