Crude oil production in Ghana declines for the fourth consecutive year in 2023 – Report

The Public Interest and Accountability Committee (PIAC) report has disclosed that crude oil production in Ghana declined for the fourth consecutive year in 2023.

The 2023 Annual Report is in fulfilment of PIAC’s obligation under the Petroleum Revenue Management Act, 2011 (Act 815), as amended by Act 893, to publish Semi Annual and Annual Reports.

The report said crude oil production reduced “from a high of 71.44 million barrels in 2019 to 48.25 million barrels in 2023.”

According to the report, this represents an annual average decline of 9.2%.

Of the 48 million barrels, 63% came from the Jubilee Fields, 23% from SGN and 14% from TEN, the report added.

“For the year 2023, a total of 48,247,036.61 barrels (bbls) was produced from the three producing fields; Jubilee – 30,444,217 bbls (63%); TEN – 6,716,278 bbls (14%) and SGN 11,086,541.61 bbls (23%).”

For raw gas, a total of 255,171.97 MMSCF was produced in 2023 from the SGN Field (127,203.02 MMSCF, 50%), Jubilee (77,900.05 MMSCF, 30%) and TEN Fields (50,068.90 MMSCF, 20%).

The average achieved price by the Ghana Group for all three (3) producing fields during the period under review was US$78.067/bbl.

PIAC has therefore recommended that government and the relevant regulatory bodies should take the appropriate steps to reverse production decline in existing fields and ensure investments in unexploited fields.