The Public Interest and Accountability Committee (PIAC) has said that International Oil Companies (IOCs) dominate Ghana’s upstream petroleum sector, due largely to their capital and technical expertise necessary for the extraction of oil and gas resources.
PIAC said sustained upstream activities and operations are indispensable and crucial to upscaling petroleum production and ultimately petroleum revenue for national development.
In its 2024 annual report on petroleum revenue utilisation, PIAC said most IOCs continued their project planning, execution, risk management, associated preparatory activities and drilling campaigns, details of which are presented below.
PIAC further explained that total reconciled production from the three producing fields stood at 48.24 million barrels of oil as of the end of December 2024. Out of this total, Jubilee Field produced 31.85 million barrels, TEN Field produced 6.78 million barrels with the Sankofa Gye Nyame Field producing 9.60 million barrels.
No new Petroleum Agreement was executed in 2024. The total number of Petroleum Agreements as of December 2024 is fourteen (14).
Tullow Ghana Limited (West Cape Three Points and Deepwater Tano), Eni (Offshore Cape Three Points) are in the production stage. Pecan Energies (Deepwater Tano/Cape Three Points) is in the development stage whereas the remaining companies are in various stages of exploration.