After a report by PIAC indicating that crude oil production in Ghana declined for the fourth consecutive year in 2023, Technical Manager of the Public Interest and Accountability Committee (PIAC), Mark Agyemang, has revealed that they have been warning of a decline in crude oil production since 2018.
The report indicated that crude oil production reduced “from a high of 71.44 million barrels in 2019 to 48.25 million barrels in 2023.”
While addressing some oilfield issues on PM Express on JoyNews, Agyemang said that the Jubilee Oil Field, which started production in 2010, risks depletion due to operational challenges. Therefore, it is usually expected that production, oil production from Sankofa and GyeNyame Fields will be lower than TEN and Jubilee,” he said.
Commenting on governance, Mr Agyemang believes that Ghana has not learnt lessons from its first licensing round – the occasion when a governmental body offers exploration acreage for leasing by exploration and production companies, typically in return for a fee and a performance or work obligation.
