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Ghana’s oil production increased by 15 percent in 2019

  • SOURCE: Joy | qwesa2big
  • A total of 71,439,585 barrels of oil were obtained from the three producing fields – Jubilee, Sankofa Gye Nyame (SGN) and Tweneboa Enyera Ntomme (TEN) in 2019.

    This figure is 15 percent more than what was produced in 2018, which was 62,135,435.07) barrels.

    A statement issued in Accra by the Public Interest and Accountability Committee (PIAC) the high recorded volume was on account of increased production on Jubilee and SGN fields.

    The Jubilee Field produced 31.9 million (31,915,377) barrels; the TEN field produced 22.3 million (22,319,137) barrels and the SGN Field produced 17.2 million (17,205,070.85) barrels.

    In the area of gas production, PIAC said it witnessed its greatest boost since the commercialisation of natural gas in Ghana in 2019.

    A total of 169,508.61 Million Standard Cubic Feet (MMSCF) of Associated Gas (AG) and Non-Associated Gas (NAG) was produced in 2019; an 85 percent increase over the 2018 volume of 91,459.30 MMSCF.

    The statement said while the Jubilee Field has always produced the highest volumes, this trend was reversed for the first time in 2019, with the SGN Field’s combined AG and NAG contributing the highest volume of 69,941.60 MMSCF.

    The Jubilee and TEN Fields produced 51,179.67 MMSCF and 48,387.34 MMSCF respectively.

    On revenue and distribution for oil, total petroleum receipts accrued to the Petroleum Holding Fund (PHF) in 2019 was US$925 million (US$925,035,879.84.)

    The total receipts were distributed to the Ghana National Petroleum Corporation (GNPC), the Annual Budget Funding Amount (ABFA), the Ghana Stabilisation Fund (GSF), and the Ghana Heritage Fund (GHF).

    In 2019, GNPC received US$260.56 million, ABFA received US$395.47 million, the GSF received US$188.30 million, while a total of US$80.70 million went to the GHF.

    It said the ABFA was further distributed among the four priority areas as well as some disbursement to PIAC.

    The statement said the Agriculture Priority Area received an amount of GH¢71.6 million for the period under review.

    An amount of ¢579.2 million went to fund projects under the Road, Rail, and Other Critical Infrastructure Development Priority Area.

    It said an amount of ¢46.3 million was disbursed to fund programmes and projects under the Physical Infrastructure and Service Delivery in Health Priority Area, while the Physical Infrastructure and Service Delivery in Education Priority Area received an amount of ¢570.8 million.

    It said per Act 893, PIAC received from the ABFA an amount of ¢2.9million for its operations. From inception to date, petroleum revenue has amounted to US$5,911,343,220 (US$5.9 billion).

    On gas revenue, a total of 20,805.71 MMSCF of gas was delivered to Ghana National Gas Company (GNGC) for 2019, at an invoiced amount of US$86.7 million, but no payment has been made to GNPC to be deposited into the Petroleum Holding Fund.

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