Ghana marginally missed out on matching the 2023 crude oil production record by 0.01 per cent, equivalent to 7000 barrels. By the end of the year 2024, the country produced 48,240,010 barrels as against 48,247,037 barrels in 2023.
The 2024 figure is the closest the country has gotten to end the consecutive decline of its crude oil production since 2019. This was highlighted in the Public Interest Accountability Committee (PIAC) 2024 Annual Report on the Use and Management of the Petroleum Revenue. The 14th annual report and the 27th statutory report was launched on Tuesday, April 29, 2025.
Sharing highlights of the report, the Chairman of PIAC, Mr Constantine Kudzedzi indicated that Jubilee field accounted for 66 per cent of total production while Sankofa Gye-Nyame (SGN) and Tweneboa-Enyenra-Ntomme (TEN) and Sankofa Gye-Nyame (SGN) accounted for 20 per cent and 14 per cent respectively.
The committee expressed concern over the declining production in the TEN field, calling on government to conduct technical and cost audits to establish basis for recent production challenges. It disclosed that the Ghana Group contributed $89.44 million relative to a lifting of $73.91 million carried out throughout the year.
“The TEN field turned out the lowest production among the three producing fields with substantially high production and development costs trends raising concerns about the viability of the field.” He observed that despite efforts by the Ministry of Energy to attract investments into the upstream petroleum industry, no new petroleum agreement had been signed in 2024, the sixth consecutive year without new petroleum agreement.
He said the committee was urging government to expedite action towards attracting investments into upstream sector. “Parliament should ensure that the Ministry of Energy and its allied agencies increase efforts to secure investments into Ghana’s upstream petroleum industry,” he said. Dr. Steve Manteaw, a former PIAC chair, also called on government to initiate reforms that would lead to improving the reputation of Ghana as a favourable destination for oil investors.
These reforms include investment in the gathering of seismic data, improving size of oil blocks, improving the fiscal regime as well as its dispute resolution mechanism.
Source: GNA
