SEATTLE (Oil Monster): The crude oil production in Ghana witnessed significant decline during the initial six-month period of the current year, said the latest report published by the country’s Public Interest and Accountability Committee (PIAC).
The country’s crude oil production from its three offshore producing fields totalled 22.4 million barrels in January to June this year, which is significantly lower by 13.2% from the production volume of 25.8 million barrels recorded during the corresponding six-month period in 2022.
The production by Jubilee, TEN and Sankofa Gye-Nyame (SGN) Fields recorded decline by 12%, 17.5% and 12.9% respectively.
The highest monthly crude oil production was reported in March, whereas lowest level was recorded in March.
The production from Jubilee declined from 14.9 million barrels in H1 2022 to 13.1 million barrels in H1 2023. The production from TEN registered decline from 4.4 million barrels in H1 2022 to 3.6 million barrels in H1 2023. The production from SGN fields too dipped from 6.5 million barrels in H1 2022 to 5.7 million barrels in H1 2023.
According to PIAC’s 12th Semi Annual Report, Jubilee Oil Holding Limited failed to pay proceeds amounting to nearly $70 billion from lifts during the six-month period into the Petroleum Holding Fund (PHF).
