2019 Budget: Gov’t to Spend US$1.1bn on Pretoleum

The Finance Minister, Mr Ken Ofori-Atta, has requested Parliament’s approval for government to spend a total of US$1.1 billion on petroleum in 2019.

The total amount consists of US$227.10 million for Royalties, US$602.80 million for Carried and Participating Interest, US$249.60 million for Corporate Income Tax and US$1.10 million for Surface Rentals.

In his speech, he forecasted that the the standard crude oil price for 2019 would be US$66.76 per barrel in line with the Petroleum Revenue Management Act (Amendment), 2015 (PRMA, Act 893).

For 2019, gas price is estimated at US$3.99 per MMBtu while the standard revenue crude oil is estimated at 63.4 million barrels (173,764 barrels of oil per day).

The Minister presented the 2019 budget to Parliament today under the theme: “A Stronger Economy for Jobs and Prosperity”

The budget represents the third of four budget statements of the current government.