Ghana's crude oil production has witnessed a notable decrease of 13.2% in the first half of 2023, marking the fourth consecutive year-on-year reduction since inception, according to the Public Interest Accountability Committee (PIAC) Semi-Annual Report on the Use and Management of Petroleum Revenue.
A total of 22.5 million barrels (bbls) of crude oil were produced in the first half of 2023, compared to the 25.9 million barrels recorded within the same period the previous year.
This decline is attributed to drops in production on all three producing fields: Jubilee, TEN, and SGN Fields, which respectively decreased by 12%, 17.5%, and 12.9%.
Jubilee's production fell from 14.9 million bbls in the first half of 2022 to 13.1 million bbls in the first half of 2023, with average daily oil production decreasing from 82,560 bbls to 72,449 bbls.
TEN productions decreased from 4.4 million bbls in the first half of 2022 to 3.6 million bbls in the first half of 2023, with average daily oil production declining from 24,263.00 bbls to 20,032.24 bbls.
SGN production also saw a decline from 6.6 million bbls in the first half of 2022 to 5.7 million bbls in the first half of 2023, with average daily production decreasing from 36,206.76 bbls to 31,562.9 bbls.
During this period, gas production, consisting of Associated and Non-Associated Gas from all three fields, reached 130,065.22 Million Standard Cubic Feet (MMSCF).
The report also highlighted a total of 22 liftings in the first half of the year, with the Jubilee Partners accounting for 14 liftings totaling 13,273,962 bbls, compared to 15 liftings in the same period in 2022.
The TEN partners recorded 2.9 million bbls across the first half of 2023, compared to 3.9 million bbls from four liftings in the first half of 2022.
Lastly, SNG partners lifted 5 parcels of crude oil, totaling 4.7 million bbls, as opposed to seven parcels amounting to 6.6 million bbls in the same period in 2022.