Ghana’s crude oil production plummets by over 30% in 2023, PIAC reports
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...
