Crude production hits 6-year low-PIAC calls for urgent investment plan
The Public Interest and Accountability Committee (PIAC) has called on the government and the Petroleum Commission to develop a framework that can boost investment in existing oil-producing fields, including fields yet to produce first oil, such as Springfield and Pecan. The committee stressed the need for renewed focus on the Tweneboa Enyenra Ntomme (TEN) field, where output has fallen below projections, calling for a coordinated investment plan between the operator and the state. This call follows a sixth consecutive annual decline in the country's crude oil production, from 71.44 million barrels in 2019 to 37.3 million barrels in 2025, reinforcing concerns that the country's oil fields may have peaked.
Total petroleum receipts for 2025 amounted to $770.27 million, representing a 43.27 percent decrease compared to $1.36 billion recorded in 2024. The Chairman of PIAC, Richard Ellimah, at the launch of the 2025 PIAC Annual Report in Accra, stated that the government must develop a comprehensive plan, ensuring that operators are committed to targeted investments in priority areas to boost production. Mr. Ellimah said that "within the next three years, a specific amount will be invested to increase production from 30,000 barrels to 50,000 barrels per day" and that "there is also the need to improve the existing regulatory and fiscal frameworks, as well as data acquisition in new basins."
The 2025 Annual Report (29th statutory report) on the management and use of petroleum revenues was launched in line with section 56 of the Petroleum Revenue Management Act (PRMA), 2011 (Act 815).
Quick Summary
PIAC is urging the government and Petroleum Commission to create a plan that will encourage investment in current oil-producing fields. The call comes after Ghana's crude oil production has seen a sixth consecutive annual decline - raising concerns about the country's oil fields.
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