Crude oil production falls to 48 million barrels marking decline for fourth consecutive year

Ghana’s crude oil production has declined for the fourth consecutive year, according to the Public Interest and Accountability Committee (PIAC).

The committee’s annual report reveals a substantial drop in output from 71.44 million barrels in 2019 to 48.25 million barrels in 2023, reflecting an average annual decline of 9.2%.

In 2023, production was predominantly driven by the Jubilee Fields, which accounted for 63% of total output with 30.44 million barrels.

The Sankofa-Gye Nyame (SGN) and Tweneboa, Enyenra, Ntomme (TEN) fields contributed 23% and 14%, producing 11.09 million and 6.72 million barrels respectively.

The report also highlights that Ghana produced 255.17 million standard cubic feet (MMSCF) of raw gas in 2023. The SGN Field led with 127.20 million MMSCF (50%), followed by the Jubilee Field with 77.90 million MMSCF (30%), and the TEN Fields with 50.07 million MMSCF (20%).

During the period under review, the Ghana Group achieved an average price of $78.07 per barrel for crude oil across all three producing fields.

In light of the continuing decline, PIAC has urged the government and regulatory bodies to implement strategies to bolster production in existing fields and to stimulate investment in untapped reserves.

The committee’s recommendations aim to ensure the long-term viability and growth of Ghana’s upstream petroleum sector.

The 2023 report adheres to PIAC’s obligations under the Petroleum Revenue Management Act, 2011 (Act 815), as amended by Act 893, mandating the publication of annual and semi-annual reports on the sector.