Ghana's oil production has fallen for the fourth year in a row

Views: 7     Author: Site Editor     Publish Time: 2024-05-24      Origin: Site

According to Ghana's "Financial Times" reported on May 21, according to the 2023 annual report released by Ghana's "Public Interest Accountability Commission" (PIAC), Ghana's oil production has declined for four consecutive years from 2019 to 2023, from 71.44 million barrels in 2019 to 48.25 million barrels in 2023, with an annual average decline of 9.2%. In 2023, Ghana's three major offshore oil fields, Jubilee oil field produced 30.44 million barrels of oil, accounting for 63% of Ghana's total oil production, TEN oil field produced 6.72 million barrels of oil, accounting for 14% of the total production, SGN oil field produced 11.09 million barrels of oil, accounting for 23% of the total production. In 2023, Ghana will produce 255 million cubic feet of natural gas, with SGN field producing 127 million cubic feet of gas, accounting for 50% of total production, Jubilee Field producing 77.9 million cubic feet, accounting for 30% of total production, and TEN field producing 5 million cubic feet, accounting for 29% of total production. The 2023 Plus Oil fund revenue was just $1.062 billion, down 25% from 2022. No new oil development agreements have been signed in Ghana since 2018, which is the main reason why Ghana's oil production has declined for four consecutive years. Ghana's oil industry desperately needs foreign investment to develop new oil and gas fields.

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