Ghana demands $4.14 million unpaid oil surface rentals from petroleum firms

Ghana is seeking to recover $4.14 million in unpaid surface rentals from upstream petroleum companies, with the Public Interest and Accountability Committee (PIAC) recommending tougher measures against defaulting operators in its 2026 semi-annual report.

The arrears comprise $2.41 million owed under existing petroleum agreements and $2.73 million linked to terminated agreements as of June 2026.

PIAC has proposed penalties and interest on outstanding payments, as well as making full settlement a condition for the renewal, renegotiation or reassignment of petroleum agreements.

PIAC demands stricter oil rental enforcement

Surface rentals are among the petroleum revenues paid into the Petroleum Holding Fund (PHF), held at the Bank of Ghana under the Petroleum Revenue Management Act, 2011 (Act 815). Other revenue sources include royalties, carried and additional participating interest (CAPI), corporate income tax (CIT) and additional oil entitlement (AOE).

The Ghana Revenue Authority (GRA) is responsible for assessing, collecting and accounting for these revenues.

• According to PIAC, the GRA estimated surface rental receipts of $755,235.23 for 2026 but had received only $556,159.23 by the end of June. Nine of the 12 contract areas assessed had made payments.
• However, the Petroleum Commission reported 14 active petroleum agreements as of June 2026, highlighting differences in the contract areas captured by the two institutions.
• The discrepancies include the East Keta block, which is under force majeure, and Ghana Western Basin Block 01, operated by Tristar Upstream Oil and Gas, for which no rental assessment was reported. The Deepwater Cape Three Points block was listed under Planet One by the commission but assessed against GOIL Upstream Limited by the GRA.

PIAC urged the GRA to take stronger action against persistent defaulters, including penalties and interest on outstanding payments. It also recommended that full settlement of arrears should be a precondition for renegotiating, renewing or reassigning petroleum agreements.

Ghana’s petroleum revenue rises 52%

The recovery efforts come amid improved petroleum revenue performance, with total receipts increasing by 52% year-on-year to $562.41 million in the first half (H1) of 2026, from $370.34 million in the corresponding period of 2025.

• CAPI generated the largest share, contributing $215.37 million, or 38.4% of total receipts. Corporate income tax followed with $203.98 million (36.3%), while royalties accounted for $140.12 million (25%).
• Interest income on the PHF amounted to $1.38 million, while surface rentals generated $556,159.23. Together, the two sources contributed less than 1% of total petroleum receipts.
• PIAC said the GRA was pursuing liabilities owed by three companies whose petroleum agreements were terminated by the previous government over contractual infringements. The authority has extended its recovery efforts beyond Ghana through its Exchange of Information unit.

One affected company, Swiss African Oil Company Limited, has reportedly sent representatives to Ghana to renegotiate its interest in a terminated oil block, with outstanding liabilities included in the discussions.

Meanwhile, rental assessments on the East Keta block, formerly the GOSCO block and now operated by OPCO, have been suspended following a force majeure declaration. This followed the interception of a seismic survey vessel by the Togolese Navy, preventing completion of the seismic programme.

Nigeria’s oil firms face unpaid obligations

Nigeria has also faced challenges recovering statutory payments from upstream oil and gas companies.

• In March 2025, the House of Representatives summoned 48 oil companies, including Shell and Oando, over approximately N9.4 trillion in outstanding obligations to the Federal Government. These covered unpaid royalties, concession rentals, gas-flaring penalties and other contractual payments.
• Nairametrics subsequently reported on March 10, 2025, that seven companies had acknowledged debts of $37.44 million and committed to remitting the amount to the Federation Account before August 2025. They included Belema Oil, Pan Ocean Oil Nigeria, Newcross Exploration, Dubri Oil, Chorus Energy, Amni International and Network Exploration.
• The House also disclosed that 45 other oil and gas companies owed approximately $1.7 billion in unpaid royalties as of December 31, 2024.

The developments highlight the broader challenge of recovering petroleum revenues and enforcing statutory payment obligations among oil and gas operators in Ghana and Nigeria.