Domestic crude oil production has continued its significant decline for the fourth consecutive year. In 2023, there was a notable decrease in output with production plummeting to 48.25 million barrels (bbls) – down from a peak of 71.44 million barrels in 2019.

Moreover, from the three producing oil fields – Jubilee, Tweneboa-Enyenra-Ntomme (TEN) and Sankofa Gye Nyame (SGN) – a total 48.2 million barrels were obtained in 2023, indicating a decrease of approximately 7 percent from the 2022 figure of 51.7 million barrels.

According to the 2023 Annual Report of the Public Interest and Accountability Committee (PIAC), this signifies an average annual decline rate of 9.2 percent over the four-year period – 2019 to 2023.

Specifically, the Jubilee Field produced 30,444,217 barrels, accounting for 63 percent of total production. The TEN Field contributed 6,716,278 barrels, representing 14 percent, while the SGN Field produced 11,086,541.61 barrels, making 23 percent of total production.

Raw gas production also showed substantial figures, with a cumulative total of 255,171.97 million standard cubic feet (MMSCF) in 2023. The SGN Field was the largest contributor with 127,203.02 MMSCF, or 50 percent of total raw gas output. The Jubilee Field produced 77,900.05 MMSCF, accounting for 30 percent while the TEN Field contributed 50,068.90 MMSCF, representing 20 percent.

Despite the production decline, average achieved price for crude oil from all three fields was robust – averaging US$78.067 per barrel for the year 2023.

The ongoing decrease in crude oil production, coupled with the revelation that the country has not signed any new Petroleum Agreement (PA) since 2018, as reported by PIAC, underscores the urgent need for strategic interventions and investments in Ghana’s oil sector to stabiliSe and possibly reverse the downward trend.

Consequently, the total revenue paid into the Petroleum Holding Fund (PHF) in 2023 was US$1,062,323,419.12.  This amount represents a 25.65 percent decrease from that of 2022.

The Committee’s report noted that carried and participating interest (CAPI) remains the largest contributor at 44.31 percent, followed by corporate income tax (CIT) at 34.38 percent and royalties at 20.67 percent.


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