Ghana’s oil production falls by over 17% - PIAC

Prof Adom Frimpong  PIAC Chair  Prof. Adom Frimpong is PIAC Chairman

Fri, 6 May 2022 Source: www.ghanaweb.com

Production from the TEN declined by 32.7%, Report

Reduction in crude oil production caused a shutdown of some oil fields, Report

Claims that commodity prices only shot up this year and were at the average price last year false, PC

The Public Interest and Accountability Committee (PIAC) has revealed that crude oil production in the country dropped by 17.7% from 66.93 million barrels (bbls) in 2020 to 55.06 million bbls in 2021.

According to a report released by PIAC, flow assurance issues, inadequate pressure support for the Ntomme field, challenges in water injection on the Enyenra Field, and increasing gas-oil ratio in the Ntomme field, were listed as part of the factors that caused the dip in the year under review.

Production from the TEN declined by 32.7% from 17,802,536 bbls in 2020 to 11,978,064 bbls in 2021.

Also, the SGN Field recorded its fourth full-year production, with a reduced output of 15.8% from 18,699,731.01 bbls in 2020 to 15,736,846.10 bbls in 2021.

However, its highest monthly production was recorded in January, with the lowest monthly production recorded in December. An average output of 43,114.65 bbls of oil per day was produced during the period.

Also, according to the report, the drop in oil production caused an unplanned shutdown at both Tweneboa-Enyenra-Ntomme (TEN) and the Sankofa Gye-Nyame (SGN) oil fields.

However, there has been calls for operators of these oil fields to be surcharged because their shutdown caused some financial losses to the country during the peak of the rise in oil prices on the international market.

But the Petroleum Commission (PC) disagrees, saying it does not find the need for a surcharge.

Ebenezer Harmah who is the manager in charge of Project Evaluation at the Petroleum Commission has refuted claims that commodity prices only shot up this year and were at the average price last year.

“They are working with equipment and despite the scheduled maintenance, they can develop faults. There hasn’t been an issue. Normally, we will look at whether they follow their maintenance schedule, and there is also class inspection by independent institutions at periodic times. All these are done so I don’t think it is the fault of the operators,” he said.

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Source: www.ghanaweb.com
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