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Ghana’s oil production declines by 6%

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The petroleum business in Ghana generated a record amount of income in 2022, reaching US$1.43 billion, according to the Public Interest and Accountability Committee’s (PIAC) report on the field for the year 2022. This was the greatest level of revenue since the country’s oil production began.

Although the amount of oil barrels drilled in Ghana’s three oil fields—Jubilee, Tweneboa, and

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Enyera, Ntomme, and Sankofa, Gye, and Nyame (TEN) and SGN.

With a total of US$1.43 billion, the petroleum earnings in 2022 was the highest for a single year since Ghana began producing its own oil.

However, PIAC lamented the fall in Ghana’s crude oil production in a study 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%).

“Crude oil production has decreased for three years in a row. Production volume decreased from 71,439,585 barrels in 2019 to 66,926,806 barrels in 2020, a 6.32 percent decrease. In 2021, it fell to 55,050,391 barrels (17.75%), and in 2022, it fell to 51,756,481 barrels (5.98%). Over the course of the three years, the reduction was on average 10%.

The committee pointed out that Ghana received more money from oil sales as a result of increased crude prices on the world market.

“The largest petroleum income since inception were received as a result of the high crude oil prices on the global market. According to Act 815’s stipulations, these revenues were later allocated and distributed.

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.

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