Mr. Isaac Dwamena, Coordinator of Ghana’s Public Interest and Accountability Committee (PIAC), has disclosed that Ghana has produced a cumulative 633,300 barrels of crude oil since starting commercial production in 2010. This total, spanning 2010 to July 2024, highlights the growth and fluctuations in Ghana’s oil output over the years.
According to Dwamena, Ghana’s oil production in 2011 began with 10,669,460 barrels. Output increased to 11,454,790 barrels in 2012 and rose further to 18,955,110 barrels in 2013. Production reached 18,679,590 barrels in 2014, and in 2015, it climbed to 19,038,840 barrels. However, 2016 saw a decline to 11,440,120 barrels before a sharp increase in 2017 to 24,346,460 barrels. The upward trend continued, with 2018 producing 28,982,050 barrels and a peak in 2019 with 34,309,680 barrels, although output slipped slightly to 34,236,590 barrels in 2020. Declines in the following years saw 2021 at 27,757,550 barrels and 2022 at 25,851,810 barrels. By the end of 2023, production totaled 22,452,070 barrels, and as of July 2024, it reached 24,857,780 barrels, bringing the cumulative total to 633,300 barrels.
This update was presented by Mr. Dwamena during a media briefing on PIAC’s 2024 semi-annual report in Accra. Ghana’s oil production is currently driven by three main fields: the Jubilee Oil Field, the Sankofa/Gye Nyame Field, and the TEN Field.
In terms of revenue, Ghana’s oil sector has generated $10.69 billion in total earnings. Revenues started in 2012, with $327.17 million, and surged to $596.07 million in 2013. However, from 2014 to 2016, revenues decreased to $410.44 million, $274.47 million, and $126.41 million, respectively. Earnings began to recover in 2017, reaching $272.68 million, and continued to climb, with $463.57 million in 2018. The 2019 revenue recorded $363.74 million, which then peaked at $638.63 million in 2020.
In recent years, Ghana’s earnings have continued to grow, reaching $350.32 million in 2021 and a high of $731.94 million in 2022. Although revenue dipped slightly to $540.46 million in 2023, it surged again in the first half of 2024, reaching $840.77 million, the highest since Ghana began oil production.
These revenues have been paid to the Ghanaian government by the companies operating the fields, with taxes contributing through mechanisms such as Carried and Participating Interest (CAPI), Surface Rentals, the Petroleum Holding Fund (PHF), Corporate Income Tax (CIT), and other income sources.
SOURCE: http://dew360.net
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