Sunday, 23 June

PIAC report says Ghana's oil production falls for 4th consecutive time

Business
Oil

Ghana's crude oil production has declined for the fourth consecutive year, according to the 2023 Annual Report by the Public Interest and Accountability Committee (PIAC). 

The report indicates a drop from 71.44 million barrels in 2019 to 48.25 million barrels in 2023, representing an annual average decline of 9.2%.

Additionally, the report highlighted that proceeds from Jubilee Oil Holdings Limited (JOHL) liftings, amounting to $70.5 million in 2023, were not deposited into the Petroleum Holding Fund (PHF) for the second year running. 

This has resulted in a cumulative total of $343.1 million in unpaid revenue to the PHF by JOHL as of the end of 2023.

PIAC has voiced concerns over the continuous decline in oil production and has called on the government and regulatory bodies to take necessary actions to reverse the trend and encourage investments in unexplored fields. 

The committee also reiterated that proceeds from JOHL and other subsidiaries of the Ghana National Petroleum Corporation (GNPC) should be classified as petroleum revenues under the Petroleum Revenue Management Act, 2011 (Act 815) and its amendment in 2015 (Act 893), and thus must be paid into the PHF.

Source: Classfmonline.com