Business News of Tuesday, 22 May 2012Source: GNA Ministry of Energy on Tuesday said the Saltpond Offshore Producing Company Limited (SOPCL) is yet to pay to government surface rental of US$605 for 2011.

However total royalties of $146,482.37 for 2011 from four liftings by SOPCL was paid into Government of Ghana account Number 02-230600660-00.

A statement signed by Mr. Edward Bawa, Head of Communication, explained that the royalties were paid into an old account before the Petroleum Revenue Management Act was enacted last year.

The Ministry of Energy said SOPCL had subsequently been advised to pay all expected government petroleum inflows into the Petroleum Fund. Consequently an amount of US$104,268.12 in respect of first quarter 2012 liftings has also been paid into the Petroleum Fund (Account Number 021082366).

The Ministry reassured all Ghanaians that it would continue to manage the oil and gas sector in a transparent, honest and accountable manner and therefore welcomes any suggestions and criticisms that would foster these principles within the sector.

The Ministry of Energy’s statement is in reference to publications in some newspapers last week that created an impression that revenue accruing from oil production in the Saltpond Field had not been paid into the Ghana Petroleum Holding Funds as required by law.

The newspapers quoted Major Daniel Sowa Ablorh-Quarcoo, Chairman of the Public Interest and Accountability Committee, as saying that, “despite efforts by the Committee to know the activities of the Saltpond Field, there were no records to show revenues in the production from the field”.**