By The 2023 Public Interest and Accountability Committee (PIAC) Annual Report has revealed that Ghana’s crude oil production has declined for the fourth consecutive year.
According to the report, crude oil production dropped from a peak of 71.44 million barrels in 2019 to 48.25 million barrels in 2023, representing an annual average decline of 9.2 percent.
The report also highlighted that the total proceeds from the Jubilee Oil Holdings Limited (JOHL) liftings in 2023, amounting to US$70,456,718.93, were not paid into the Petroleum Holding Fund (PHF) for the second consecutive year. This has resulted in cumulative unpaid revenue into the PHF by JOHL reaching US$343,108,927.88 as of the end of 2023.
PIAC expressed concern over the ongoing decline in oil production and urged the government and relevant regulatory bodies to take appropriate steps to reverse the decline in existing fields and ensure investments in unexplored fields.
Furthermore, PIAC reiterated its stance that proceeds from JOHL liftings and other subsidiaries of GNPC constitute 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 Petroleum Holding Fund.
