The Economic and Organized Crime Office (EOCO) is investigating the activities of the Saltpond Oil Producing Company Limited following its failure to pay royalties to the state.
The Public Interest and Accountability Committee (PIAC) has said the company which started operations years ago has failed to pay royalties on over twenty five thousand barrels of oil lifted from the field.
The Chairman of PIAC, Professor Paul Buah-Bassuah speaking about PIAC’s findings said when it was released that the Saltpond Oil company was not producing, the Ministry of Finance was informed about it.
“Ministry of Finance was made aware of this and it says so in the records. But after being asked for progress report from Saltpond Oil field, they brought us a figure meaning that they actually produced during that period. This means they are supposed to pay tax an amount of which will be known once it is quantified. They are seriously under investigation by EOCO and the report has been released to the Attorney General’s department. We have also written to the department to find out details of Saltpond Oil field and their functions,” Buah-Bassuah said.
BoG, Saltpond oil prodcution company, others slashed in 2015 PIAC report
The development follows a PIAC report which revealed that Ghana’s proceeds from oil fields decreased by over 50 percent for the first half of 2015.
According to the report, total petroleum receipts during the first half of the year was US$274.47 million compared to US$562.48 million received during the same period in the preceding year, representing a 56% decline in revenue.
The significant decline in revenues was attributable to a sharp decline in global crude oil prices which affected all sources of petroleum revenues, especially CIT.
Source: citibusiness