The petroleum business in Ghana brought in a record $1.43 billion in income in 2022, the most since the nation’s oil production began.
Despite less oil being drilled at Ghana’s three oil fields, Jubilee, Tweneboa, Enyera, and Ntomme (TEN), as well as Sankofa, Gye Nyame(SGN), less oil barrels were still being produced .
The Public Interest and Accountability Committee’s (PIAC) assessment on the field for 2022 included this information.
“Total petroleum revenue in 2022 is the highest for a single year since the inception of petroleum production in Ghana with a figure of US$1.43 billion”.
“Crude oil production has been declining for three consecutive years. A volume of 71,439,585 barrels was produced in 2019, but declined to 66,926,806 barrels in 2020, representing 6.32 percent. It further declined to 55,050,391 barrels in 2021 (17.75%) and then to 51,756,481 barrels in 2022 (5.98%). The average decline over the three-year period stood at 10 percent”.
“The high crude oil prices on the international market led to the receipt of the highest petroleum revenues since inception. These revenues were subsequently allocated and distributed in line with provisions in Act 815”.
PIAC, however, lamented Ghana’s declining crude oil production in a report that was released today, April 20, 2023.
Ghana’s crude production, according to PIAC, has regularly decreased over the last three years.
While the number of barrels in 2019 was 71,439,585, it fell to 66,926,806 in 2020 (6.32%), then to 55,050,391 in 2021 (17.75%), and finally to 51,756,481 in 2022 (5.98%).
The committee pointed out that Ghana received more money from oil sales as a result of increased crude prices on the world market.
To stop the fall in petroleum production, PIAC advised Ghana to accelerate the sustainable development of its petroleum resources.
To do this, the committee advised Ghana to put in place policies that would draw in new investors and speed up the completion of ongoing projects.