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Ghana has for the fourth conservative year seen a decline in crude oil production according to the 2023 Public Interest and Accountability Committee’s (PIAC) annual report.
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.
Speaking at the launch at the University of Ghana Great Hall, the Chairperson for PIAC, Prof. Elizabeth Ardayfio-Schandorf, indicated that for the year 2023, a total of 48,247,036.61 barrels (bbls) was produced from the three producing fields; Jubilee – 30,444,217 bbls (63%); TEN – 6,716,278 bbls (14%) and SGN 11,086,541.61 bbls (23%).
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.
On the back of this, Prof. Elizabeth Ardayfio, recommended that government and the relevant regulatory bodies should take the appropriate steps to reverse production decline in existing fields and ensure investments in unexploited fields.
The report is in fulfillment of PIAC’s statutory obligation under the Petroleum Revenue Management Act, 2011(Act 815), as amended by Act 893, to publish Semi-Annual and Annual Report.
Ghana | Atinkaonline.com | Priscilla Fuah Harrison
