The Public Interest and Accountability Committee (PIAC), has called for a national dialogue on how best the nation could derive the most benefits from its hydrocarbon resources.

The dialogue would help the Annual Budget Funding Amount (ABFA) to be better-targeted so as to help maximise its effectiveness and impact in the country's socio-economic development.

Professor Paul Kingsely Buah-Bassuah, Chairman, PIAC, made the call on Tuesday in Accra at the launch of the 2014 PIAC annual report on management of petroleum revenues.

“Having the proposed dialogue or debate should preferably take place before the next budget and its outcomes will be used to inform ABFA allocation in the 2016 budget,” he said.

He said the dialogue would also help expose the outcome of the ABFA spending, so that where unfocused, PIAC could prop it towards the good of the country and her citizenry.

According to Prof Buah-Bassuah, the 2014 report, the seventh report of PIAC since its inception in 2011, revealed that the total production by the jubilee oilfields in 2014 was 37,201,691 barrels, which represents an increase of 4.5 per cent over 2013 production.

“It also brings total production since 2010 to 124,517,510 barrels,” he said.

He indicated that a total of 55,758.04 million standard cubic feet of natural gas were produced from the jubilee field in 2014, out of which 1,906.37 cubic feet, representing 3.42 per cent was exported to the Atuabo Gas Processing Plant for processing into derivatives such as Liquefied Petroleum Gas and condensates.

“The rest was used to meet the energy needs of the FPSO, re-injected or flared,” he added.

The Chairman of PIAC noted that the cost of production for the Jubilee field in 2014 was $430.991 million; which translates to an average production cost of $11.59 per barrel compared to the 2013 total and average production cost of $345.474 million and $9.71 per barrel.

“The Ghana Group lifted 7,681,120 barrels representing 20.77 per cent of total liftings,” Prof Buah-Bassuah said.

He said the total actual petroleum revenue received in 2014 was $978.02 million or GH? 2.772 billion, compared to the projected revenue of $777.0 million.

This brings to $2.811 billion, the total revenue that had been received by government from the petroleum sector since commercial production of oil began in November 2010.

“The actual revenue in 2014 allocated to the Ghana National Petroleum Corporation (GNPC) was $180.71 million (18 per cent), while ABFA’s actual revenue in 2014 was $409.07 million (42 per cent), with Ghana Petroleum Funds being allocated $388.23 million, representing 40 per cent respectively,” he said.

On priority areas selected by the Minister of Finance in accordance with the provisions of Act 815 to be funded with the ABFA, Prof Buah-Bassuah explained that expenditure and amortisation of loans for oil and gas infrastructure was allocated GH?163.08 million or $56.12 million, representing 29.68 per cent. GH?215.69 million or $72.59 million representing 39.26 per cent was allocated to roads and other infrastructure.

“Agriculture modernisation had GH?170.62 million or $7.43 million, representing 31.06 per cent with nothing being allocated to capacity building.

“At the end of 2014, total balance standing in Ghana Petroleum Funds was $535.559 million, made up of $286.644 million in the Ghana Stabilisation Fund and $248.915 million in the Ghana Heritage Fund,” he said.

Prof Ivan Addae Mensah, Founding Member, PIAC, called for collaboration between PIAC and the Petroleum Commission for resource and revenue share formula to be effective.

“Ministry of Finance, Bank of Ghana and Attorney General should work together and establish some guidelines for interest to be earned on any utilised funds,” he advised.

Other stakeholders also called on the Ghana National Gas Company to ensure that invoices are submitted by the GNPC in relation to gas supplies and honoured in a timely manner.

They also called for the urgent need for a critical appraisal of the visibility of the continuous operation of the Saltpond field against the backdrop of low crude oil price.

PIAC is a statutory committee established under section 56 of the Petroleum Revenue Management Act 2011 (Act 815), with the objective of monitoring and evaluating compliance with the Act by the government and other relevant institutions in the management and use of petroleum revenues.