Crude oil production declines by 10% for three consecutive years – PIAC report

Ghana’s crude oil production has seen a decline of 10% for three consecutive years since 2019.

According to the Public Interest and Accountability Committee (PIAC)’s 2022 annual report, crude oil production for 2019 was 71,439,585 barrels.

Production for 2020 declined to 66,926,806 barrels and further declined to 55,050,391 barrels in 2021.

This further declined to 51,756,481 barrels in 2022.

“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 report noted.

PIAC however recommended that Ghana needs to speed up the sustainable development of its petroleum resources to reverse the decline in petroleum production through the attraction of new investors as well as early completion of ongoing projects.

The 2022 Annual Report covers the period from January to December 2022 and encompasses a broad range of issues relating to petroleum revenue management such as information on production, liftings, total revenues accruing and allocation by the Government, ABFA utilization, and the management of the funds set aside in the Ghana Petroleum Funds (Ghana Stabilisation Fund and the Ghana Heritage Fund).

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