Ghana’s crude oil production falls by 13.2% year

With a 13.2% semi-annual decline in oil production, Ghana’s crude oil production is still on the decline.

In comparison to the 25.9 million barrels produced during the same period last year, 22.5 million barrels (bbls) of crude oil were produced in the first half of 2023.

The fall is a result of lower output on all three producing fields, Jubilee, TEN, and SGN Fields, which decreased by 13%, 17.5%, and 12.9%, respectively.

Since its start, year-over-year (y-o-y) crude oil production levels have decreased four times in a row, according to the Public Interest Accountability Committee’s (PIAC) semi-annual report on the use and management of petroleum revenue.

The research states that Jubilee’s output fell from 14.9 million bbls in the first half of 2022 to 13.1 million bbls in the same period of 2023, with a fall in the average daily oil production of 82,560 bbls from 2022 to 2023.

The first half of 2023 saw a drop in TEN productions from 4.4 million bbls in the first half of 2022 to 3.6 million bbls. In the first half of 2022, the average daily oil production was 24,263.00 bbls; in the second half, it was

In the first half of 2023, there will be 20,032.24 bbls, the report noted.

The average daily output of SGN decreased from 36,206.76 bbls in 2022 to 31,562.9 bbls in 2023, falling from 6.6 million bbls in the first half of 2022 to 5.7 million bbls in the first half of 2023.

Gas output from all three fields, including both associated and non-associated gas, totaled 130,065.22 Million Standard Cubic Feet (MMSCF) during the period under review.

According to the study, 14 liftings totaling 13,273,962 bbls were made by the Jubilee Partners during the first half of the year, compared to 15 liftings during the same period in 2022, for a total of 22 liftings.

The TEN partners lifted 2.9 million bbls altogether in the first half of 2023 as opposed to 4 liftings totaling 3.9 million bbls in the same period in 2022.

In comparison to seven parcels totaling 6.6 million bbls during the same period in 2022, SNG partners hoisted five parcels of crude oil totaling 4.7 million bbls.