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
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.
