Ghana’s crude oil production increased by 10.7 per cent in the first half of 2024 compared to a 13.2 per cent decline in the previous year.
The increase from 22,452,078.81 barrels (bbls) in the first half of 2023 to 477.52 bbls in the same period of 2024 was due to the coming onstream of new wells under the Jubilee Southeast (JSE) project.
This led to a 55.6 per cent increase in total petroleum receipts from $540,456,124.27 in the first half of 2023 to $840,765,265.80 in 2024, the highest first-half figure since 2012.
Mr. Constantine Kudzedzi, Chairman of the Public Interest and Accountability Committee (PIAC), made this known while sharing highlights of the 2024 Semi-Annual Report on the Management and Use of Petroleum Revenue.
He noted that the SGN field accounted for 20 per cent of production, while Jubilee and TEN accounted for 66 per cent and 14 per cent of production, respectively.
During the same period, total gas production was 139,866.92 million standard cubic feet (MMSCF), with SGN contributing 49 per cent of total production, while Jubilee and TEN contributed 30 per cent and 21 per cent respectively.
For the total petroleum receipts under review, an amount of $385,172,660.26 was realized as Carried Participating Interest (CAPI), $358,834,612.60 as Corporate Income Tax (CIT), $89,102,349.89 from royalty payment, $7,149,729.42 from Petroleum Hold Fund, $439,011.08 as surface rentals, and $66,902.55 from other sources.
Key findings of the committee included surface rental arrears of $1.2 million as of June this year, excluding that of terminated petroleum agreements; no allocation nor disbursement for the Industrialisation priority area, and retention of the cap on the Ghana Stabilisation Fund at $100 million.
The committee recommended the review of the capping on the stabilisation fund by parliament and urged the Ghana Revenue Authority to commit more effort to recovering the outstanding surface rentals.
It also asked the Ministry of Finance to “demonstrate the essence of prioritisation” by committing funds to Industrialisation.
