Public Interest Accountability Committee

Productions and Liftings

ANALYSIS OF THE PRODUCTION AND LIFTING OF CRUDE OIL FROM 2010-2016

Year

Annual Production (mmbls)

Bopd

Cumulative production

(mmbls)

Total Availability

(mmbls)

Total Lfitings

(mmbls)

Liftings

Ghana Group

(bbls)

Stock carried forward

(mmbls)

Average Achieved Price (US$/bbl) Proceeds from Liftings by Ghana Group (US$)

2010

1,181,088

 

1,181,088

1,181,088

0

      -

1,181,088

   -  

2011

24,195,895

66,290

25,376,983

25,376,983

24,450,155

3,930,189

926,828

113.08

 

2012

26,351,278

71,997

 

51,728,261

27,278,106

26,430,934

4,931,034

847,172

110.18

 

2013

35,587,558

99,685

87,315,819

36,434,730

36,048,290

6,793,449

386,440

106.95  

2014

37,201,691

101,976

124,517,510

37,588,131

36,988,315

7,681,120

599,816

103.50  

2015

37,411,661

102,498

161,929,171

38,011,477

37,167,225

5,730,090

844,252

52.36  
2016

32,298,638

88,520 194,226,951 33,142,890 30,765,005 5,856,921 2,377,885

JUB: 46.07

TEN: 51.09
207,787,586
Total 194,226,951   194,226,951 199,013,405 191,849,924 29,065,882 7,163,481   2,887,847,331

 

Source: PIAC Construct from GNPC figures, 2016


Notes:    2016 Daily production (JUBILEE) = 73,995 bopdand Annualised daily production (TEN) = 14,525 bopd
            
2016
Annual production for Ghana Group (JUBILEE) = 4,860,462 bbls and Ghana Group (TEN) = 996,459 bbls
Oil production increased steadily from 2010 and peaked around 37million barrels per day (mmbopd) in 2014 and 2015. Total production at the end of 2016 reached 194.2 million barrels (mmbbls). There was no lifting and no achieved price in 2010 as production started in December of that year and liftings were carried forward and sold the following year. Liftings by the Ghana Group increased with production except for 2015. Stock carried over represents production in a previous year which was lifted the following year.Proceeds from the Ghana Group also increased with rising levels of production up to 2014 but declined sharply despite a minimal increase in production in 2015 due to falling oil prices in the international market.