Home Headlines Ghana’s Crude Oil Production Declines by 13.2% in First Half of 2023

Ghana’s Crude Oil Production Declines by 13.2% in First Half of 2023

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Ghana’s crude oil production continues to take a downward trajectory as the semi-annual oil production decreases by 13.2 per cent.

A total of 22.5 million barrels (bbls) of crude oil was produced in the first half of 2023 compared to the production volume of 25.9 million barrels within the same period last year.
The decline is due to production decreases on all three producing fields of Jubilee, TEN, and SGN Fields, which respectively declined by 12 per cent, 17.5 per cent and 12.9 per cent.

“This is the fourth consecutive reduction in year-on-year (y-o-y) crude oil production volumes since inception,” the Public Interest Accountability Committee (PIAC) Semi Annual Report on the Use and Management of Petroleum Revenue, has highlighted.

According to the report, Jubilee’s production decreased from 14.9 million bbls in the first half of 2022 to 13.1 million bbls in the first half of 2023 with average daily oil production reducing from 82,560 bbls in the first half of 2022 to 72,449 bbls of 2023 same period.
“TEN productions declined from 4.4 million bbls in first half of 2022 to 3.6 million bbls in the first half of 2023. The average daily oil production declined from 24,263.00 bbls in the first half 2022 to 20,032.24 bbls in the first half of 2023,” the report noted.

SGN production declined from 6.6 million bbls in the first half of 2022 to 5.7 million bbls in the first half of 2023 with average daily production reducing from 36,206.76 bbls in 2022 to 31,562.9 bbls in 2023.

Within the period under review, gas production consisting of Associated and Non- Associated Gas from all the three fields was 130,065.22 Million Standard Cubic Feet (MMSCF).

The report also indicated that a total lifting of 22 was made within the first half of the year where a total of 14 liftings totaling 13,273,962 bbls were made by the Jubilee Partners as compared to 15 liftings for the same period in 2022.

Liftings, totaling 2.9 million bbls were made by the TEN partners in the first half of 2023 compared to 4 liftings of 3.9 million bbls recorded in the first half of 2022.
SNG partners lifted 5 parcels of crude oil, totaling 4.7 million bbls compared to seven parcels amounting to 6.6 million bbls for the same period in 2022

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