Total oil revenue recorded by the country at the close of the third quarter stood at US$104 million.

wpid-jublee-oil.jpgThe monies were earned from sale of almost one??million barrels of??crude oil sold??between July and September this year.

The figures was contained in??the ?petroleum??receipts and distribution report, released??by the Finance Ministry??which showed that government also got??113 million dollars from taxes, royalties and rental charges?paid by the??four companies operating on the jubilee field.

This would bring the total amount of money gotten from the jubilee field???for third quarter to193 million dollars.

The report showed that??Ghana sold each?barrel??for 104 dollars, between July and September.

However with crude oil prices currently selling??around??80 dollars??a barrel and predictions by analysts that this could even drop further, this should??raise a lot of concerns for government as revenue from crude oil could drop substantially.

Government is looking at the option of hedging? prices of??crude oil exported to minimise the shocks of declining prices.

JOYBUSINESS gathers that??government is looking??at going this way to ensure that its finances are not disrupted.

Source Myjoyonline

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