Ghana generates $9.85b petroleum revenue from 2011 to 2023

In 2007, Ghana announced it had found oil in commercial quantity. In 2010, the country started oil production, and started generating revenue from petroleum in the year 2011.

From 2011 to 2023 total petroleum revenue generated to the country amounts to $9.5 billion, according to the latest report of the Public Interest and Accountability Committee (PIAC).

The year 2022 recorded the highest amount of petroleum revenues amounting to $1.42 billion with 2016 recording the lowest revenues of $247 million.

The report indicates that activities in the upstream petroleum industry in the country were slow during the period 2023, stating that it may be due to the slow nature of the resumption of activities after the restrictions by COVID-19.

The report also indicated that the Minister for Energy granted extensions to the planned drilling activities initially scheduled for 2022.

“As far as investments in Ghana’s upstream petroleum industry is concerned, GOIL Upstream Ltd started discussions with Planet One Oil and Gas Co. Ltd. regarding the Deepwater Tano/Cape Three Points (DWTCTP block. The Jubilee South-East project was completed and brought on stream, within the Greater Jubilee Field. About 30,000 barrels of oil were added to the existing daily Jubilee production to ensure a sustained target production above 100,000 barrels per day,” the report said.

The report also said there was no Petroleum Agreement signed in 2023. The last Petroleum Agreement was signed in 2018, it added.

By Emmanuel K Dogbevi