Crude Oil Production Hits 48.2 Million Barrels in 2024; 656.6 Million Barrels Produced Over the Last 14 Years
Total crude oil production for 2024 was 48,240,030 barrels according to the 2024 Annual Public Interest and Accountability Committee (PIAC) report.
The recorded crude oil production marks a 0.1% year-on-year decline from the previous year’s crude oil production of 48,247,037 barrels.
The three oil-producing fields – TEN, Sankofa and Jubilee – for the year 2024 produced 6,784,440 oil barrels (14%), 9,606,544 oil barrels (20%), and 31,849,046 oil barrels (66%) of total oil production respectively.
According to the PIAC report, crude oil production declined for the fifth consecutive year in 2024, production has dropped from a high of 71.44 million barrels in 2019 to 48.25 million barrels in 2024 marking a five-year average decline of 7.4 percent.
Cumulatively, a total of 656.6 million barrels of crude oil has been produced by the country since 2011.
Meanwhile, Ghana’s total petroleum revenues surged by 27.8% in 2024, rising to $1.35 billion from the $1.06 billion recorded in 2023, the 2024 Annual Report of the Public Interest and Accountability Committee (PIAC) has revealed.
The revenue performance for 2024 marks the second-highest annual petroleum receipts since the inception of petroleum production in 2011.
The highest revenue year remains 2022, when Ghana raked in $1.42 billion in petroleum revenues.
