ANALYSIS OF THE PRODUCTION AND LIFTING OF CRUDE OIL FROM 2010-2018
| 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 |
444,124,723 |
|
2012 |
26,351,278 |
71,997
|
51,728,261 |
27,278,106 |
26,430,934 |
4,931,034 |
847,172 |
110.18 |
541,071,323 |
|
2013 |
35,587,558 |
99,685 |
87,315,819 |
36,434,730 |
36,048,290 |
6,793,449 |
386,440 |
106.95 | 628,580,078 |
|
2014 |
37,201,691 |
101,976 |
124,517,510 |
37,588,131 |
36,988,315 |
7,681,120 |
599,816 |
103.50 | 691,991,133 |
|
2015 |
37,411,661 |
102,498 |
161,929,171 |
38,011,477 |
37,167,225 |
5,730,090 |
844,252 |
52.36 | 374,292,488 |
| 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 |
| 2017 | 58,658,063.54 |
Jub=89,726 TEN=56,034 SGN=4,668,810 |
252,885,873 | 34,641,855 | 32,311,961 |
Jub=5,742,876 TEN=4,038,375 |
2,329,894 | 53.16 |
Jub=302,634,338.36 TEN=198,765,753.93 |
| 2018 | 62,135,435.07 | 145,887 | 315,021,298.61 | 0 | 63,869,864.76 |
Jub:4,807,432 TEN:3,980,456 SGN: 995,351 |
Jub:70.45 TEN:72.23 SGN:64.20 |
Jub: 340,039,246.32 TEN: 284,958,162.23 SGN: 63,030,602.08 |
|
| Total | 315,021,308 | 315,021,308 | 233,655,260 | 288,031,750 | 54,487,293 | 9,493,375 | Jub: 82.13 TEN: 58.41 SGN: 64.20 |
4,077,275,434 |
Source: PIAC Construct from GNPC figures, 2018
Oil production increased steadily from 2010 and peaked around 62 million barrels per day (mmbopd) in 2018 from 24 million barrels in 2011. Cumulative production at the end of 2018 reached 315 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 consistently (largely with increased production) except for 2015. Stock carried over represents production in a previous year which was lifted the following year.
