PIAC Report: 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 a continued decline in Ghana's crude oil production for the fourth consecutive year.

The production dropped from a peak of 71.44 million barrels in 2019 to 48.25 million barrels in 2023, averaging an annual decline of 9.2 percent.

The report also highlighted a significant issue with the

Read full articleproceeds from Jubilee Oil Holdings Limited (JOHL) liftings. In 2023, JOHL received US$70,456,718.93, which, for the second consecutive year, was not deposited into the Petroleum Holding Fund (PHF). As of the end of 2023, the cumulative unpaid revenue from JOHL amounted to US$343,108,927.88.

PIAC expressed concern over the production decline and urged the government and relevant regulatory bodies to take appropriate steps to reverse this trend in existing fields and to encourage investment in unexploited fields.

Additionally, PIAC reiterated that proceeds from JOHL and other GNPC subsidiaries should be considered petroleum revenues as defined by 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 PHF.