• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Upstream Petroleum Expenditure Falls to $643m in H1 2025 – PIAC Report

1 hour ago
in Business, Economy, Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
6
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Upstream Petroleum Expenditure Falls to $643m in H1 2025 – PIAC Report

Total upstream petroleum expenditure across Ghana’s three producing fields — Jubilee, TEN, and Sankofa-Gye Nyame (SGN) — amounted to US$643.09 million in the first half of 2025, representing a 3.84 percent decline from the US$668.79 million recorded in the same period in 2024.

This was contained in the Public Interest and Accountability Committee’s (PIAC) 2025 Semi-Annual Report on the management and utilisation of petroleum revenues.

According to the report, the Ghana National Petroleum Corporation’s (GNPC) share of the total expenditure stood at US$68.14 million, accounting for 10.6 percent of the total.

Jubilee Field Expenditure Declines 18.5%

The Jubilee Field accounted for the largest share of upstream spending, though total expenditure fell by 18.5 percent to US$272.28 million in H1 2025, compared to US$333.96 million in H1 2024.

Production costs on the field rose significantly to US$157.38 million, from US$92.13 million a year earlier, reflecting maintenance-related operational costs during the March–April planned shutdown.

RelatedPosts

IMF, The Gambia Reach Staff-Level Agreement on Fourth ECF Review and First RSF Review

Ghana’s Crude Oil Output Dips by 25.9% in First Half of 2025

IMF Highlights Advances, Complexities in Sovereign Debt Restructuring

However, development costs declined sharply to US$114.90 million, from US$241.82 million in the same period last year, following the completion of key infrastructure works in 2024.

TEN Field Records Marginal Rise in Spending

The Tweneboa-Enyenra-Ntomme (TEN) Field saw a marginal 0.6 percent increase in total expenditure, rising to US$176.02 million in H1 2025, from US$174.90 million in H1 2024.

Production costs increased to US$64.61 million, compared to US$58.48 million the previous year, while development costs dipped slightly to US$111.41 million, from US$116.38 million.

PIAC attributed the higher production costs to routine maintenance and a mini-shutdown to replace the flare tip, which temporarily curtailed output.

SGN Field Spending Up 21.8%

The Sankofa-Gye Nyame (SGN) Field recorded a 21.8 percent increase in total expenditure, reaching US$194.79 million in H1 2025, up from US$159.93 million in H1 2024.

Production costs rose to US$116.60 million, compared with US$95.09 million a year earlier, reflecting increased maintenance and reservoir management spending.

However, development costs decreased to US$78.19 million, down from US$64.84 million in the previous year, as fewer new capital projects were undertaken.

Sector Outlook

PIAC observed that while total upstream spending moderated slightly in the review period, rising production costs across all fields could constrain profitability and government revenue inflows if production volumes continue to decline.

The Committee urged operators and the GNPC to prioritise cost efficiency and optimise field operations to sustain output and revenue in the medium term.

Tags: Upstream petroleum expenditureUpstream Petroleum Expenditure Falls to $643m in H1 2025 - PIAC Report

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

IMF Highlights Advances, Complexities in Sovereign Debt Restructuring

IMF, Papua New Guinea Reach Staff-level Agreement for $219m Disbursement 

CUTS Urges Public Institutions to Treat Citizens as Customers, Not Subjects

Cristiano Ronaldo Becomes Football’s First Billionaire Player

World Bank Raises Ghana’s 2025 Growth Forecast to 4.3% Amid Stronger Economic Recovery

Nigeria Eyes Debut Global Sukuk, New Loans to Raise Total of $2.8bn

Trending

Business

IMF, The Gambia Reach Staff-Level Agreement on Fourth ECF Review and First RSF Review

October 8, 2025

IMF, The Gambia Reach Staff-Level Agreement on Fourth ECF Review and First RSF Review The International Monetary...

Upstream Petroleum Expenditure Falls to $643m in H1 2025 – PIAC Report

October 8, 2025

Ghana’s Crude Oil Output Dips by 25.9% in First Half of 2025

October 8, 2025

IMF Highlights Advances, Complexities in Sovereign Debt Restructuring

October 8, 2025

IMF, Papua New Guinea Reach Staff-level Agreement for $219m Disbursement 

October 8, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.