Ghana’s oil production declines for third consecutive year – PIAC

Ghana’s crude oil production has declined for three
consecutive years, according to the 2022 Public Interest and Accountability
Committee (PIAC) annual report.

In 2019, Ghana produced 71,439,585 barrels of crude
oil. In 2020, production declined to 66,926,806 barrels, a 6.32% drop.
Production further declined to 55,050,391 barrels in 2021 (17.75%) and to
51,756,481 barrels in 2022 (5.98%). This represents an average decline of 10%
over the three-year period.

The Vice Chairman of PIAC, Nasir Alfa Mohammed, has
said that Ghana needs to speed up the sustainable development of its petroleum
resources to reverse the decline in petroleum production. He suggested that
this could be done by attracting new investors and completing ongoing projects
early.

“For three consecutive years, crude oil
production has been declining for three consecutive years…So the average
decline over the three-year period is 10 percent.

“Total petroleum for 2022 is the highest
since the inception of petroleum production with a figure of 1.4 billion
dollars,” Mr. Alfa said.

Tagged oil production, PIAC