The 2023 Annual Report from the Public Interest and Accountability Committee (PIAC) has disclosed that Ghana’s crude oil production has decreased for the fourth consecutive year.
According to the report, crude oil production fell from its peak of 71.44 million barrels in 2019 to 48.25 million barrels in 2023, indicating an annual average decline of 9.2 per cent.
Additionally, it was found that the entirety of the proceeds from the liftings conducted by Jubilee Oil Holdings Limited (JOHL) in 2023, totalling US$70,456,718.93, were not transferred to the Petroleum Holding Fund (PHF) for the second consecutive year.
As a result, the cumulative amount of unpaid revenue transferred into the Petroleum Holding Fund (PHF) by JOHL reached US$343,108,927.88 by the conclusion of 2023.
PIAC voiced concern about the decline and urged the government and relevant regulatory bodies to take appropriate measures to reverse the production decline in existing fields and to facilitate investments in untapped fields.
PIAC reiterated its stance that proceeds from liftings of JOHL 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). Therefore, they must be deposited into the Petroleum Holding Fund.
