and gas capa i'y building project - world bankdocuments.worldbank.org/curated/en/... ·...

MINISTRY OF PETROLEUM

OIL AND GAS CAPA I'Y BUILDING PROJECT

PROJECT ID: P120005

IDA CREDIT 4847-GH

FINANCIAL STATEMENTS

AND

REPORT

FOR THE PERIOD ENDED DECEMBER 31, 2014

JUNE, 2015

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GLOBAL AUDITORS(CHARTERED ACCOUNTANTS)

2ND FLOOR, GLEMIN HOUSE OSU-LA ROAD ACCRA.P 0. BOX OS3010, OSU ACCRA. TEL: (233-302) 682545 / 670907 TEL/FAX: (233-302) 682466

E-mail: [email protected]

June 16, 2015

Project CoordinatorOil and Gas Capacity Building ProjectMinistry of PetroleumP.O. Box SD.40Stadium Post officeAccra-Ghana

Dear Sir,

OIL AND GAS CAPACITY BUILDING PROJECTFINANCIAL STATEMENTS AND REPORT FOR THE YEAR ENDED DECEMBER 31,2014

We have completed the audit of the financial statements of the Oil and Gas Capacity Building

Project (OGCBP) of the Ministry of Petroleum for the year ended December 31, 2014.

We are writing to describe our summary observations on the figures reported, tests carried out to

substantiate these figures, exceptions identified by us and corrections we consider necessary.

Also set out in the report are the bases of these conclusions and finally our recommendations

designed to improve accounting controls in respect of each caption area.

The objective of our examinations was to express an opinion on the fairness of the Project's financial

statements. In arriving at that conclusion, we were to be responsible for conducting our examination

in accordance with auditing standards which include tests of the accounting records and other

supporting evidence and observation and review of the system of internal accounting control to the

extent we considered necessary.

No restrictions were imposed on the method or extent of our examination. We were given access to

all records, documents and other accounting data to the extent they were available. Full co-operation

was also received from all officers of the Project.

OIL AND GAS CAPACITY BUILDING PROJECTIDA CREDIT 4847-GH, PROJECT ID - P120005

FINANCIAL STA TEMENTS FOR THE PERIOD ENDED DECEMBER 31, 2014

Our main report is patterned as below:

SECTION I

(i) Auditors' report on financial statements

(ii) Auditors' report on Designated Account

(iii) Financial Statements

SECTION II

Management Letter

This report has been discussed with and agreed by the Project Coordination Team (PCT)

If there are any additional information or explanations that you require, please do not hesitate tocontact us.

We wish to take this opportunity to thank the management and staff of the PCT for their cooperationand support during the audit.

Yours truly,

OIL AND GAS CAPACITY BUILDING PROJECT

IDA CREDIT 484 7-GH, PROJECT ID - P120005

FINANCIAL STATEMENTS FOR THE PERIOD ENDED DECEMBER 31, 2014

INDEX PAGE

STEERING COMMITTEE AND REGISTERED OFFICE 2

ABBREVIATIONS & ACRONYMS 3

PROJECT REPORT 4

AUDITORS' REPORTS - FINANCIAL STATEMENTS 5-6

- DESIGNATED ACCOUNT 7

BALANCE SHEET 8

STATEMENT OF PROJECT SOURCESAND USES OF FUNDS 9

DESIGNATED ACCOUNT STATEMENT 10

DESCRIPTION OF PROJECT 11- 18

ACCOUNTING POLICIES 19

NOTES TO FINANCIAL STATEMENTS 20-25

APPENDIXFixed Assets Schedule 26-50



STEERING COMMITTEE AND REGISTERED OFFICE

STEERING COMMITTEE:1. Dep. Minister of Petroleum - Chairman

2. Chief Director - Ministry of Petroleum

3. Chief Director - Ministry of Education

4. Chief Director - Ministry of Finance

5. Chief Director - MEST

6. Managing Director - GNPC

7. Provost - College of Engineering, KNUST

8. Executive Director - EPA

9. Executive Director - COTVET

10. Head - Western Regional Coordinating Council

11. Project Coordinator - OGCBP

12. Representative - EOCO

13. Chief Executive - Petroleum Commission

14. Representative - Attomey-General's Department

PROJECT COORDINATING TEAM Project CoordinatorProject ManagerProject AccountantProcurement Specialist

REGISTERED OFFICE: OGCBP SecretariatMinistry of PetroleumP.O. Box SD 40Stadium Post OfficeAccra - Ghana

BANKERS: Ecobank Ghana Limited

AUDITORS: Global AuditorsChartered AccountantsP.O. Box OS 3010Osu - Accra.

2

OIL AND GAS CAPACITY BUILDING PROJECTIDA CREDIT 484 7-GH, PROJECT ID - P120005


ABBREVIATIONS & ACRONYMS

CAS Country Assistance Strategy

COTVET Council for Technical and Vocational Education and Training

EITI Extractive Industries Transparency Initiative

EOCO Economic & Organized Crime Office

toEPA Environmental Protection Agency

FY Fiscal Year

GHEITI Ghana Extractive Industries Transparency Initiative

GoG Government of GhanaGNPC Ghana National Petroleum Corporation

GPF Governance Partnership Facility

GPRS Ghana Poverty Reduction Strategy

GRA Ghana Revenue AuthorityIDA International Development Association

KNUST Kwame Nkrumah University of Science and Technology

KTI Kikam Technical Institute

MEST Ministry of Environment, Science and Technology

MoP Ministry of PetroleumMOF Ministry of FinanceMTDF Mid-Term Development Framework

NCTE National Council for Tertiary Education

NDPC National Development Planning Commission

NDR National Data RepositoryNORAD Norwegian Agency for Development Cooperation

NREG Natural Resources and Environmental Governance

O&G Oil and GasOGCBP Oil & Gas Capacity Building Project

PCU Project Coordination Unit

PDO Project Development Objective

RMU Regional Maritime University

SEA Strategic Environmental Assessment

TA Technical AssistanceTTI Takoradi Technical Institute

USAID United States Agency for International Development

3


tDA CREDIT 4847-GH, PROJECT ID - P20005

L FINANCIAL STATEMENTS FOR THE PERIOD ENDED DECEMBER 31, 2014

PROJECT REPORT

The Ministry of Petroleum is the implementing agency for the Oil & Gas Capacity Building Project (OGCBP) and it operates through a

L Project Steering Committee (PSC), which has an oversight responsibility for the project. The Steering Committee of the OGCBP, acting

through the Project Coordination Unit (PCU), is responsible for the preparation of the financial statements for each financial year.

The Project Coordination Unit (PCU) of the OGCBP presents herewith to the stakeholders of the project their report and the Audited

L Financial Statements of the OGCBP project funds for the period ended 31st December, 2014 and report thereon as follows:

Statement of Steering Committee's Responsibilities

L The Steering Committee of the OGCBP, acting through the Project Coordination Unit (PCU), is responsible for the preparation of the

financial statements for each financial year which give a true and fair view of the state of affairs of the project and of the resources and

expenditure and cash flows for that period. In preparing these financial statements, the Steering Committee, through the PCU, has selected

suitable accounting policies and applied them consistently, made judgements and estimates that are reasonable and prudent and followed

generally accepted International Accounting Standards.

The PCU is responsible for ensuring that the project keeps proper accounting records that disclose with reasonable accuracy at any time the

financial position of the project. The PCU is also responsible for safeguarding the assets of the OGCBP and taking reasonable steps for the

L prevention and detection of fraud and other irregularities.

Report on the Financial StatementThe Oil and Gas Capacity Building Project presents herewith the Audited Financial Statements of the OGCBP and the project funds for the

period ended 31st December, 2014 and report thereon as follows:

L ACCUMULATED FUND: Movements in Accumulated Funds may be summarized as follows:

2014 2013US$ US$

Balance b/fwd

IDA Project Credit No.4847-GH 20,566,899 5,486,437

GoG Counterpart Fund 1,000,000 1,000,000

IDA -PPA- No.Q748-GH 65475 65475

RECEIPTS: 21,632,374 6,551,912

IDA Project Credit No.4847-GH 15,305,246 15,080,462

GoG Counterpart Fund - -

IDA -PPA- No.Q748-GHAdd: Interest on Designated Account

Less: Exchange Difference-Gain/(Loss)

Balance -December 31, 2013IDA Project Credit No.4847-GH 35,872,145 20,566,899

GoG Counterpart Fund 1,000,000 1,000,000

IDA -PPA- No.Q748-GH 6_547_5 6_54 7 5

____________________________________ 3697.620 2162.374

D . .. .. . .. . .. .. . .. Project .. ... . .. . .. . . .. . .

ProjepkCo-ordi to Project ant

4


IDA CREDIT 4847-GH, PROJECT ID - P120005


AUDITORS' REPORT ON THE FINANCIAL STATEMENTS

We have audited the financial statements on pages 8 to 25 of the Oil and Gas Capacity Building

Project (OGCBP) financed under IDA Credit Agreement No. 4847-GH for the period ended

December 31, 2014.

Respective Responsibilities of the Steering Committee of the OGCBP and Auditors

The Steering Committee of the OGCBP, acting through the Project Coordination Unit (PCU), is

responsible for the preparation of financial statements. It is our responsibility to form an independent

opinion, based on our audit on those statements, and to report our opinion to you.

Basis of opinionWe conducted our audit in accordance with generally accepted auditing standards. An audit includes

examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial

statements. It also includes an assessment of the significant estimates and judgement made by the

management in the preparation of the financial statements, and of whether the accounting policies

are appropriate to the OGCBP's circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we

considered necessary in order to provide us with sufficient evidence to give reasonable assurance that

the financial statements are free from material misstatement, whether caused by fraud or other

irregularity or errors. In forming our opinion we also evaluated the overall adequacy of the

presentation of information in the financial statements.

We have obtained all the information and explanations we consider necessary for the purpose of our

audit.

OpinionIn our opinion, proper books have been kept and the financial statements which are in agreement

therewith, give a true and fair view of the state of the Project's financial position as at December 31,

2014 and of the Resources and Expenditures for the year then ended.

5


IDA CREDIT 4847-GH, PROJECT ID - Pl20005


AUDITORS' REPORT ON THE FINANCIAL STATEMENTS CONTINUED

Additionally, in our opinion:

(i) Expenditures covered under the project, have been made in accordance with the

provisions of the Development Credit Agreements;

(ii) The Expenditures are made based on cash forecasts by the OGCBP Secretariat which are

sent to the World Bank before disbursements are made in accordance with the provisions

of the IDA Credit Agreement No. 4847-GH. All expenditures have been made wholly

and necessarily for the realisation of the objectives and with due attention to economy

and efficiency. All information and explanations necessary for the purpose of the audit

have been obtained. All necessary supporting documents have been retained by the PCT

and Implementing Agencies and that the Expenditures audited can be relied upon to

support the related withdrawal applications for reimbursement;

(iii) The Government of Ghana Fund has been provided and used in accordance with the IDA

Credit Agreement No. 4847-GH with attention to economy and efficiency, and only for

the purposes for which it was provided;

(iv) All goods and services financed have been procured in accordance with the IDA Credit

Agreement No. 4847-GH.

(v) The financial statements audited by us which are in agreement with the books of account

in all material respects and conform to generally accepted International Accounting

Standards show a true and fair view of the Credit Fund as at3 1st December, 2014

' nd y racis Aw anyo. (I C AG/P/ 104 7)

For and on behalf of

Global Auditors (ICAG/F/2015/091)

2nd Floor, Glemin HouseOsu-La RoadOsu.Accra-Ghana.

Dated:jute 25, 2oi5

r 6




REPORT OF THE AUDITORS ON THE DESIGNATED ACCOUNT

We have audited the accompanying Designated Accounts statements on page 10 of the Oil and

Gas Capacity Building Project (OGCBP) and covering IDA Credit Agreement No. 4847-GH, for

the period ended December 31, 2014.

Respective Responsibilities of Oversight Committee of the OGCBP Project and Auditors

The Steering Committee of the OGCBP acting through the Project Coordination Unit (PCU) is

responsible for the preparation of financial statements. It is our responsibility to form an

independent opinion, based on our audit on those statements, and to report our opinion to you.

Basis of OpinionWe conducted our audit in accordance with generally accepted auditing standards issued and

IDA's Supplementary Conditions for payments under the designated account. Those Standards

and IDA guidelines require that we plan and perform the audit to obtain reasonable assurance

that the Designated Account financial statement is free of material misstatement. We believe that

our audit provides a reasonable basis for our opinion.

OpinionIn our opinion, the financial statements of the Designated Accounts give a true and fair view of

the Designated Account of the OGCBP, IDA Credit Agreement No. 4847-GH, for the period

ended December 31, 2014 in accordance with generally accepted Auditing standards and IDA

Supplementary Conditions.

Signed by Francis Awanyo. (ICAG/P/1047)

For and on behalf ofGlobal Auditors (ICAG/F/2015/091)

2nd Floor, Glemin HouseOsu-La RoadOsu.Accra-Ghana.

Dated:jue 25, 2oi5

7



PROJECT FINANCIAL POSITION AS AT DECEMBER 31, 2014

NOTE 2014 2013

ASSETS US$ US$

CURRENT ASSETSProject Bank & Cash Accounts 1 854,408 2,717,822

Advances

854,408 2,717,822

CUMULATIVE PROJECT EXPENDITURESNon-Capital Expenditure 3 9,279,140 6,520,690

Fixed Assets 4 26,804,072 12,393,862

36,083,212 18,914,552

NET ASSETS 3 21,632,374

FINANCED BY:IDA Credit No.-4847-GH 5(a) 35,872,145 20,566,899

IDA -PPA- No. Q748-Gh 5(a) 65,475 65,475

Government of Ghana Funds 5(b) 1,000,000 1,000,000

Others 5(c) - -

36972 21,632,374

L

[P OJECT CO-ORDINA ] [P OJECT ACCOUNTANT

The accounting policies and notes on pages 11 to 25 form an integral part of these financial statements.

Auditors' Reports - Pages 5 to 7

8




PROJECT RESOURCES AND EXPENDITURE FOR THE YEAR ENDED DECEMBER 31, 2014

ACTUAL DISBURSED PREVIOUS CUMULATIVE

CURRENT PERIOD TO DECEMBER 31, 2014 PERIOD TO DATE

IDA GOG TOTAL 2010-2013 2010-2014

US$ US$ US$ USS USS

Opening Cash Balance - Jan 1, 2014

Designated Bank Account 2,717,822 - 2,717,822 -

Total of Bank Balances - Jan 1, 2014 2,717,822 - 2,717,822 - -

ADD: SOURCES OF FUNDS

Designated Account 5,010,000 - 5,010,000 17,242,020 22,252,020

g Direct Payments 508,651 - 508,651 330,984 839,635

9,786,595

Special Commitments 9,786,595 - 3,059,369 12,845,964

GOG Counterpart Fund - - - 1,000,000 1,000,000

Total of Funds received 15,305,246 - 15,305,246 21,632,373 36,937,619

Foreign Exchange Difference - - - - -

TOTAL FUNDS AVAILABLE 1

LESS: USES OF FUNDS(1). Goods, Works, consultants services and

Training for parts A and B except for Part A. 1(b)

and A.2 of the project 16,726,177 - 16,726,177 13,143,009 29,869,186

(2).Goods, Works, consultants services and

Training for Part A.1(b) of the project - 3,056,896 3,056,896

(3).Goods, Works, consultants services and -

Training for part A.2 of the project - - 429,773 429,773

(4a) Operating Costs for parts A and B, except part

A.1(b) of the project 57,629 - 57,629 685,410 743,039

(4b) Operating Costs for part A.1(b) of the project 13,339 - 13,339 337,364 350,703

(5). Goods, consultants services, Training and

Operating costs for part c of the project 371,516 - 371,516 1,196,624 1,568,140

(6). Refund of Preparation Advance - - - - -

(8). Project Preparation Advance - - - 65,475 65,7

TOTAL USES OF FUNDS 171,1 - 4.2 3

BANK & CASH BALANCE - DEC 31, 2014

Designated Account 854,407 - 407 2,717,821 8

TOTAL OF BANK BALANCES - DEC 31, 2014 85,_ - 8 2,717,821 85

TOTAL USES OF FUNDS & BANK

BALANCES 1

The accounting policies and notes on pages 11 to 25 form an integral part of these financial statements.

Auditors' Reports - Pages 5 to 7

9

LOIL AND GAS CAPACITY BUILDING PROJECT



DESIGNATED ACCOUNTS STATEMENT AS AT DECEMBER 31, 2014

US LOCAL TOTAL

DOLLAR CURRENCY

ACCOUNT ACCOUNT

IDA IDA IDA

L US$

US$ EQUIVALENT US $

Opening Cash Balance - Jan 1, 2014 2,650,381 67,440 2,717,8210 0 0

Transfer from Dollar Account 0 633,000 633,000

Advances & payments into Designated Account 5,010,000 0 5,010,0000 0 0

Withdrawal Application submitted during the year for

replenishment 0 0 0

Total Funds Available in the Designated Accounts 763000 8

Made up asfollows:

Transfer to Local Currency Account 633,000 - 633,000

Amount of Eligible Expenditures paid during the year 6,191,717 681,697 6,873,414

Advances to Supplier paid 0 0 0

Designated Accounts Balances at December 31, 2014 835,664 1843 854,407

Total Amount Accounted for 7 6

LThe accounting policies and notes on pages 11 to 25 form an integral part of these financial statements.

Auditors'Reports - Pages 5 to 7

1

10

LOIL AND GAS CAPACITY BUILDING PROJECT



L DESCRIPTION OF PROJECT

1. Back2round

The objective of the Oil and Gas Capacity Building Project is to improve public management and regulatory

capacity while enhancing transparency and strengthen local technical skills in Ghana's emerging oil and gas

sector.

The project directly benefits the numerous institutions that will manage the oil and gas sector, and selected

L institutions which train workers to be employed in the sector or affiliated industries. The project indirectly

benefits all Ghanaians through increasing the Government's capacity to manage the resources effectively and

transparently.

The project has two major components, each with multiple sub-components:

(A) Institutional development and sector management. Component A focuses on the project objective of

improved management and regulation and increased transparency.

(B) Provision of technical and professional skills to Ghanaian workers needed by the petroleum sector.

Component B focuses on enhancing technical skills in the sector through support to vocational

L training schools and the Kwame Nkrumah University of Science and Technology.

Component A: Institutional Development and Sector Management

A.] - Resource management (IDA US$7.8 million, with parallel technical assistance and training from

Norway and USAID):

This subcomponent supports the development of the technical capacity of: (a) the MoP for management of the

petroleum sector, including refurbishing of the Ministry's offices; and (b) the future petroleum regulatory

agency for regulation of the petroleum sector, through the provision of goods, works, training and technical

advisory services. Training and knowledge transfer to build technical capacity to manage and regulate the

L petroleum sector will be developed through the use of an array of activities to be deployed on a needs basis.

Primary activities include upgrading of office environment, staff training, hiring of advisors and external

expertise. The support will be augmented by TA and training support to MoP from Norway.

In keeping with the objective of increasing transparency, the project will assist in building a strong oil and gas

communications capability in MoP and in establishing a network of all communication staff from the energy-

related Ministries, Departments and Agencies.

A.2 - Data management (IDA US$10 million, with technical assistance from Norway):

The essential feature of this component is the installation of secure electronic data storage capacity for loading

data on petroleum exploration and production operations, and associated equipment in an appropriate GNPC

facility to house the national data repository. Due to the high commercial value of such data and its

uniqueness, the data storage media has to be of the highest quality and technology to prevent data loss or

deterioration. Norway will provide parallel support for this component with TA and training of staff of the

data centre.

11




A. 3 - Environmental management (IDA US$4 million, with technical assistance from Norway):

The activities to be financed for building the capacity of EPA for environmental and social management

include:(a) Provision of technical advisory services to EPA to focus on planning, management and training on

environmental and social issues in the oil and gas sector;

(b) Strengthening the capacity for an EPA-led rapid response to oil and gas sector emergency events;

(c) Strengthening the EPA through the acquisition of goods, provision of technical advisory services and

adequate staffing;

(d) Advancing the use of the geographical information system to facilitate the EPA staff in collection,

storage and analysis of large volumes of spatial data;

(e) Establishing laboratory facilities at the EPA Western Region office, and acquisition of a marine

vessel; and(f) Provision of training and other required technical support to EPA staff in international best practices

in the petroleum sector. The support will be augmented by TA and training support to EPA from

Norway, estimated at a value of about US$6 million.

Subcomponent A. 4 - Revenue Management (IDA US$1 million, with parallel technical assistance and

training from several other donors):

This component supports strengthening the capacity of the MOFEP and the Ghana Revenue Authority for

revenue management, including, inter alia, tax administration and fund management of oil revenues, through

the acquisition of goods, provision of training and technical advisory services. Key skill areas that will be

supported are petroleum specific aspects of tax assessment and financial audit, revenue forecasting, tax policy

analysis, investment negotiations and economic planning (including functions related to future petroleum fund

operations). This support is to be coordinated with TA and training available from Norway, SECO and the

IMF.

Subcomponent A. 5 - Enhancing Sector Governance (IDA US$3 million,):

This subcomponent supports four sets of activities with a focus on increasing transparency and accountability

in the oil and gas sector, including:

(a) strengthening the capacity of public agencies involved in oil and gas sector governance, for

communication, outreach and dissemination of information;

(b) strengthening sector governance by establishing an independent information resource center on oil

and gas;

(c) building the capacity of the secretariat supporting the Extractive Industries Transparency Initiative

(EITI) in the oil and gas sector; and

(d) strengthening information and accountability mechanisms at the local level, and anti-corruption

functions at the national level.

12




Component B: Education and skills development

The GoG policy on local content sets ambitious targets for the involvement of Ghanaians in the oil and gas

sector. To meet these goals, workers will need to acquire new skills that meet the requirements of the sector

and professionals will need to adapt their training to include issues related to oil and gas. To meet both these

needs, this component supports vocational training (B. 1) and tertiary education and research at KNUST (B.2).

B.1 - Vocational training support (IDA US$4.7 million):

This component is designed to strengthen the capacity of Ghanaian training institutions including Kikam

Technical Institute, Takoradi Technical Institute and the Regional Maritime University to enhance the skills

of the local workforce to engage in the oil and gas sector. It includes, inter alia:

(a) provision of training to the staff of the above institutions;

(b) curriculum development and planning; and

(c) upgrade of facilities in these training schools; through the provision of technical advisory services,

training, goods and works.

B. 2 -Tertiary education and research support (IDA US$6 million):

This component is designed to strengthen the capacity of Kwame Nkrumah University of Science and

Technology (KNUST) to provide high-level degree programs in petroleum engineering and petrochemical

engineering, by:

(a) improving the quality and range of courses by strengthening the faculty of the College of

Engineering;

(b) enhancing the learning experience for students by:

(i) equipping new petroleum engineering laboratories, refurbishing and equipping the existing

chemical engineering laboratories, and

(ii) acquisition of text books, journals and other teaching materials for petroleum and

petrochemical engineering reference courses and other programs to equip KNUST for

foundation courses and engineering-related petroleum studies;

(c) facilitating graduating students to extend studies in Masters of Sciences or doctoral programs with a

view to adding to the academic staff of KNUST; and

(d) facilitating visiting faculty lecturers, through the provision of technical advisory services, training,

goods and works.

13




2. Implementation Arrangements

The Project implementation arrangement is depicted in the chart below:

Project Implementation Arrangements

Steering commitee providesoversight to the ProjectCoordination Unit. Steering committee

Chair: Deputy Minister ofEnergy

PCU housed at Min of Energyacts as financial and,. MOE-PCUprocurement manager for -beneficiary agencies.

MOc IT:- GripT(JPC A/O/ I Reguilator I

The PCU will manage an IDA Designated Account and financial transactions and procurements for the smaller

institutions which are beneficiaries of the project.

Monitoring of the project will be handled centrally by the PCU in conjunction with the Policy, Planning, Monitoring

& Evaluation (PPME) Directorate of MoP, which is already playing this role for the ongoing IDA-funded project in

the power sector (GEDAP, Cr. 4356-GH). In addition, the PPME Directorate will work with the NDPC on national

indicators for oil and gas in Ghana. It will collect status reports quarterly from the beneficiary organizations and

compile them into a report that will focus on the project indicators as well as more general overall progress.

The Project Coordination Unit (PCU) will be housed within the Ministry of Petroleum, reflecting the central role that

energy plays in the development of all components of the project. The PCU will act as the central management unit

for the project and will be responsible for procurement and financial management matters on behalf of the beneficiary

entities. The PCU will be staffed with a Program Coordinator, Project Manager, Procurement Specialist (PS) and the

Project Accountant (PA). The PS and PA perform similar roles under GEDAP and therefore bring considerable

experience in the fiduciary area of the project.

Oversight for the PCU will come from a steering committee chaired by the Deputy Minister of Energy & Petroleum.

Members of the steering committee will include:

* Chief Directors from Education, Energy, Finance, and MEST;

* the Rector of KNUST School of Engineering;

* Executive Directors of EPA and COTVET.

14

L,OIL AND GAS CAPACITY BUILDING PROJECT



LSteering committee meetings will be held quarterly, and the PCU Coordinator will be the secretary to the Steering

Committee. During the last quarter of each year the PCU will agree on the detailed work program, spending

L allocations and procurement for the coming year with the Steering Committee and Bank, in consultation with other

donors providing assistance to the O&G sector, notably Norway.

3. Project Effective Date

L The Oil and Gas Capacity Building Project was approved by the World Bank's Executive Directors on December 20,

2010, and Project declared effective on May 20, 2011.

L 4. Project Financing

The project is financed by the following sources:

_____________________________________________US$ million

International Development Association 38

L Kingdom of Norway 15

Governance Partnership Facility 2

Government of Ghana 3

L Total 58

The Project will be a sector-specific technical assistance Credit implemented primarily by the Ministry of Petroleum.

A Project Preparation Advance (PPA) of US$600,000 has been granted to GoG to establish the PCU and accelerate

implementation. It also includes funding for consultancies to assist in planning and design work needed prior to

L project implementation.

Parallel financing from the Kingdom of Norway of approximately US$15 million will support several project

L components. These funds are administered independently of IDA.

GoG is making a contribution towards the local costs of the project in the form of new buildings on sites

belonging to GNPC, EPA and KNUST. The monetary value of this contribution is estimated at US$3 million.

Table 2 shows the IDA's contributions to the project of the various sources of funding.

L

LL

L 15

r




5. Summary of the Original IDA Financing By Major Component

Table 1: Summary of IDA financing by major component

Cost in US$ 000s

Component 2011 2012 2013 2014 2015 Total

A.I Resource Management 1,020 1,965 2,045 1,605 1,165 7,800(MoP & future regulator)

A.2 Data Management (GNPC) 2,000 4,000 3,000 500 500 10,000

A.3 M nge mental 750 1,550 950 430 320 4,000Management (EPA)IIA.4 Revenue Management 250 305 275 170 -- 1,000(MoF & GRA)

A.5 Sector Governance 1080 780 470 380 290 3,000

B.1 Vocational Training 370 1,540 1,630 905 255 4,700

B.2 Engineering Training 1,145 2,910 1,260 435 250 6,000

C. PCU costs 600 250 250 200 200 1,500

Totals 7,215 13,300 9,880 4,625 2,980 38,000

6. Conditions Of Financing:

The following specific Credit covenants were agreed with GoG at negotiations:

* Disbursement condition on satisfactory establishment of a future petroleum regulatory body;

* Commitment from EPA to:o provide an adequate operating budget for a laboratory, including staff costs, and

o provide staff qualified to operate a marine monitoring vessel.

* Commitment from KNUST to support the new Petroleum Engineering laboratory through provision of staff

and operating budget for maintenance, utilities, and consumable goods.

* Commitment from GoG to provide US$ 1 million towards the cost of completing the new Engineering School

Building at KNUST;* Commitment from KNUST to improve the staff-student ratio in the Petroleum Engineering program to 1:18

by project closing.* Appointment of independent auditors for the project.

7. Proposed Reallocation:

A proposed reallocation, required to reflect several key changes in project environment and the associated cost

overruns that have occurred since the inception of project activities have been made. The reallocation in 2013

became effective in 2014 is as follows:

16




IDA FUNDS RE-ALLOCATION

Category of Expenditure Allocation (SDR) % of Financing

Current Revised Current Revised Current Revised

1) Goods, works,(1)Goods, works, consultants' services and

consultants' services and Training for Part A and

Training for Parts A and B of the Project 13,700,000 21,572,656 100% 100%

B, except Part A.1 (b)and A.1 of the Project

(2)Goods, works, (2)Goods.,works,consultants' services and consultants' services and 0

Training for Part A. I (b) Training for Part A. 1 (b)

of the Project. of the Project.

(3)Goods, works, (3)Goods, w%orks,

consultant services and consultant services and 6

Training for Part A.2 of Training for Part A.2 of

the Project the Project

(4)Operating Costs for: (4)Operating Costs for:

(a) Parts A and B, (a) Parts A and B, except 400,000 400,000 100% 100%

except Part A.1(b) of theProjectPart A.1(b) of the ProjectProject

(b) Part A.1 (b) of the (b) Part A.1 (b) of the 50,000 325,000 100% 100%

Project Project

(5)Goods, consultants' (5) Goods, consultants'

services, Training and services, Training and 950,000 950,000 100% 100%

Operating Costs for Part Operating Costs for Part

C of the Project C of the Project

Amount Amountpayable payable

(6)Refund of the (6) Refund of the pursuant to pursuant to

Preparation Advance Preparation Advance 400,000 400,000 Section 2.07 Section 2.07

PrearaionAdvnce PrearaionAdvnceof the of theGeneral General

Conditions Conditions

TOTAL AMOUNT 24,200,000 24,200,000

17




8. Additional Financing

The request for additional financing of USD 19.8 million was approved by the World Bank Board of

Executive Directors on 27 June, 2014. By the 31 December, 2014, the approval processes by the

Government of Ghana and Parliament had not been completed.

18



ACCOUNTING POLICIES

i. The following are the significant accounting policies adopted in the preparation of these financial

statements.

(a) Bases of Preparation

The financial statements have been prepared under the historical cost convention and no

procedures have been adopted to reflect either the impact of specific price changes or

changes in the general level of inflation.

(b) International Accounting Standards

International accounting standards as modified by the under-listed accounting policies have

been used in preparing the financial statements.

Funds Received & Expenditure

i. Funds received are accounted for on cash basis.ii. Expenditure is accounted for on modified accrual basis.

(c) Foreign Currency Translation

(i) The line of credit forming the basis of these accounts is denominated in Special

Drawing Rights (SDR) and United States Dollars.

(ii) Transactions denominated in currencies other than US Dollars are converted at the

rate ruling at the date in which the transaction took place. Current assets and

liabilities denominated in currencies other than US Dollars are translated at the rate

of exchange ruling at the balance sheet date. Fixed assets are translated at the rate of

exchange ruling at the time of acquisition. Gains or losses arising on foreign

currency transactions are credited to or charged against Sources and Uses of Funds

in the period in which they arise.

(d) Fixed Assets

Project fixed assets, used for managing the project is stated at cost. These assets are not

depreciated.

(e) Rounding Up

Figures in the Financial Statements may not add up due to rounding up of figures.

19



NOTES TO THE FINANCIAL STATEMENTS

2014 2013US$ US$

1. CASH & BANK BALANCES

These comprise:

Ecobank - IDA Designated Account 835,664 2,650,381Ecobank - IDA (Sub) Designated A/C 18,344 66,688Petty Cash 399 753

202,717,821

L2



NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2. CUMULATIVE PROJECT EXPENDITURESThe cumulative project expenditure, excluding the cost of GoG Contribution towards the cost of completing the new Engineering School

Building at KNUST, may be summarized as follows:

FIXED ASSETS NON-CAPITAL EXPENDITURE TOTALCURRENT CURRENT CURRENT

CUMULATIVE PERIOD CUMULATIVE CUMULATIVE PERIOD CUMULATIVE CUMULATIVE PERIOD CUMULATIVE

PREVIOUS TO DATE PREVIOUS TO DATE PREVIOUS TO DATE

2010-2013 2014 2010-2014 2010-2013 2014 2010-2014 2010-2013 2014 2010-2014

USS US$ US$ US$ USS USS USS US$ USS

Category(1). Goods, Works, consultantsservices and Training for parts A and

B except for Part A.1(b) and A.2 of the

project 7,850,059 14,404,037 22,254,096 4,304,140 2,321,676 6,625,816 12,154,200 16,725,713 28,879,913

(2).Goods, Works, consultants servicesand Training for Part A. 1(b) of theproject 2,416,801 0 2,416,801 631,337 464 631,801 3,048,137 464 3,048,601

(3).Goods, Works, consultants servicesand Training for part A.2 of the project 369,834 0 369,834 59,939 0 59,939 429,773 0 429,773

(4a) Operating Costs for parts A andB, except part A.1(b) of the project 495,110 0 495,110 507,443 57,629 565,072 1,002,553 57,629 1,060,182

(4b) Operating Costs for part A. 1(b) of

the project 0 3,280 3,280 28,734 10,058 38,792 28,734 13,339 42,073

(5). Goods, consultants services,Training and Operating costs for part cof the project 262,058 2,894 264,952 989,096 368,622 1,357,718 1,251,154 371,516 1,622,670

(6). Refund of Preparation Advance 0 0 0 0 0 0 0 0 0

(8). Project Preparation Advance 0 0 0 0 0 0 0 0 0

Rounding off 0 0 -1 1 1 2 1 - 0

11.9386 14.410.211 25.804.0 64.506 2 9.2 0 35.083.

21

OIL AND GAS CAPACITYBUILDING PROJECTIDA CREDIT 484 7-GH, PROJECT ID - P120005

FINANCIAL STATEMENTS FOR THE PERIOD ENDED DECEMBER 31,2014


3. NON - CAPITAL EXPENDITURE

This is made up as follows:

Cumulative Current CumulativeAs At Year As At

These comprise: 1-Jan-14 31-Dec-14Us$ US$ US$

IDA-4847-GHConsultancy & Audit 1,796,480 1,100,504 2,896,984Training 3,767,078 1,493,578 5,260,656Operating Costs 8915 1 68 1,056,025

6,455,215 2,758,450 9,213,665

IDA-0748-GH Project Preparatory AdvanceConsultancy & Audit 48,427 - 48,427Training 10,945 - 10,945Operating Costs - 6

TOTAL

22




4. FIXED ASSETS

These comprise:

Cumulative Current CumulativeAs At Year As At1-Jan-2014 31-Dec-2014

IDA US$ US$ US$

Office Rehabilitation 2,835,513 1,074,458 3,909,971Goods-Office Equipment 7,709,824 13,335,752 21,045,576Goods-Vehicles 848,525 - 848,525

11,393,862 14,410,210 25,804,072

GOGGoods-Office Equipment/Vehicles - - -KNUST-New Engineering School Building 1,000,000 - 1,000,000

1,000,000 - 1,0000

TOTAL 12,393,862 14,410,210

Summarised in Appendix A is the Schedule of Fixed Assets acquired during the year.

23




5. ACCUMULATED FUND

Balance Contribution BalanceJanuary 1, December 31,2014 In 2014 2014

US$ US$ US$Financing Agencies

(a) Funds Received from IDA-Credit # 4847 20,566,899 15,305,246 35,872,145- PPF 65 0 6575

TOTAL FROM IDA 20,632,374 15,305,246 35,937,620

b) Funds Received from GOG- Credit # 4847-GH 1,000,000 - 1,000,000- PPF #Q748-GH -_- -

TOTAL FROM GOG 1,000,000 - 1,00,000

(c) Others

Accumulated Interest - -Exchange (Loss)/ Gain - - -

TOTAL 21632 374 15,305.246 7

24




6. SPECIAL COMMITMENTS

Balance on Special Commitments (for letters of credit backed by the World Bank) as at 31 December 2014 amounted to US$ 111,992.70

(2013: US$6,672,144.84) and it is made up as follows:

LC Amount Balance to bePaid by World paid under

Name of Bank-as at 31 Special

Ref Supplier Description of Contract LC Amount Dec 2014 CommitmentUSD USD USD

SC 29 Comicel Limited Lab Equipment & Materials for EPA 2,385,310.50 2,354,510.00 30,800.50

Techfab Mechanical, welding and fabrication equipment for

SC 27 International TTI, KTI and RMU (Lot 2) 2,377,632.52 2,296,440.32 81,192.20

TOTAL 4,762,943.02 4,650,950.32 111,992.70

25



APPENDIX A

FIXED ASSETS SCHEDULE

26

,AND GAS CAPACITY BUILDING PROJECTI CREDIT 4847-GH, PROJECT ID - P120005

tANCIAL STA TEMENTS FOR THE PERIOD ENDED DECEMBER 31, 2014

OIL & GAS CAPACITY BUILDING PROJECT (FIXED ASSET SCHEDULE) - 2014

)ATE NAME OF SUPPLIER DESCRIPTION BENEFICIARY P.V. NUMBER CURRENCY AMOUNT EXCHANGE USDAGENCY GHO RATE EQUIVALENT4-Jan-14 GODS EXCELLENCE APPLE MACBOOK & MoEn 1775 GHCACCESSORIES (2) 2,590.00 2.22 1,166.67

PAYMENT OF APPLE MACK MoEn 1775 GHC4-Jan-14 MoEO175GHBOOK 2,590.00 2.30 1,126.09;-Feb-14 THE FURNITURE OUTLET OFFICE FURNITURE MoEn 1779 GHC 1,552.50 2.30 554.46

-Feb-14 KAY SYSTEMS 1NT OFFICE FURNITURE MoEn 1837 GHC 60,744.67 2.48 24,493.82

)-Feb-14 KAY SYSTEMS INT OFFICE FURNITURE MoEn 1845 GHC_______________________5,716.50 2.56 2,233.01

MAWIN REF & AC AIR CONDITIONER MoEn 1877 GHCSERVICES COMPRESSOR 3,066.31 2.60 1,179.35

-Apr-14 OMAN FOFOR TONERS (2) MoEn 1895 GHC 1,158.00 2.62 441.98

'-Apr-14 DOCUTECH TONER MoEn 1896 GHC 1,431.00 2.62 546.18

'-Apr-14 AFRODAN LIMITED OFFICE FURNITURE MoEn 1917 GHC 4,562.53 2.68 1,702.44

-Apr-14 18TH JULY LTD OFFICE FURNITURE MoEn 1918 GHC 2,800.00 2.68 1,044.78

-Apr-14 GENERAL ICT SOLUTIONS OFFICE EQUIPMENT MoEn 1919 GHC 7,546.00 2.68 2,815.67-Apr-14 KSI SERVICES LTD UNIT OF MoEn 1894 USDELEVATOR 1.00 6,000.00REPLACEMENT OF ME 94GC4,1.2 27 6420-Apr-14 ELKHART ENTERPRISE A ENTO MoEn 1954 GHCALTERNATOR 45,517.92 2.76 16,492.00-Jun-14 CAN-WEST PROJECTOR SCREEN MoEn 2103 GHC 1,865.00 2.86 652.10

-Jun-14 D.S. MULTI- TECH SONY DIGITAL CAMERA MoEn 2104 GHC 1,165.05 2.86 407.36

-Jun-14 IPMC EXTERNAL HARD DRIVE MoEn 2118 GHC 2.86 208.10

)-Jul-14 KSI SERVICES LTD KONE ELEVATOR MoEn 2235 USD 1.00 8,000.00-Sep-14 COMPU GHANA PRINTER & LASER MOUSE MoEn 2330 GHC 4,856.00 3.46 1, 403. 47

27

AND GAS CAPACITY BUILDING PROJECTI CREDIT 484 7-GH, PROJECT ID - P120005

ANCIAL STATEMENTS FOR THE PERIOD ENDED DECEMBER 31, 2014

)ATE NAME OF SUPPLIER DESCRIPTION BENEFICIARY P.V. NUMBER CURRENCY AMOUNT EXCHANGE USDAGENCY GHO RATE EQUIVALENT!-Sep-14

GHC 6,000.00 3.46 1,734.103-Sep-14

2343 GHC 4,882.50 3.46 1,411.13FINAL PAYMENT OF ME 41GC1955 .65071-Oct-14 KSI SERVICES LTD ELAORMoEn 2401 GHCELEVATOR 1,905.50 3.46 550.72

5-Oct-14 THE FURNITURE OUTLET OFFICE FURNITURE MoEn 2431 GHC______________________877.50 1.41 622.34

>-Oct-14 GRA TAXES ON MoEn 2432 GHCGOODS 217.00 3.46 62.727-Oct-145% WITHOLDING TAXES ON MoEn 2469 GHCGOODS 39.00 3.05 12.79-Nov-14 COMPU GHANA HP LASE PRINTER MoEn 2496 GHC______ _____________9,387.00 3.05 3,077.70

DESKTOP,LAPTOPS, TOOL ME 58GC4,0.0 30 6333-Nov-14 TECHNO PLUS GHANA MoEn 2518 GHCBOX 49,000.00 3.05 16,333.33-Dec-145% WITHOLDING TAXES ON PET COMM 2523 GHCGOODS 3,930.00 3.05 1,288.52-Dec-14 TCHNOPLUS PRINTER & LAPTOP MoEn 2565 GHC 7,252.00 3.00 2,417.33

-May-14 KWATSONS ELECTRICALS EPSONPET COMM 2007 GHCPROJECTOR,LUMEN300 7,196.00 2.68 2,685.07May-14 COMPU GHANA HANGING PROJECTOR PET COMM 2008 GHC 1,554.00 2.68 579.8

ELECTRONIC WALL SCREEN PTCM 07GC2962 .61076May-14 VISUALS SYSTEMS PET COMM 2047 GHC& CABLES 2,996.25 2.86 1,047.64PAYMENT OF UPSTREAM MEn26GH195.0 286,2.35-Jul-14 GHANA STANDARD BOARD EMoEn 2160 GHCHSE 19,511.00 2.86 6,822.03INSTALLATION OFPECOM23GH18,2.0 .65,9.44-Jul-14 ALTRA ELECTRICALS LATOPET COMM 2232 GHCELEVATOR 189,727.20 2.86 58,921.49

-Sep-14 SUPPLY OF ICT EQUIPMENT PET COMM 2386 GHC 780,930.74 2.95 263,827.956-Oct- BLESSED SUPPLIES OFFICE FURNITURE PET COMM 2434 GHC 40,436.89 3.46 11,686.96

-Oct-145% WITHOLDING TAXES ON PET COMM 2469 GHCGOODS 2,063.11 3.05 676.43Nov-14 BLESSED SUPPLIES OFFICE FURNITURE PET COMM 2485 USD

81.00 18,049.79

28

4ND GAS CAPACITY BUILDING PROJECT

CREDIT 4847-GH, PROJECT ID - P120005

INCIAL STATEMENTS FOR THE PERIOD ENDED DECEMBER 31, 2014

ATE NAME OF SUPPLIER DESCRIPTION BENEFICIARY P.V. NUMBER CURRENCY AMOUNT EXCHANGE USD

AGENCY GHO RATE EQUIVALENT

-Dec-14 GRAGHC TAXES ON 2523 GHCGOODS

2,804.14 3.05 919.39

FEES FOR DATA-Apr-14 EUROTECH COMPUTER TRASCRIPTO GNPC 1922 USD

TRANSCRIPTION 1.00 59,501.00

FEES FOR DATA-Jun-14 TROIKA INT. LTD TEESCRIPT GNPC 2077 USD


FEES FOR DATA-Jul-14 TROIKA INT. LTD TRASCRIPT GNPC 2189 USD


FEES FOR DATA-Sep-14 TROIKA INT. LTD TRASCRIPT GNPC 2367 USD


-Oct-14 ELKHART ENTERPRISE GENERATOR SETS GNPC 2466 GHC 11,489.36 3.05 3,767.00

-Oct- 14 GRA 5% WITHOLDING TAXES ON GNPC 2469 GHCGOODS

70.45 3.05 23.10

-Oct-14 ELKHART ENTERPRISE GENERATOR SETS GNPC 2466 GHC 258,510.64 3.05 84,757.59

FEES FOR DATA-Oct-14 TROIKA INT. LTD TRASCRIPT GNPC 2473 USD


FEES FOR DATA!-Dec-14 TROIKA INT. LTD TEESCRIPT GNPC 2563 USD


!-Dec-14 TROIKA INT. LTD FEES FOR DATA GNPC 2564 USDTRANSCRIPTION

1.00 32,273.80

Aug- 14 GRA ~ 5% WITHOLDING TAXES ON EA27 HAug-14 GRA EPA217DGH

GOODS T 4,443.11 3.17 1,399.40

DHL GLOBAL-Aug-14 FORWARDING HANDLING CHARGES EPA 2320 GHC

FORWARDING 1,481.06 3.46 428.05

)-Sep-14 JV-3Q USD

1.00 811,447.00

CHEMICAL CLEARED FOR EP247UD5,2.3 .0180.4

)-Oct-14 GRA, CUSTOM DIVISION EAEPA 2477 USDEPA

56,126.23 3.05 18,402.04

)-Nov-14 GOLDEN JUBILEE STORAGE CHARGES FOR EPA EPA 2501 GHC 18,000.00 3.05 5,901.64

C-Dec-14 GB SANGIDEB LTD EPA 2553 GHCEPA GOODS

3,800.00 3.05 1,245.90

IMPORT DUTY & STORAGE5-Dec-14 MODERN WORLD LTD CHARGESEPA 2524 GHC 15,825.12 3.0_527.0

29



DATE NAME OF SUPPLIER DESCRIPTION BENEFICIARY P.V. NUMBER CURRENCY AMOUNT EXCHANGE USDAGENCY GHO RATE EQUIVALENTCHEMICAL CLEARED FOR EP256UD108,79631-Dec-14 GRA, CUSTOM DIVISION EAEPA 2536 USDEPA

1.00 85,879.261-Dec-14 SC-29 USD 1.00 1,543,063.00

SUPPLY OF LAB INFOEP213UD.03,7.79-Sep-14 ARCOA GHANA LTD SYEPA 2163 USDSYSTEMS 1.00 32,777.0719-Nov-14 M.I.B LIMITED COST OF HP LASER EPA 2499 GHCPRINTERS

3,773.88 3.05 1,237.34PAYMENT ON GOODSEP254GC103,97624-Nov-14 COMICEL LTD ENGEPA 2514 GHCCLEARING 1.00 31,497.605% WITHOLDING TAXES ON GRA 2523 GHS1-Dec-14 GRA GRA252DGHGOODS

167.73 3.05 54.9912-Dec-14 FAIR GREEN LTD IT EQUIPMENT FOR EPA EPA 2536 USD 685,226.95 5.05 228,408.98COST OF PHONES FOR OIL & MO208GC74.0 286,5.1

4-Jun-14 VODAFONE SMOP 2088 GHCGAS 7,400.00 2.86 2,587.411-Aug-14 OMAN FOFOR SCANNER FOR MOF MOFEP 2241 GHC 22,300.00 3.18 7,023.62

LAPTOP,DESKTOP & MFP25 H 9423 .656765-Aug-14 SANDRA SEKOR TOMOFEP 2252 GHCTOSHIBA DRIVE 19,402.36 3.46 5,607.62EVIEWS & GTAP EXTERNAL MO226GC5,9.2 341,7.415-Aug-14 O-G ASSOCIATES LTD DRIEMOF 2276 GHCDRIVE 53,829.02 3.46 15,785.6426-Aug-14 O-G ASSOCIATES LTD EVIEWS & GTAP EXTERNAL MOF 2315 GHCDRIVE 23,069.58 3.46 6,685.87PAYMENT OF COMPUTER MEPGC3934 .6113930-Sep-14 COMPU GHANA ACESO COMPUR MOEFP GHCACCESSORIES 3,923.40 3.46 1,133.9318-Nov-14 COMPU GHANA LASER JET AND PRINTERS GRA 2496 GHC 12,516.00 3.05 4,103.61

19-Nov-14 M.I.B LIMITED LASER JET AND PRINTERS EPA 2499 GHC 3,773.88 3.05 1,237.345% WITHOLDING TAXES ON EPA 2523 GHC1-Dec-14 GRA EPA252DGHGOODS 167.73 3.05 54.9913-Jan-14 PARABEN CORPORATION PAYMENT OF MFK-RMOBILE EOCO 1741 USD 1.00 7,520.00CUSTOM MADE I.T FORENSIC TOOLS AND EOCO 1819 USDSOLUTION EQUIPMENT

1.00 46,231.5020-May-14 DECISION GROUP & CRACKING EOCO 2015 USDSYSTEMS 1.00 101,800.00

30



DATE NAME OF SUPPLIER DESCRIPTION BENEFICIARY P.V. NUMBER CURRENCY AMOUNT EXCHANGE USDAGENCY GHO RATE EQUIVALENT22-Apr-14

SC-25 SC-25 1.00 482,501.002-May-14

SC-25 USD 1.00 5,536.8828-May-14 SC-27 USD 1.00 6,797.11

2-Jun-14 SC-27 USD 1.00 6,663.824-Jun-14 SC-27 USD 1.00 58,828.04

9-Jun-14 SC-27 USD 1.00 245,151.91IMPORT DUTY ON DRILLING CTVT29GH108.7 318,46621-Jul-14 GRA-CUSTOM DIVISION IDCOTVET 2198 GHCFLUIDS 10,878.70 3.18 3,426.36

21-Jul-14 GRA PAYMENT OF IMPORT DUTY COTVET 2198 GHC 1.00 3,399.595-Aug-14STORAGE CHARGES FOR COTVET 2249 GHCEQUIPMENT 28,196.44 3.46 8,149.265-Aug-14 SAMPSON DAMPTEY COORDINATION COTVET 2250 GHCEXPENSES,COTVET 740.00 3.46 213.876-Aug-14IMPORT DUTY & STORAGE COTVET 2253 GHCCHARGES 32,306.04 3.46 9,643.5918-Sep-14 MODERN WORLD IMPORT DUTY & STORAGE COTVET 2363 GHCCHARGES 31,248.23 3.46 10,416.0830-Sep-14

JV 3Q USD 1.00 3,724,081.69CLEARING CHARGES FOR CTE 53GC3500 .5117520-Nov-14 GB SANGIDEB LTD RCOTVET 2503 GHCRMU 3,500.00 3.05 1,147.5417-Nov-14 MODERN WORLD OF TWO COTVET 2487 GHCSHIPMENTS 305,663.37 3.05 100,217.5013-Nov-14 MODERN WORLD CLEARANCE OF TWO COTVET 2490 GHCSHIPMENTS 33,344.15 3.05 11,114.72DEMURRAGE & STORAGE CIE 52 H 0,1.2 30 70949-Dec-14 MODERN WORLD RGECOTVET 2532B GHCCHARGES 201,118.32 3.05 67,039.44DEMURRAGE & STORAGE COVT24GC 18,6.0 356,7.717-Dec-14 MODERN WORLD RGECOTVET 2549 GHCCHARGES 185,366.30 3.05 61,788.7731-Dec-14

SC-27 USD 3.05 61,689.48

31

OIL AND GAS CAPACITY BUILDING PROJECTIDA CREDIT 484 7-GH, PROJECT ID - Pl20005


DATE NAME OF SUPPLIER DESCRIPTION BENEFICIARY P.V. NUMBER CURRENCY AMOUNT EXCHANGE USDAGENCY GHO RATE EQUIVALENT31-Dec-14

SC-27 USD 0.69 0.6914-Jan-14 TECHFAB INT LTD ADVANCEPAYMENT KNUST 1743 USD 1.00 303,148.15

31-Mar-14 JV USD 1.00 264,693.24

1424-N0v- M.I.B. LTD LASER JET AND PRINTERS COTVET 2515 GHC 1,886.95 3.05 618,67-Dec-145% WITHHOLDING TAXES ON COTVET 2523 GHCGOODS 1,353.85 3.05 443.89-Dec-145% WITHHOLDING TAXES ON COTVET 2523 GHCGOODS

83.87 3.05 27.5018-Jan-14 BEEDEG & KNUST 1735 GHCIMPORT DUTY 1,013.20 2.22 456.4023-Jan-14 AVIANCE STORAGE CHARGES KNUST 1772 GHC 12,919.36 2.30 5,617.11

24-Jan-14 AVIANCE STORAGE CHARGES KNUST 1778 GHC11,071.00 2.30 4,813.487-Jan-14 MODERN WORLD SERVICE CHARGES KNUST 1732 GHC 39,261.52 2.30 17,685.37

23-Jan-14 MODERN WORLD CHARGES FOR FLUID KNUST 1773 USDPROPERTIES 1.00 5,588.046-Feb-14TAX EXCEMPTED IMPORT KNUST 1783 GHCDUTY

24,131.25 2.38 10,139.18OFFSET CONTAINER,PORT & KUT18 H 6245 .968526-Feb-14 BEEDEG AND OTHERS OSKNUST 1784 GHCGOODS 16,264.54 2.39 6,805.25SERVICE CHARGES FOR KNS178GC20.0

24096710-Feb-14 CE-MEDULLA SHIPPING ERIKNUST 1788 GHCCLEARING

2,200.00 2.40 916.6712-Feb-14 CLEARING AGENTS EXTRA CHARGES FOR KNUST 1789 GHCCLEARING 3,000.00 2.42 1,239.67SERVICE CHARGES FOR KNT170GC22.0

2409.56-Feb-14 LAPCEE SHIPPING AGENCY ERIGKNUST 1780 GHCCLEARING 2,222.00 2.40 947.55_3-Feb-14 MODERN WORLD AGENT SERVICE CHARGE KNUST 1785 GHC 30,436.13 2.40 12,681.72

6-Feb-14 AVIATION SERVICES STORAGE CHARGES KNUST 1821 GHC 16,912.00 2.40 6,791.9726-Feb-14PACKAGES TO EDUTEQ & KNUST 1823 GHCMAALAB

5,170.00 2.40 2,084.68

32



DATE NAME OF SUPPLIER DESCRIPTION BENEFICIARY P.V. NUMBER CURRENCY AMOUNT EXCHANGE USDAGENCY GHO RATE EQUIVALENT

26-Feb-14 MODERN WORLD SUPPLY OF RELATED KNUST 1826 GHCSERVICES,FLUIDS 21,842.95 2.40 8,772.27GOLDEN JUBILEE HANDLING AND RENT KNUST 1827 GHC26-Feb-14 TERMINAL CHARGES

6,468.38 2.40 2,597.7427-Feb-14 MOL GHANA LTD DEMURRAGE &CONTAINER KNUST 1828 GHCFEES 20,968.48 2.40 8,421.0827-Feb-14 AVIANCE STORAGE CHARGES KNUST 1834 GHS 8,369.97 2.40 3,374.99

17-Mar-14 MODERN WORLD SERVICE CHARGES KNUST 1846 GHC 26,474.26 2.62 10,464.1317-Mar-14 MM ARICAN TECH. LTD HARDWARE & SAFETY KNUST 1849 USDEQUIPMENT 1.00 4,628.7621-Mar-14 MODERN WORLD SERVICE CHARGES KNUST 1874 GHC 8,296.50 2.62 3,166.6026-Mar-14

JV USD 1.00 1,249,134.8631-Mar-14

JV USD 1.00 651,592.9631-Mar-14 AVIANCE STORAGE CHARGES KNUST 1890 GHS 19,825.82 2.62 7,567.11

3-Apr-14 CEPS TYKNUST 1891 GHSDUTY 19,545.98 2.62 7,460.303-Apr-14 AVIATION SERVICES STORAGE CHARGES KNUST 1892 GHS 15,442.00 2.62 5,893.89

22-Apr-14 MODERN WORLD SERVICE CHARGE KNUST 1993 GHS__________ 41,607.64 2.68 15,525.24

2-Apr-14 DRILLING SYSTEMS SUPPLY OF DILLSIM-500 KNUST 1881 GBP 137,940.00 1.65 232,428.90

4-Apr-14 JV USD1.00 675,413.36

16-May-14 MODERN WORLD HAGEKNUST 2006 GHSCHARGE 4,343.37 2.68 1,620.6630-May-14 ECOBANK BANK CHARGE 2006 GHS 17.50 2.88 6.08

2-Jun-14 MODERN WORLD STORAGE & SERVICE KNUST 2071 GHCCHARGE 44,821.62 2.93 15,297.4820-Jun-14 EDUTEQ LABORATORY EQUIPMENT KNUST JV USD

31.00 508,651.2633




8-AuAM -14NA LTD INSTALLATION OF KNUST 2258 USD8-Aug-14ROTSAM GHANA LTD COMPUTERS 1.00 106,460.20

DELIVERY OF RELATED KNUST 1740 USD13-Jan-14 TECHFAB INT LTD SEEVICES KNUST1D1.00 104,259.13

7-Jan-14 Commission LLC USD 1.00 306.46

12-Feb-14 Commission LLC USD 1.00 4,109.10

17-Mar-14 Commission LLC USD 1.00 11,888.16

17-Mar-14 Commission LLC USD 1.00 7,132.90

17-Mar-14 Commission LLC USD 1.00 11,926.58-Apr-14 Commission LLC USD 1.00 7,155.93

13-Mar-14 Commission 1992 USD 1.00 62,555.46

30-May-14 Commission LLC USD 1.00 1,687.873-Jul-14 MALLORY INT LTD 10% RETENTION OF KNUST 2171 USDMATERIALS 1.00 984.76

5% WITHHOLDING TAXES ON KNUST 2469 GHS27-Oct-14 GRA GOODS 1,942.65 3.05 636.93STATIONARIES % KNUST 2439 GHC20-Oct-14 AThAS COPCO GH.LTD ACCESSORIES 43,709.63 3.05 14,331.03SUPPLY OF RELATED KNUST 2461 USD22-Oct-14 TECHFAB INT LTD SERVICES

1.00 243,654.63

12-Dec-14 GRA,CUSTOM DIVISION CHEMICAL FOR EPA EPA 2536 GHC 24,717.81 3.05 58,810.38

28-Apr-14 JV GHC 4,410.00 1,645.52

18-Jul-14 MAWIN REF & AIR COND. Replacement of Air conditioner PCU 2196 GHC 3,151.80 992.6916-Oct-14 ROMANTIC FURNITURE Supply of Office Desk PCU 2435 GHC 843.75 243.8611-Jul-14

GHC 7,461.72 (2,470.77)

34




12-Dec-14 GHC (267.50)

12-Dec-14 GHC (769.23)

27-Oct-14 GRA 5% WITHHOLDING TAXES ON 2469 GHCGOODS 37.50 12.30

Various Office Rehabilitation Various 1074459

Grand Total 14410,2

35




DATE OF BENEFICIARY ORIGINAL EXCHANGE USDPAYMENT PV # NAME OF SUPPLIER AGENCY DESCRIPTION OF EQUIPMENT CURRENCY AMOUNT RATE EQUIVALENT

10-Jan SC OG-13 Gazzina Trading Company MOP Office Equipment & Accessories USD 31,347.05 31,347.05

EPA Office Equipment & Accessories USD 15,202.95 15,202.95

MOF Office Equipment & Accessories USD 112.95 112.95

GRA Office Equipment & Accessories USD 8,595.99 8,595.99

EOCO Office Equipment & Accessories USD 5,497.52 5,497.52

PETCOM Office Equipment & Accessories USD 18,706.61 18,706.61

AG's Office Equipment & Accessories USD 18,179.53 18,179.53

31-Jan-13 LC Mallory International KNUST Books on Petroleum USD 10,214.60 10,214.60

23-Jan-13 936 Nel Supplies GRA Duty on computers and accessories GHC 41,605.91 1.87 22,249.15

8-Feb-13 949 Nel Supplies GRA Duty on computers and accessories USD 21,023.61 21,023.61Ministry of

8-Feb-13 950 Sambus Company Limited Energy Computers and accessories USD 59,894.03 59,894.03

EOCO Computers and accessories USD 140,715.20 140,715.20

EPA Computers and accessories USD 39,655.08 39,655.08

MOF Computers and accessories USD 4,334.72 4,334.72

AG's Computers and accessories USD 32,510.40 32,510.40

Pet Comm Computers and accessories USD 21,673.40 21,673.60

GRA Computers and accessories USD 20,746.24 20,746.24

PCU Computers and accessories USD 2,167.36 2,167.36

19-Feb-13 958 PYCESS EPA Steel canopy for pick up vehicle GHC 5,200.00 1.88 2,780.75

36



DATE OF BENEFICIARY ORIGINAL EXCHANGE USD

PAYMENT PV # NAME OF SUPPLIER AGENCY DESCRIPTION OF EQUIPMENT CURRENCY AMOUNT RATE EQUIVALENT

15-Mar-13 1021 Kingdom Books PCU Comb binding machine GHC 1,500.00 1.88 797.87

28-Mar-13 1050 General ICT Solution MOP Office equipment GHC 5,292.00 1.88 2,814.89

MOF Office equipment GHC 1,764.00 1.88 938.30

EPA Office equipment GHC 2,352.00 1.88 1,251.06

PCU Office equipment GHC 1,764.00 1.88 938.30

28-Mar-13 1056 Elkhart Enterprise MOP 180 KVA Generator GHC 78,626.09 1.91 41,165.49

28-Mar-13 1055 Unit Export Limited EPA Watercraft for surveillance USD 313,620.39 313,620.39

11-Apr-13 1081 Romantic Furniture EPA Office furniture GHC 4,118.40 1.88 2,190.64

11-Apr-13 1082 Furniture City EPA Office furniture GHC 2,200.00 1.88 1,170.21

11-Apr-13 1083 Alibert EPA Office furniture GHC 4,973.91 1.88 2,645.70

15-Apr-13 1089 Elkhart Enterprise MOP 180 KVA Generator USD 7,768.23 7,768.23

15-Apr-13 1090 Elkhart Enterprise GNPC 180 KVA Generator GHC 309,526.63 38,207.19

PET COMM 180 KVA Generator USD 72,384.10 72,384.10

KNUST 180 KVA Generator USD 33,532.05 33,532.05

MOP 180 KVA Generator USD 17,088.45 17,088.45

18-Apr-13 1113 Elkhart Enterprise GRA 5% tax on 180KVA Generator GHC 4,440.00 1.88 2,361.70

GRA 5% tax on 180KVA Generator GHC 4,440.00 1.881 2,361.04



22-Apr-13 1115 Sambus Company Limited UPS GHC 6,880.93 1.92 3,583.82

22-Apr-13 1119 Kwatsons Electricals PCU Purchase of 32 inch TV for office GHC 1,290.00 1.88 686.17

37




29-Apr-13 ECOBANK KNUST Commission on LC - lab equipment GHC 349.14 1.92 181.84

30-Apr-13 1154 Elkhart Enterprise GNPC 180 KVA Generator USD 23,703.98 1.92 23,703.98

1156 Elkhart Enterprise GRA Withholding tax on generator GHC 2,407.83 1.92 1,254.08

9-May-13 1182 GRA MOP 5% tax on goods GHC 270.00 1.95 138.46

PCU 5% tax on goods GHC 90.00 1.95 46.15

EPA 5% tax on goods GHC 120.00 1.95 61.54

MOF 5% tax on goods GHC 90.00 1.95 46.15

10-May-13 1185 Techfab Int. Pvt Ltd KNUST Lab equipment for Ptrochem Dept USD 243,654.63 243,654.63

14-May-13 1193 Gazzina Trading SRL MOP Heavy duty printers USD 2,471.64 2,471.64

Petcom Heavy duty printers USD 2,471.64 2,471.64

17-May-13 1215 Kingdom Books and Stationery MOP Office furniture GHC 7,050.00 1.92 3,671.88

MOF Office furniture GHC 2,150.00 1.92 1,119.79

EPA Office furniture GHC 8,500.00 1.92 4,427.08

PCU Office furmiture GHC 1,500.00 1.92 781.25

17-May-13 1216 The Furniture Outlet MOP Office furniture GHC 1,472.00 1.92 766.67

MOF Office furniture GHC 18,400.00 1.92 9,583.33

EPA Office furniture GHC 1,495.00 1.92 778.65

21-May-13 1224 GRA GNPC Tax on Generators GHC 714.73 1.92 372.26

13-Jun-13 1272 New Form Furniture & Construction GNPC Wooden shelves for Offices GHC 7,184.38 1.98 3,628.47

10-Jun-13 LC MAALAB KNUST Lab Equipment for Petrochem Dept USD 56,292.47 56,292.47

26-Jun-13 1313 EDUTEQ KNUST Lab Equipment for Petrochem Dept USD 417,006.76 417,006.76

38





28-Jun-13 1318 Fairgreen Limited GNPC Computers and Accessories USD 136,861.67 136,861.67

5-Jul-13 1326 Nel Supplies MOP Handling charges on imported goods GHC 7,456.31 1.98 3,765.81

9-Jul-13 1328 Sambus Company Limited GRA Office equipment USD 990.77 990.77

EOCO Office equipment USD 23,174.42 23,174.42

11-Jul-13 1331 SAMBUS COMPANY LTD GRA 5% Tax on Office equipment USD 549.21 549.21

EOCO 5% Tax on Office equipment USD 549.21 549.21

12-Jul-13 1333 GRA MOP 5% withholding tax on goods GHC 312.77 1.98 157.96

GNPC 5% withholding tax on goods GHC 378.11 1.98 190.96

EPA 5% withholding tax on goods GHC 413.29 1.98 208.73

15-Jul-13 1337 K. Sarfo Furniture MOP Wall furniture GHC 2,814.00 1.98 1,421.21

15-Jul-13 1338 New Form Furniture GNPC Wooden shelves for Offices GHC 7,562.50 1.98 3,819.44

19-Jul-13 1348 CEPS EPA Duty on watercraft USD 32,337.45 32,337.45

22-Jul-13 1367 Safebond Company Limited EPA Charges on Patrol Vessels GHC 971.75 1.92 488.32

24-Jul-13 1375 Compu Ghana MOP Computer & Accessories GHC 4,000.00 1.99 2,010.05

24-Jul-13 ECOBANK KNUST COMMISSION ON LC USD 15,605.01 15,605.01

25-Jul-13 ECOBANK KNUST COMMISSION ON LC USD 8,912.11 8,912.11

25-Jul-13 1378 J. Smith KNUST Assorted books for Petrochem Dept USD 16,640.82 16,640.82

29-Jul-13 ECOBANK KNUST COMMISSION ON UC USD 3,437.23 3,437.23

30-Jul-13 LC Mallory International Ltd MOP Reference materials USD 31,850.18 31,850.18

LC Mallory International Ltd AG's Reference materials USD 31,850.17 31,850.17

1-Aug-13 1389 Troika International GNPC Software for data transcription USD 249,809.92 249,809.92

39




5-Aug-13 1392 Japan Motors MOP Project Vehicles (2) USD 66,762.09 66,762.09

MOF Project Vehicles (1) USD 33,381.05 33,381.05

EPA Project Vehicles USD 33,381.05 33,381.05

PCU Project Vehicles USD 33,381.05 33,381.05

20-Aug-13 1418 Kingdom Books Petcom Supply of office furniture GHC 25,340.00 2.02 12,544.55

26-Aug-13 1444 BAJ Freight & logistics GNPC Clearing charges on imported goods USD 7,538.69 7,538.69

3-Sep-13 1471 Techstreet Pet. Comm Reference materials USD 4,678.60 4,678.60

11-Sep-13 1490 Unit Export Limited EPA Watercraft for surveillance USD 66,003.77 66,003.77

16-Sep-13 1377 J. Smith KNUST Assorted books on Oil & Gas USD 24,740.63 24,740.63

Commission on books supplied USD 50.00 50.00

25-Sep-13 1536 FAIRGREEN GNPC Office Equipment and Accessories USD 319,343.91 319,343.91

30-Sep-13 1547 Andysarp KNUST Office furniture GHC 8,094.80 2.035 3,977.79

2-Oct-13 1554 Furniture City Pet Comm Office furniture GHC 20,565.22 2.035 10,105.76

2-Oct-13 1555 Romantic Furniture MOP Swivel Chair GHC 1,092.50 2.035 536.86

11-Oct-13 1568 General ICT Solution MOP Purchase of office equipment GHC 4,591.30 2.09 2,196.79

21-Oct-13 1585 CEPS KNUST Exch Diffon Reversal- Duty on goods USD 99.18 99.18Marwin Ref & Air Conditioning

31-Oct-13 1618 Services MOP Supply and installation of A/C GHC 4,478.60 2.09 2,142.87

8-Oct-13 1566 Kay Systems Int. S.A.L MOP Supply and installation of lift USD 23,500.00 23,500.00

11-Oct-13 1569 Docutech Ghana Limited MOP Accessories for photocopiers USD 33,445.68 33,445.68

MOF Accessories for photocopiers USD 13,378.28 13,378.28

GRA Accessories for photocopiers USD 20,067.42 20,067.42

40






AG's Accessories for photocopiers USD 26,756.56 26,756.56

Pcu Accessories for photocopiers USD 6,689.14 6,689.14

18-Oct-13 1575 Kwatsons Electrical Ghana Ltd Pet Comm Supply of 2 Television sets GHC 10,616.43 2.09 5,079.63

18-Oct-13 1576 The Furniture Outlet Pet Comm Office furniture GHC 3,850.00 2.09 1,842.11

18-Oct-13 1577 Romantic Furniture Pet Comm Office furniture GHC 18,645.00 2.09 8,921.05

18-Oct-13 1578 Kingdom Books Pet Comm Conference table GHC 5,500.00 2.09 2,631.58

24-Oct-13 1607 Ederick Ltd Pet Comm Table top fridges GHC 2,104.47 2.09 1,006.92

20-Oct-13 1613 Blessed Supplies Pet Comm Office furniture GHC 25,356.31 2.09 12,132.21

30-Oct-13 1614 Oman Fofor Company Limited Pet Comm Supply of Photocopiers GHC 29,400.00 2.09 14,066.99

Epa Supply of Photocopiers GHC 17,088.00 2.09 8,176.08

31-Oct-13 ECOBANK Commission on Lc GHC 668.57 2.09 319.89

ECOBANK Commission on Le GHC 50.39 2.135 24.11

1-Nov-13 1620 Compu Ghana MOP Stabilizers for photocopier GHC 2,600.00 2.09 1,244.02

MOF Stabilizers for photocopier GHC 1,040.00 2.09 497.61

GRA Stabilizers for photocopier GHC 1,560.00 2.09 746.41

AG's Stabilizers for photocopier GHC 2,080.00 2.09 995.22

PCU Stabilizers for photocopier GHC 520.00 2.09 248.80

5-Nov-13 1623 General ICT Solution MOP Supply of Office equipment GHC 637.00 2.09 304.78

EPA Office equipment GHC 1,911.00 2.09 914.35

MOF Office equipment GHC 1,764.00 2.09 844.02

PET COMM Office equipment GHC 14,651.00 2.09 7,010.05

41




PCU Supply of Office equipment GHC 333.20 2.09 159.43

20-Nov-13 1645 Hybrid H design & Print MOP Printing Materials GHC 21,945.00 2.14 10,254.67

GRA 5% tax on Printing Materials GHC 1,155.00 2.14 539.72

20-Nov-13 1646 General ICT Solution EPA Office equipment GHC 1,767.00 2.14 825.70

MOF Office equipment GHC 3,525.00 2.14 1,647.20Marwin Ref & Air Conditioning

22-Nov-13 1647 Services MOP Air Conditionner GHC 2,239.30 2.14 1,046.40

25-Nov-13 1669 Elkhart Enterprise EPA Generator set USD 24,175.12 24,175.12

GRA Withholding Tax on generator GHC 2,395.54 2.18 1,098.87

GRA Withholding Tax on generator GHC 4,863.66 2.18 2,231.04

PET COMM Generator set USD 49,082.82 49,082.82

26-Nov-13 1670 Aviance KNUST Handling charges on imported goods GHC 3,351.10 2.19 1,530.18

29-Nov-13 ECOBANK KNUST Commission on UC GHC 102.66 2.19 46.88

Commission on L/C GHC 51.33 2.19 23.44

Commission on UC GHC 11,926.55 11,926.55

3-Dec-13 1679 Fairgreen Limited GNPC 20KVA smart ups GHC 28,796.71 2.19 13,149.18

4-Dec-13 1680 Spearhead networks EOCO Handling charges on imported goods USD 27,362.88 27,362.88

9-Dec-13 1686 Techfab International KNUST Petrochemical lab Equipment USD 120,926.65 120,926.65

9-Dec-13 1687 Techfab International KNUST Petrochemical lab Equipment USD 95,048.36 95,048.36

9-Dec-13 1688 General ICT Solution MOP Office equipment GHC 7,252.00 2.19 3,311.42

12-Dec-13 1693 Eduteq KNUST Petrochemical lab Equipment USD 120,967.16 120,967.16

16-Dec-13 1695 Beedeg Shipping Limited KNUST Handling charges on imported goods GHC 1,821.60 2.19 831.78

42




16-Dec-13 1696 PC Cussons Ghana Ltd GNPC 4 units of Air Conditioners GHC 7,678.02 2.19 3,505.95

16-Dec-13 1697 Modem World Logistics KNUST Handling charges on imported goods USD 959.41 959.41

18-Dec-13 1724 Aviance KNUST Handling charges on imported goods GHC 4,109.00 2.15 1,911.16

19-Dec-13 1727 Eurotech Computer Services GNPC Computers & Accessories USD 21,793.53 21,793.53

20-Dec-13 ECOBANK KNUST Commission on LC USD 5,132.08 5,132.08

31-Dec-13 ECOBANK KNUST Commission on LC GHC 5.00 1.41 3.55

31-Dec-13 1730 GRA MOP 5% WTH on Goods supplied GHC 979.50 2.19 447.26

EPA 5% WTH on Goods supplied GHC 187.49 2.19 85.61

MOF 5% WTH on Goods supplied GHC 270.02 2.19 123.30

EOCO 5% WTH on Goods supplied GHC 2,723.85 2.19 1,243.77

PET COMM 5% WTH on Goods supplied GHC 4,576.57 2.19 2,089.76

PCU 5% WTH on Goods supplied GHC 17.00 2.19 7.76

31-Dec-13 SC-21 EDUTEQ LIMITED KNUST Petrochemical lab Equipment USD 1,196,453.10 1,196,453.10

31-Dec-13 SC-19 TECHFAB INTERNATIONAL KNUST Petrochemical lab Equipment USD 1,130,829.45 1,130,829.45

31-Dec-13 SC-20 DRILLING SYSTEMS KNUST Petrochemical lab Equipment USD 732,086.63 732,086.63

Total 6,757,152.52

43




P.V. AMOUNT AMOUNT AMOUNTDATE SUPPLIER DESCRIPTION LOCATION NUMBER GHSIUS$/GBP GH W/T USD

10-Jan-12 GENERAL ICT SOLUTIONS COMPUTERS AND ACCESSORIES MoEn 258 18,571.00 947.50 11,606.88

9-Feb-12 OMAN FOFOR PHOTOCOPIER MACHINE MoEn 287 1,550.00 968.75

9-Feb-12 OMNI-TRUST BUSINESS OFFICE FURNITURE MoEn 288 2,219.13 100.87 1,386.96

21-Feb-12 BEDMATE FURNITURE CO. EXECUTIVE DESK MoEn 292 2,582.61 117.39 1,614.13

29-Feb-12 ALBERT GHANA LTD OFFICE FURNITURE MoEn 312 3,156.52 143.48 1,972.83

1-Mar-12 ROMANTIC FURNITURE OFFICE FURNITURE PET COMM 315 24,007.50 1,091.25 15,004.69

7-Mar-12 COMPU-GHANA OFFICE EQUIPMENT MoEn 318 22,089.29 1,004.06 13,227.12

7-Mar-12 ROMANTIC FURNITURE OFFICE FURNITURE PET COMM 319 362.25 216.92

12-Mar-12 BLESSED SUPPLIES OFFICE FURNITURE PET COMM 322 3,996.12 203.88 2,392.89

12-Mar-12 THE FURNITURE OUTLET OFFICE FURNITURE PET COMM 323 23,920.05 1,087.27 14,323.38

14-Mar-12 KINGDOM BOOKS & STATIONERY LTD OFFICE FURNITURE PET COMM 331 12,800.00 7,664.67

21-Mar-12 ADNET TRADING LTD CURTAINS AND ACCESSORIES MoEn 342 24,844.78 1,307.62 14,877.11

21-Mar-12 COMPU-GHANA OFFICE FURNITURE PET COMM 343 1,815.48 82.52 1,087.11

21-Mar-12 OMAN FOFOR PHOTOCOPIER MACHINE PET COMM 344 23,430.04 13,701.78

21-Mar-12 GENERAL ICT SOLUTIONS OFFICE EQUIPMENT PET COMM 345 95,657.80 4,880.50 56,939.17

21-Mar-12 OMNI-TRUST BUSINESS OFFICE CABINETS PET COMM 346 4,400.00 200.00 2,634.73

21-Mar-12 JABNEEL ENTERPRISE TELEPHONE & ACCESSORIES PET COMM 348 10,167.83 462.17 6,088.52

44




P.V. AMOUNT AMOUNT AMOUNT

DATE SUPPLIER DESCRIPTION LOCATION NUMBER GHS/USS/GBP GHO WF USD

17-Apr-12 IPmc NAVIGATION MACHINE EPA 239 6,345.42 3,710.77

4-May-12 BLESSED SUPPLIES OFFICE FURNITURE MOFEP 445 1,332.04 67.96 778.97

21-May-12 OMNI-TRUST BUSINESS OFFICE CABINETS MOFEP 479 310.00 181.29

4-Jun-12 GENERAL ICT SOLUTIONS BINDING MACHINE & SHREDDERS MoEn 511 7,350.00 375.00 4,060.77

5-Jul-12 CFAO GHANA LTD I NISSAN ALTIMA SALOON CAR PET COMM 563 77,171.00 40,509.71

5-Jul-12 CFAO GHANA LTD 5 MITSUBISHI PAJERO PCU/AGD/PC 562 372,400.00 195,485.56

5-Jul-12 GENERAL ICT SOLUTIONS PRINTERS AND TONNERS MoEn/MOFEP/PC 561 4,782.40 244.00 2,530.37

18-Jul-12 GENERAL ICT SOLUTIONS PRINTERS AND COMPUTERS MoEn 580 4,851.00 247.50 2,566.67

25-Jul-12 KWATSONS ELECTRICALS VOICE RECORDER MoEn 617 1,710.00 90.00 904.76

27-Jul-12 COMPU-GHANA DIGITAL CAMERAS EPA 628 1,497.00 792.06

27-Jul-12 KRIF GHANA LTD OFFICE LAMINATORS EPA 631 2,295.66 104.35 1,214.63

30-Jul-12 TUTEL BUSINESS SYS LTD COMPUTERS AND ACCESSORIES PCU 638 14,012.12 737.48 7,413.82

15-Aug-12 THE FURNITURE OUTLET OFFICE FURNITURE MOFEP/Moen 673 20,713.00 941.50 10,732.12

15-Aug-12 KINGDOM BOOKS & STATIONERY LTD OFFICE CHAIRS MoEn 674 5,400.00 2,797.93

30-Aug-12 KINGDOM BOOKS & STATIONERY LTD OFFICE FURNITURE PET COMM 710 8,450.00 4,378.24

30-Aug-12 KINGDOM BOOKS & STATIONERY LTD OFFICE FURNITURE PET COMM 711 22,429.00 11,621.24

10-Sep-12 18TH JULY LTD OFFICE FURNITURE EOCO 722 22,596.75 11,298.38

13-Sep-12 FURNITURE CITY FURNITURE MOFEP 729 15,850.00 7,925.00

45




P.V. AMOUNT AMOUNT AMOUNT

DATE SUPPLIER DESCRIPTION LOCATION NUMBER GHS/US$/GBP GHO W/T USD

13-Sep-12 ROMANTIC FURNITURE FURNITURE MOFEP 730 9,405.00 4,702.50

13-Sep-12 RUNBELOS/PORTERS CO LTD TABLES AND CABINETS MoEn 732 9,476.25 498.75 4,738.13

14-Sep-12 TOYOTA GHANA CO. LTD 5 TOYOTA IMV HILUX 4WD DC PC/GRA/COTVET 738 297,000.00 157,978.72

20-Sep-12 THE FURNITURE OUTLET FURNITURE MoEn 740 20,625.00 937.50 10,312.50

20-Sep-12 SUN MASTERS CO. LTD FURNITURE MoEn 741 4,133.00 210.87 2,066.57

27-Sep-12 O-G ASSOCIATES WHITE BOARD MoEn 769 20,500.00 10,250.00

28-Sep-12 KINGDOM BOOKS & STATIONERY LTD FILING CABINET PET COMM 772 2,750.00 1,375.00

10-Oct-12 MAWIN REF & AC SERVICES STANDING AIR CONDITIONERS MoEn 787 5,880.00 300.00 3,136.00

11-Oct-12 ROMANTIC FURNITURE OFFICE CHAIRS MoEn 790 1,210.00 55.00 645.33

30-Oct-12 TUTEL BUSINESS SYS LTD COMPUTERS AND ACCESSORIES MoEn 882 126,323.88 6,422.52 68,283.18

30-Oct-12 STELIN AUTHOMATIVE LTD I TOYOTA LANDCRUISER 4WD PET COMM 823 161,055.00 87,056.76

31-Oct-12 O-G ASSOCIATES LAPTOP COMPUTER & VISUALISER MoEn 830 11,100.00 5,920.00

5-Nov-12 UNIT EXPORT LTD WATERCRAFT EPA 832 GBP 163,984.52 264,835.00

9-Nov-12 RESEARCHCO REPRINTS PETROLEUM BOOKS KNUST 842 9,943.24 9,943.24

15-Nov-12 THE FURNITURE OUTLET OFFICE FURNITURE PET COMM 853 29,920.00 1,360.00 16,129.38

19-Nov-12 THE FURNITURE OUTLET OFFICE FURNITURE PET COMM 855 26,000.00 14,016.17

23-Nov-12 KINGDOM BOOKS & STATIONERY LTD TEXTBOOKS KNUST 876 US$ 6,125.00 6,125.00

23-Nov-12 GENERAL ICT SOLUTIONS OFFICE EQUIPMENT PET COMM 873 83,300.00 4,250.00 45,027.03

29-Nov-12 TECHNOPLUS GHANA LTD OFFICE FURNITURE PET COMM 881 20,776.00 1,060.00 11,200.00

46



P.V. AMOUNT AMOUNT AMOUNTDATE SUPPLIER DESCRIPTION LOCATION NUMBER GHS/USS/GBP GH W/T USD

GRAND TOTAL 29,530.94 1,198,350.44

33,772.00

1,232,122.44

47



OIL & GAS CAPACITY BUILDING PROJECT(FIXED ASSET SCHEDULE) - 2011

DATE OF NAME OF SUPPLIER DESCRIPTION OF GOODS BENFICIARY P.V. COST (GHO) COST (US$) E'XCHPURCHASE AGENCY NUMBER RATE

4TH July, 2011 Rock field Ltd Computers and Accessories Moen P.V. # 020 7,090.00 4,774.41 1.485

6TH Oct, 2011 Hamzeebel Office Furniture Moen P. V. # 141 29,931.00 19,691.45 1.52

11th Oct, 2011 Blessed Supplies Office Furniture Moen P. V. # 148 25,068.52 16,492.45 1.52

13t' Oct, 2011 Blessed Supplies Office Furniture Moen P. V. # 149 1,913.04 1,226.31 1.56

27 Oct, 2011 Ederick Ltd Sony Television Moen P. V. # 171 1,611.74 1,033.17 1.56

27' Oct, 2011 Kwatsons Sony Television Moen P. V. # 172 5,107.83 3,274.25 1.56

27th Oct, 2011 Kingdom Books and Stationery Ltd Equipment and Stationery Moen P. V. # 169 4,271.84

30th Nov, 2011 General ICT Solution Computers and Accessories Moen P. V. # 217 31,075.00 19,482.76 1.59

14"t Dec, 2011 Romantic Furniture Ltd Office Furniture Moen P. V. # 237 19,030.00 11,931.03 1.595

48



DATE OF NAME OF SUPPLIER DESCRIPTION OF GOODS BENFICIARY P.V. COST(GHO) COST(US$) E'XCHPURCHASE AGENCY NUMBER RATE

14 1h Dec, 2011 The Furniture Outlet Office Furniture EPA P. V. # 239 24,710.40 15,492.41 1.595

27th Oct, 2011 Kingdom Books Ltd Office Furniture EOCO P. V. # 169 8,511.32

14th Dec, 2011 Kingdom Books Ltd Office Furniture EOCO P. V. # 240 17,500.00 10,971.79 1.595

2 7 th Oct, 2011 Ederick Ltd Office Equipment EOCO,AG, P. V. # 170 7,994.61 5,124.75 1.56MOEN & PCU

06 th Oct, 2011 Romantic Furniture Ltd Office Furniture PCU P. V. # 142 27,299.13 17,959.95 1.52

27 'h Oct, 2011 Modular Resources Office Computers PCU P. V. # 173 3,419.35 2191.89 1.56

21th Nov, 2011 Kingdom Books Ltd Office safe PCU P. V. # 201 605 416.67 1.56

2nd Nov, 2011 IPMC Office Computers P. V. # 176 23,322.09

14th Dec, 2011 Beautiful Creation Ltd Supply of Mobile Phones, and Fax PCU P. V. # 254 13,793.21 8,647.78 1.595Machine

Ghana Revenue Authority Witholding Tax 4,652.05 2,916.661.59

183,658.02

49



FIXED ASSETS SCHEHULE FOR THE YEAR ENDED 31st DECEMBER 2011MOTOR VEHICLE

DATE OF DESCRIPTION OF ASSET COST OF USDPURCHASE SUPPLIER PV NO. ENGINE NO. CHASIS NO. REG.NO. LOCATION ASSET US S EQUIVALENT

Mistubishi pick up truck (L200 Direct10/7/2011 CFAO MOTORS Sportero GLS DiDM/T) Payment 4D56CK4720 MMBJNKB40BDO28084 GS 1975-11 EPA 34,250.00 34,250.00

Mistubishi pick up truck (L200 Direct10/7/2011 CFAO MOTORS Sportero GLS DiDM/T) Payment 4D56CK1990 MMBJNKB40BDO26180 GS 1981-11 EPA 34,250.00 34,250.00

Mistubishi pick up truck (L200 Direct10/7/2011 CFAO MOTORS Sportero GLS DiDM/T) Payment 4D56CK2260 MMBJNKB40BDO26404 GS 1979-11 MOEn 34,250.00 34,250.00

Mistubishi pick up truck (L200 Direct10/7/2011 CFAO MOTORS Sportero GLS DiDM/T) Payment 4D56CK1990 MMBJNKB40BDO25470 GS 1978-11 MOEn 34,250.00 34,250.00

Direct10/7/2011 CFAO MOTORS Mitsubishi pajero 2.8 GLX Payment 4M40HM5259 JMYLRV96WBJ000403 GS 5186-11 MOEn 48,000.00 48,000.00

Direct10/7/2011 CFAO MOTORS Mitsubishi Lancer EX GLX Payment 4BlIGT5138 JMYSTC44ABU000926 GS 4890-11 PCU 24,900.00 24,900.00

30/09/11 CFAO MOTORS Mitsubishi Pajero 2.8 GLX 85 4M40HM5418 JMYLNV96WBJ000574 GC 92-11 PCU 48,000.00 48,000.00

30/09/11 CFAO MOTORS Mitsubishi Pajero 2.8 GLX 85 4M40HM6039 JMYLNV96WBJ000667 GS 96-11 COTVET 48,000.00 48,000.00

JPW 404,615

JAPAN GHS 1,933

22/07/11 MOTORS Nissan Patrol 33 TD42216760 JNITCSYGIZO579457 GN 2943-11 PCU US$ 350 61,578.41

TOTAL 367,478.41

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