Ghana’s crude oil production saw a significant 10.7% increase in the first half of 2024, marking a recovery from the 13.2% decline recorded the previous year.
This update was shared by Constantine Kudzedzi, Chairman of the Public Interest and Accountability Committee (PIAC), during the presentation of the 2024 Semi-Annual Report on Petroleum Revenue Management and Usage.
According to Kudzedzi, the SGN field contributed 20% of Ghana’s total oil production, while the Jubilee and TEN fields accounted for 66% and 14%, respectively.
In terms of gas production, the total output reached 139,866.92 million standard cubic feet (MMSCF), with the SGN field contributing 49%, Jubilee 30%, and TEN 21%.
Ghana’s petroleum revenue over this period included several key components:
- $385,172,660.26 from Carrying and Participating Interest (CAPI),
- $358,834,612.60 from Corporate Income Tax (CIT),
- $89,102,349.89 from royalty payments,
- $7,149,729.42 from the Petroleum Holding Fund,
- $439,011.08 from surface rentals, and
- $66,902.55 from other sources.
The PIAC report highlighted several key issues, including $1.2 million in outstanding surface rental arrears as of June 2024 (excluding terminated agreements), a lack of allocation for industrialization efforts, and a retention of the cap on the Ghana Stabilization Fund at $100 million.
The committee recommended that Parliament review this cap on the Stabilization Fund. It also urged the Ghana Revenue Authority to increase efforts to collect outstanding surface rentals and called on the Ministry of Finance to prioritize funding for industrialization projects.
