Ghana’s crude oil production dropped from 71.44m to 48.25m barrels in 2023

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

The report revealed that crude oil production dropped from a high of 71.44 million barrels in 2019 to 48.25 million barrels in 2023, representing an annual average decline of 9.2 percent.

It was also discovered that the total proceeds from the Jubilee Oil Holdings Limited (JOHL) liftings received in 2023, amounting to US$70,456,718.93, were not paid into the Petroleum Holding Fund (PHF) for the second consecutive year.

This brings the cumulative proceeds of unpaid revenue into the PHF by JOHL to US$343,108,927.88 as of the end of 2023.

PIAC expressed concern over the decline and urged that the government and the relevant regulatory bodies take the appropriate steps to reverse the production decline in existing fields and ensure investments in unexploited fields.

PIAC further reiterates its position that proceeds from liftings of JOHL and other subsidiaries of GNPC constitute petroleum revenues within the meaning of Section 6(e) of the Petroleum Revenue Management Act, 2011 (Act 815) and Section 2 of the Petroleum Revenue Management (Amendment), 2015 (Act 893) and therefore must be paid into the Petroleum Holding Fund.

Source: Citi Business News