PIAC

An amount of $100.74 million accrued from oil lifted by Jubilee Oil Holdings Limited (JOHL), a subsidiary of the Ghana National Petroleum Corporation (GNPC) was not paid into the Petroleum Holding Fund (PHF) as required by law. Section 7 of the Petroleum Revenue Management Act (PRMA), 2011 (Act 815) provides that all revenues due from the direct or indirect participation of the country in petroleum operations, including the carried and additional participating interests should be paid into the PHF. However, according to the Public Interest and Accountability Committee (PIAC), proceeds made by JOHL through its first lifting (944,164bbls) on the…