By Michael Foli Jackidy, GNA
Dzodze (V/R), May 27, GNA – The Public Interest and Accountability Committee (PIAC) has disclosed that Ghana’s crude oil production declined for the sixth consecutive year in 2025, falling from a peak of 71.44 million barrels in 2019 to 37.3 million barrels.
Madam Freda S. Frimpong, a member of PIAC, made the disclosure during a public engagement at Dzodze in the Ketu North Municipality in the Volta Region, while presenting highlights of the Committee’s 2025 Annual Report.
She said the continuous decline confirmed growing concerns that Ghana’s oil fields had peaked and were experiencing reduced output.
According to Madam Frimpong, the Jubilee Field recorded 22.21 million barrels in 2025, representing a 30.3 per cent decline with an average daily production of 63,280 barrels.
She said the TEN Field produced 5.83 million barrels, reflecting a 14 per cent decline and an average daily production of 15,985 barrels, while the Sankofa-Gye Nyame (SGN) Field produced 9.26 million barrels, representing a 3.6 per cent decline with an average output of 25,370 barrels per day.
Madam Frimpong explained that production at the Jubilee Field was affected by maintenance shutdowns between March and April, while the TEN Field continued to face low reservoir performance challenges.
She noted that the SGN Field remained the most stable among Ghana’s three producing oil fields, adding that cumulative crude oil production from the Jubilee, TEN and SGN fields since 2010 stood at about 694 million barrels.
On gas production, Madam Frimpong said associated gas production from the Jubilee Field declined by 13 per cent to 74,316 million standard cubic feet (MMSCF), while TEN associated gas output dropped by 5.2 per cent to 55,278 MMSCF.
She, however, stated that associated gas production from the SGN Field increased by 6.4 per cent to 53,372 MMSCF, while non-associated gas output rose by 4.8 per cent to 90,815 MMSCF.
According to her, about 81 per cent of gas from the TEN Field was reinjected to maintain reservoir pressure because of the field’s complex geological structure.
Madam Frimpong said increased raw gas exports to the Ghana National Gas Limited Company (GNGLC) had improved domestic gas supply and reduced dependence on imported fuels through the West African Gas Pipeline.
Touching on petroleum revenues, she said Ghana earned cumulative petroleum revenue of about US$11.97 billion between 2011 and 2025.
She disclosed that in 2025 alone, the Annual Budget Funding Amount (ABFA) received US$433.29 million, while the Ghana National Petroleum Corporation (GNPC) received US$107.89 million.
The Ghana Stabilisation Fund received US$160.46 million, while the Ghana Heritage Fund obtained US$68.77 million.
Madam Frimpong said PIAC observed that GNPC’s receipts declined by 61.55 per cent in 2025 following the reduction of GNPC’s share of net Carried and Participating Interest (CAPI) from 30 per cent to 15 per cent under expenditure rationalisation measures approved in the 2025 Budget.
She further revealed that Explorco, a subsidiary of the GNPC, had failed to account for petroleum revenues amounting to US$561.65 million between 2022 and 2024 despite repeated calls by PIAC.
“PIAC is recommending that GNPC and Explorco account for the petroleum revenue due to the Republic and deposit the amount into the Petroleum Holding Fund,” she stated.
Madam Frimpong also expressed concern over the retention of the Ghana Stabilisation Fund cap at US$100 million since 2021, explaining that under Regulation 8 of L.I. 2381, the appropriate cap for 2025 should have been US$584.22 million.
She called on government to strengthen investments in existing oil fields, particularly the TEN Field, improve regulatory and fiscal frameworks and intensify data acquisition in new basins to sustain petroleum production and revenue generation.
GNA
Edited by Maxwell Awumah/Benjamin Mensah
