Public Interest Accountability Committee

Productions and Liftings

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.