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GNPC CEO downplays impact of Ghana’s declining oil volumes

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Joseph Abuabu Dadzie, the Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), has responded to a recent Public Interest and Accountability Committee (PIAC) report indicating a downward trend in Ghana’s crude oil production.

The PIAC report highlighted a sustained decrease over the past four years, with figures dropping from 71.44 million barrels in 2019 to 48.25 million barrels in 2023.

Addressing the media during a tour of the nearly completed GNPC Operational Headquarters in Takoradi, Mr. Dadzie minimized the perceived impact of this production slump.

He pointed to the current high oil prices as a compensatory factor that has helped to stabilize Ghana’s revenue from petroleum, despite the reduced production levels.

“We need to increase our production, but we need to also appreciate that revenue is a function of two parameters, thus price and volume. So, we’ve been very fortunate that even though the volumes have declined a bit, we saw in the region of high oil prices, so revenue is still about stable,” Mr. Dadzie said.

He acknowledged that the GNPC has a responsibility to work hard to increase the country’s petroleum volumes and reserves, but expressed optimism that the situation would not remain the same.

On the GNPC Operational Headquarters project, Mr Dadzie said the facility would not become a white elephant.

He expressed satisfaction with the 90% work done on the facility and praised the quality of the finishing work.

“I’m very impressed about the quality of finishing that has been done, and I hope that this will help improve the productivity of the staff who work here,” he said.

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