Accra, March 12 : Ghana expects $581 million in petroleum revenues this year, an official said here.

Director of the Real Sector Division of the Ministry of Finance Idrissu Alhassan told the media Monday that the projections were based on a seven-year moving average, as mandated by the country's Petroleum Revenue Management Act (PRMA).

The calculation had pegged the estimated average crude oil price at $94.36 per barrel, while the estimated production of oil is also projected to be 83.341 barrels of oil per day (bopd), based on a three-year moving average.

Currently the Jubilee field produces about 115 bopd as additional work on the oil wells started yielding positive results in the last quarter of 2012, reported Xinhua.

Ghana earns five percent of royalties, a carried interest of 10 percent, an additional or paying interest of 3.75 percent and, petroleum income tax of 35 percent, while additional oil entitlement and also comes to the government, with the law allowing the International Oil Companies (IOCs) full cost recovery. (IANS)