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Crude Oil: Ghana’s production fell from 71m to 48m barrels in 2023 -PIAC

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The Public Interest and Accountability Committee’s (PIAC) Annual Report for 2023 has disclosed a continuous downturn in Ghana’s crude oil output, marking the fourth year of decline.

According to the report, there was a fall in crude oil production from the peak of 71.44 million barrels in 2019 to 48.25 million barrels in 2023, which translates to an average yearly decrease of 9.2%.

Additionally, it was noted that the total earnings from the Jubilee Oil Holdings Limited (JOHL) liftings in 2023, which amounted to $70,456,718.93, were not deposited into the Petroleum Holding Fund (PHF) for the second year in a row.

As a result, the unpaid revenues by JOHL to the PHF have accumulated to $343,108,927.88 by the end of 2023.

The PIAC has voiced its concerns regarding the ongoing decline and has called on the government and pertinent regulatory authorities to take necessary actions to halt the downward trend in production in the existing fields and to ensure that new fields are developed.

The committee has also reiterated its stance that the proceeds from JOHL liftings and those of other GNPC subsidiaries are considered petroleum revenues as defined by Section 6(e) of the Petroleum Revenue Management Act, 2011 (Act 815) and Section 2 of the Petroleum Revenue Management (Amendment), 2015 (Act 893), and as such, should be channeled into the Petroleum Holding Fund.

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