Crude Oil production for the year 2023 has decreased by 6.78 per cent resulting in an average decline of 9.2 per cent over the last four years.

In 2023, the country produced 48,247,036.61 barrels of oil as against 51,756,481 barrels produced in 2022, the Public Interest Accountability Committee has noted in its 2023 Annual Report on the Management and Use of Petroleum Revenue.

It observed that since 2019 when Ghana witnessed its peak in crude oil production with a volume of 71,439,585 barrels, production had declined to 66,926,806 barrels in 2020, representing 6.32 per cent.

It further indicated that crude oil production further declined to 55,050,391barrels in 2021, 51,756,481 barrels in 2022, and 48,247,036.61 barrels in 2023 respectively, representing 17.75 per cent, 5.98 per cent and 6.78 per cent.

“The 2023 production figure represents the fourth consecutive year of reduction in annual production volumes since 2010,” it highlighted in the report.

Crude oil in Ghana is currently produced from three fields – Jubilee, TEN, and the Sankofa Gye-Nyame (SGN).

The first oil from the Jubilee Field was produced in December 2010 while TEN and SGN came on stream in August 2016 and May 2017 respectively.

For the year under review, Jubilee field accounted for 63 per cent of crude oil produced with a volume of 30,444,217 barrels while SGN, accounted for 23 per cent of production with 11,086,541.61 barrels.

TEN on the other hand contributed 14 per cent of total crude oil production with 6,716,278 barrels.

Emerita Professor Ardayfio-Schandorf, Chairperson of PIAC, during a presentation at the launch of the report, attributed the production decline to a lack of investment in the discoveries of new fields and the natural ageing of existing fields leading to reduced production.

Meanwhile, a total of 255,171.97 MMSCF of raw gas thus both Associated Gas [AG] and Non-Associated Gas [NAG]) was produced in 2023 from the three fields compared to the 2022 volume of 253,555.05 MMSCF.

This represents a 0.64 per cent increase in gas production relative to that of 2022.

“The SGN Field, relatively gas-concentrated, produced the highest volume of combined AG and NAG of 127,203.02 MMSCF while the Jubilee and TEN Fields produced 77,900.05 MMSCF and 50,068.90 MMSCF respectively,” the report indicated.