It is about 53.9 per cent of this year’s target from the sector, which was announced at US$515.57 million in the 2017 Budget.

The revenue accrued from four liftings in the Tweneboah-Enyerah-Ntomme (TEN) (Ist and 2nd liftings) and Jubilee Fields (35th and 37th liftings).

The Minister of Finance, Mr Ken Ofori-Atta, said the period’s proceeds also include earnings for the 1st TEN and 35th Jubilee liftings, which were undertaken in December last year, but received in the first quarter of 2017.

Minister of Finance, Mr Ken Ofori-Atta

A breakdown in the revenue streams showed that royalties from the Jubilee and TEN Fields for the first half of the year amounted to US$67.68 million, while Carried and Participating Interest amounted to US$182.13 million.

Other petroleum revenue sources included corporate income tax (US$27.34 million), Surface Rentals (US$0.49 million) and Petroleum Holding Fund (PHF) income of US$0.17 million.

The Jubilee Field is the country’s first commercial oil project and has been in production since 2010.

Its sister field, the TEN, came on-stream this year, raising hopes that earnings from petroleum will be strengthened to the benefit of budget execution.

The field which also holds significant reserves of natural gas is expected to improve the country’s power prospects.