{"id":247820,"date":"2024-11-08T08:25:08","date_gmt":"2024-11-08T08:25:08","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/11\/08\/ghana-reports-first-oil-output-increase-in-five-years-with-production-rising-by-10-7\/"},"modified":"2024-11-08T08:25:08","modified_gmt":"2024-11-08T08:25:08","slug":"ghana-reports-first-oil-output-increase-in-five-years-with-production-rising-by-10-7","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/11\/08\/ghana-reports-first-oil-output-increase-in-five-years-with-production-rising-by-10-7\/","title":{"rendered":"Ghana Reports First Oil Output Increase in Five Years With Production Rising By 10.7%"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"panel py-1 px-2 py-md-2 px-md-4\">\n<p>Ghana has recorded a 10.7% increase in crude oil production in the first half of 2024, marking a reversal in a five-year trend of declining output, according to a report by Ghana\u2019s Public Interest and Accountability Committee (PIAC).<\/p>\n<p>The growth was largely driven by the Jubilee South East (JSE) project, managed by Tullow Oil, which began production in late 2023. This addition to Ghana\u2019s Jubilee oil field helped boost production to 24.86 million barrels by June 2024, compared to a 13.2% decline over the same period in 2023.<\/p>\n<p>PIAC\u2019s half-year report also highlighted a significant rise in petroleum revenue, which surged by 56% year-on-year to $840.8 million by mid-2024. Ghana, a country that began oil production in 2010, depends on petroleum revenue for around 7% of government income. The report further noted a 7.5% increase in gas output, reaching 139.86 million standard cubic feet by June.<\/p>\n<p>Despite the positive trend, Isaac Dwamena, coordinator of PIAC, cautioned that Ghana\u2019s petroleum sector faces both technical and financial challenges. Ghanaian law requires oil companies to allocate at least 12% of project shares to the state, a mandate Dwamena noted can deter investment due to the high cost. \u201cThe state can take 15%, 20% carried interest based on negotiations, and that has been a disincentive,\u201d he explained.<\/p>\n<p>To further drive production, Ghana is planning to sell more exploration rights, aiming to harness its fossil fuel resources while also generating funds to support its energy transition. Major oil companies operating in the country include Eni, Tullow Oil, Kosmos Energy, and PetroSA.<\/p>\n<p>Melissa Enoch<\/p>\n<p>Follow us on:<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ghana has recorded a 10.7% increase in crude oil production in the first half of 2024, marking a reversal in a five-year trend of declining output, according to a report by Ghana\u2019s Public Interest and Accountability Committee (PIAC). The growth was largely driven by the Jubilee South East (JSE) project, managed by Tullow Oil, which [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":247821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-247820","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana Reports First Oil Output Increase in Five Years With Production Rising By 10.7% - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/11\/08\/ghana-reports-first-oil-output-increase-in-five-years-with-production-rising-by-10-7\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana Reports First Oil Output Increase in Five Years With Production Rising By 10.7% - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Ghana has recorded a 10.7% increase in crude oil production in the first half of 2024, marking a reversal in a five-year trend of declining output, according to a report by Ghana\u2019s Public Interest and Accountability Committee (PIAC). The growth was largely driven by the Jubilee South East (JSE) project, managed by Tullow Oil, which [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2024\/11\/08\/ghana-reports-first-oil-output-increase-in-five-years-with-production-rising-by-10-7\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-08T08:25:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ghanamma.com\/2024\/wp-content\/uploads\/2024\/11\/Ghana-Reports-First-Oil-Output-Increase-in-Five-Years-With-Production-Rising-By-10.7.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/11\\\/08\\\/ghana-reports-first-oil-output-increase-in-five-years-with-production-rising-by-10-7\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/11\\\/08\\\/ghana-reports-first-oil-output-increase-in-five-years-with-production-rising-by-10-7\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"headline\":\"Ghana Reports First Oil Output Increase in Five Years With Production Rising By 10.7%\",\"datePublished\":\"2024-11-08T08:25:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/11\\\/08\\\/ghana-reports-first-oil-output-increase-in-five-years-with-production-rising-by-10-7\\\/\"},\"wordCount\":262,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/11\\\/08\\\/ghana-reports-first-oil-output-increase-in-five-years-with-production-rising-by-10-7\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/Ghana-Reports-First-Oil-Output-Increase-in-Five-Years-With-Production-Rising-By-10.7.jpg\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/11\\\/08\\\/ghana-reports-first-oil-output-increase-in-five-years-with-production-rising-by-10-7\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/11\\\/08\\\/ghana-reports-first-oil-output-increase-in-five-years-with-production-rising-by-10-7\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/11\\\/08\\\/ghana-reports-first-oil-output-increase-in-five-years-with-production-rising-by-10-7\\\/\",\"name\":\"Ghana Reports First Oil Output Increase in Five Years With Production Rising By 10.7% - 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