Explainer: Will Ghana ever see GNPC Explorco’s $561m oil revenues paid into the Petroleum Holding Fund?

The disagreement centres on the interpretation of Section 7 of the Petroleum Revenue Management Act (Act 815), as amended by Act 893, which states:"Revenue due from the direct or indirect participation of the Republic in petroleum operations, including the carried and participating interest, shall be paid into the Petroleum Holding Fund.

The Public Interest and Accountability Committee (PIAC), the independent body that monitors the management of Ghana's petroleum revenues, questioned why proceeds from the sale of oil through JOHL were not being paid into the Petroleum Holding Fund (PHF), the account established under the Petroleum Revenue Management Act (PRMA) to receive petroleum revenues on behalf of the state.

When the Ghana National Petroleum Corporation (GNPC) announced that its subsidiary, Explorco, had become the owner of an additional 7% stake in the Jubilee and TEN oil fields, many Ghanaians wondered how the asset got there.